VRYALT3R3D

If you are satisfied with your C5, why get in debt?

Just hold off the C7 and save up some more

0DSM RAY

Yes, 1.89 for 72 months and 1.59 or 1.69 for 60 months if you qualify.

Virtual Geezer

$5K down might be okay for a $20K car, but not enough for a $51K (C7 1LT base), let alone the more costly variations. Sure, the C7 is a marvelous new car, but it WILL depreciate. With so little down, you could be upside for most of the term of the loan = suck!

WaxWeekly

Which entirely depends on how long he plans to own the car. For a long enough purchase, it only matters that you don't have to come up with money when you need to sell.

Without getting into income, credit scores and personal finance, I would answer your question by saying yes. It's absolutely possible to walk on the lot with 5k and drive off in a car. If your credit and income are high enough, you can dress like a bum and smell like a dog and drive off with $0 down.

Matt26

Why does it matter if you are upside down on the loan?

You are either taking the financial hit up front in the down payment or when you go to sell and it is worth less than you owe.

If we were still at 6%+ interest rates I would agree with you that it makes more sense to put more money down, but at 1-2% for 72 months???

Zerski

I'd plan on keeping it for 5+ years. Maybe some dealers on here that are selling their cars can chime in

Zymurgy

One already did:

sting ya

Wow some of you guys probably shouldnt be buying a toy, if you cant afford one. Putting 2,000. down on a 70,000 car is ridiculous, Unless you honestly have financial means to back you up. Thats one of the reasons this country wound up in a mess in the first place.

~Stingray

I would never finance at a dealership. Should always be more expensive than a bank or credit union.

Jaboor

My dealership made me put 5K as a deposit :/

WaxWeekly

I wouldn't think to tell people what color car to buy, where to shop, eat or how to spend their money. There's just too many variables and it's their life to do with as they choose.

Besides... In the current market, I'm getting an average of an 8% return on my investments and can get an auto loan for 2%. It would be silly to put capital against a car when I make triple what I pay in interest.

BigJoe

I got a quote at BOA on my own for 1.94% and took it to my dealer. He got me a 1.74% at the same bank. If you go in with a written offer from a bank the dealer can beat it, at least in this case. The finance guy said they do so much business at BOA they can get special rates.

But i think the trick is to have that initial offer...

sting ya

"Besides... In the current market, I'm getting an average of an 8% return on my investments and can get an auto loan for 2%. It would be silly to put capital against a car when I make triple what I pay in interest."


Agreed - thats why i said "unless you have the financial means to back you up"

Jbal

USAA 2.3% 60 mos.

Brock 70

I had to finance part of my F150 lariat to get an additional 500 off. The sticker was 54k I ended up getting it down 42. I needed to finance the minimum which was 7500 and was set up over two years. Since I went two years with only 7500 being financed they hit me with a 5.99% on the loan. If I had gone with a longer term the APR would have been down around 2% for 60 months. I had to make at least three payments to get the extra 500 off, the third payment was the vehicle payoff. Even with such a large down payment they didn't want to lower that APR at all.

post-it

What is your payment?

RickConti@Coughlin

I have done many with no money down....

Greg00Coupe

I know folks don't read all the threads but I posted earlier in this post that in August I got 1.59% for 48 months on a used '13 car via a local bank and 1.59% on the C7 via Capital One for 48 months....... BOTH via a dealership!!!!

And it is so much easier. I've read all the threads in this post and I don't see anyone doing better. So what is the advantage to the Credit Union????

Dave80C3

Lets see, on my 12 Range Rover, I put $0 down, and got 0.9% finance for 48 months. Then put 60K into a fund with a 2.36 return each year for 48 months. So is this why we are in a mess?

I plan to finance most all of the LT3 Z-51 I am ordering when my options come off Constraint. If USAA is still doing 1.99 for 60 months. I could pay cash for the car.

Over extending mortgages is what really got us in the mess. The 100% and 120% of cost loans on homes.

I refinanced my house in 09, during the crash, payment went down, they tried to get me to take cash out, I did not. Even paid closing out of pocket. Payment went down 450 a month, but I kept paying the same 3002.54 I was paying before. Refinanced again in 12, again NFCU wanted me to take cash out, I did not. Paid all costs out of pocket again. Dropped the payment another 510 dollars. Still paying the original 3002.54 a month. They did not seem to believe me when I kept telling them my goal was lower interest rate and pay the house off faster. I could afford my original payment, and still can. The day I bought the house I had 26% equity in it.

I am a blue collar, skilled technician....

F4Topgun

You're right. None of you know my financial position.

Here's a quick finance lesson. If you can borrow money at 2% and your investments make 35% (last 5 years), you are effectively losing 33% a year by using that money to make a down payment or pay cash.

By investing the money, the 70k will be doubled in approx 2.5 years. Absolute worst case, 2008 market, is you break even after 5-7 years with the high probability that you will come out way ahead in the long term.