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Posted in Auto Loans
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maxssd2356

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1 Person Helped
im wanting to buy a car the car is 20k...
ok so beforei even step foot into the dealer i am going to save 15k should i give 15k down and finance 5k or just give them like 5k and keep the rest in my saving and just make the monthly payments? i have 560 as my credit.

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Top Contributor
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Paying interest is wasted money. A low credit score like yours means you'll have a high interest rate. Unless your money is earning more than the proposed loan interest rate; then put $15,000 down.

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There is also the possibility you will not be able to get any financing no matter how much you have (happened to me 10 years ago) so you might want to shop around for the best car you can get for the money.  I had a personally set $17,000 limit and saw a one-year old Buick Rendezvous the dealer wanted nearly $20,000 for.  I reminded the salesman what my limit was, he talked to his boss, and I got the vehicle because I was able to pay that amount instantly.  I had been shopping for several months and was no stranger to that dealership.  Take some time,do some shoipping and don't be afraid to walk away if they try getting you to spend more than your limit. They don't want to lose a sale.

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