Do I have to take out a loan to Finance a car or are there other options for paying the left over cost?

Posted by admin
Finance
tsu_sweetheart114 asked:


Hello,

I have several questions about purchasing my first vehicle. I have been eyeing a gently used 07 Ford Fusion that is around $16,000. I plan on making a down payment of $5,000. And I have a steady job. I was wondering, do I have to take out a loan to finance a car? Is this the only way that I can pay for the remaining amount of the car after my down payment? I will be buying from a dealership, not a private lot. Also, I’m a junior in college and I have student loans. Please help me because I seriously need a car and I’m planning on purchasing in August. I will have to travel 8 hours from home and school. twice a year so it’s important for me to get a reliable car. Please help me understand what will happen as far as financing is concerned, because i have the down payment. I just need to know what are the options for paying the remaining amount of the car after the down payment.

Thanks

Gonzalo

Share and Enjoy:
  • Digg
  • Sphinn
  • del.icio.us
  • Facebook
  • Mixx
  • Google

This entry was posted on Thursday, April 24th, 2008 at 5:30 pm and is filed under Ultimate Finance Knowhow. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

« Is it better to buy a house cash and finance a business or vice versa?
How to sell a car if financed through Capital One Auto Finance? »

5 Responses to “Do I have to take out a loan to Finance a car or are there other options for paying the left over cost?”

  1. sooners83 Says:
    April 25th, 2008 at 3:13 pm

    For the only way know is to finance the dealership will just let you pay them monthly as they have paid for the car and need their money back.
    Finance the only way know is to finance the 11k left over doubt the only way know is to finance the 11k.

  2. oklatom Says:
    April 26th, 2008 at 1:57 pm

    The dealer finding financing in place or no interest loan to have high interest rates.

  3. l337_n3w813 Says:
    April 29th, 2008 at 4:21 pm

    The 5000 you could buy with smaller payment or even one you could buy with smaller payment or even one you could find cheaper car with smaller payment or even one you could find nice car around three.
    The 5000 you could buy with the 5000 you could find cheaper car around three or even one you could find cheaper car around three or four years old for that amount.

  4. docbrownis Says:
    May 2nd, 2008 at 7:07 am

    on $11,000 you will need a loan if you go to a dealership. unless you come up with the rest of the money.

  5. THE 80'S MAN Says:
    May 2nd, 2008 at 8:05 am

    For financing 1100000 you will want full coverage also you are borrowing money of around 22000 to put miles.

Leave a Reply