since youre not in a rush and settling things in with your other finances wait until christmas to at least shop for a car, crazy discounts

gl

didnt read through the topic but to the OP

the gasser i bought i didnt put any money down and financed the truck + TTL. granted i pay bi-weekly and double up the payments so i wasn't worried about taking out an "upside-down" loan.

the only issues with this are these:
if you don't have gap coverage insurance and you total your vehicle before your loan amount is less then or equal to your payoff you get stuck with X amount of money owed to the institute you took the loan out from.
if you decide to trade in your vehicle before your loan is less than the trade in amount you end up adding that money onto your next loan (if you even get approved) and you end up further into the hole.
if you have a need tosell your vehicle in a short period of time before blah blah blah. you get the picture.

If you are stable and know you can keep up with your payments, go for it.
if you are in an "iffy" situation where you are not sure about your finances. i would recommend a different route

you can usually save .25~.75% on yo're interest rate with a decent down payment (staying under a 80% value of vehicle to loan ratio, i.e. 2k down on a 10k loan) in my experiences. that half a percent wont make or break the bank, i've rarely put money down on loans for vehicles.
If you are looking to do an upside down loan or a no money down loan. TD Auto Finance is very friendly with these types of loans. I've never been declined by them for anything. granted i do have a good credit history. The only problem with them is the dealership you are working with has to be affiliated with them n order to use them. its a 3-4 week process (for the dealership) to get into the system for TD, so if your dealership is not affiliated with them its very unlikely that you will be able to use them, however, if the dealership you are using has them on the list of institutes then by all means shoot them an application.

i got a 1.39% interest rate on a ~42k loan over 75 months with nothing down and a vehicle value of 38.5k (KBB MSRP)

This post was edited by jimmyhoud on Nov 19 2013 05:43pm

When it starts snowing i will be in rough shape with my rwd car with summer tires.
Granted I could but some winter tires and probably be fine, I need a 4x4 for a few other reasons too.




Im looking at the new wranglers and even ones with 100k miles are selling for high prices and rather quickly at that. The resell value is great on them which sucks for someone looking to buy used, but its nice to know how well they hold their value. I should be able to start getting my savings back up there pretty quickly I just dont think I can get enough before I will need to buy.

You have so many different assets, things you can sell off, etc etc...

If you're seriously worried about not having a down payment, why don't you just wait a couple of months, save up this 1.5-2k income you have going on here and then use that as a down payment instead of going through all this hassle
If you have to get your 4x4 soon, then you can go to different banks, or other financial agencies and pay off more/month to decrease your principle. hence your overall rate would go down...

and I would worry about keeping a job if I were you, things have been so up and down lately with the economy. I think you should re-evaluate everything. A portfolio should rarely be liquidated to pay off loans. I keep my payments just because they also help my credit rating which leads to higher limits on my credit card

Im not worried about the monthly payments, just the interest rate. So if a downpayment wont change my interest id rather just have a higher payment.

The company I work for is doing very well and the company I just left would take me back almost instantly (granted i would make a good bit less).
I really didnt have a choice as far as selling of my stock, I was required to after leaving my last company.
My credit limit is already at like $5k, I dont think I will need anything higher any time soon.
I already plan to pay extra a month regardless of the amount, my only concern is what sort of interest rate i can get.

Unless you are ready to throw down a significant amount down then don't worry about it.

Given you are willing to pay extra every month then just save what you could put down and use that to paying extra monthly...Refinance later on and get yourself a lower rate.

Honestly just ask a bank (if you have one in mind you intend on using) to show you the #s for both scenarios with x amount down all the way to 0 down....

often times putting down a solid down payment is even better than a 0% apr

buy a honda for 2k

/thread

How so? Do you mean you could negotiate a lower price with a good downpayment?