Down payment?

m4a1mustang · 02-17-2009, 07:39 PM

I've got a trade in that will go for about 9-12k and I'll be putting down 5-6k cash.

polarity · 02-22-2009, 10:55 AM

I put 9k. The credit guy also told me some information I didn't know about when applying for credit. It's not just your credit score, it's all about what's in your credit history. I have a credit score of 733, which is more than enough to get past any "Pre-Approval" crap, but since I'm 26 I have a pretty short credit history. My wife and I together make about $200k a year, but because of my lack of credit history banks were only willing to lend an amount that let my payment be $600 a month. Apparently they use your history to determine a safe amount that they believe you will pay every month. According to the guy doing the financing you could make $400,000 a year with a credit score of 780 and not get approved for a $40,000 car. It all depends on what you show inside your credit report.

If anyone here is a credit expert feel free to correct me, this is all information I was given by someone getting the financing setup for my Z and could just be dealer credit mumbo jumbo.

-polarity

StLRedrider · 02-22-2009, 11:55 AM

$1500. to get the ball rolling, 15k total.

Crash · 02-22-2009, 02:43 PM

Quote:

Originally Posted by polarity

I put 9k. The credit guy also told me some information I didn't know about when applying for credit. It's not just your credit score, it's all about what's in your credit history. I have a credit score of 733, which is more than enough to get past any "Pre-Approval" crap, but since I'm 26 I have a pretty short credit history. My wife and I together make about $200k a year, but because of my lack of credit history banks were only willing to lend an amount that let my payment be $600 a month. Apparently they use your history to determine a safe amount that they believe you will pay every month. According to the guy doing the financing you could make $400,000 a year with a credit score of 780 and not get approved for a $40,000 car. It all depends on what you show inside your credit report.

If anyone here is a credit expert feel free to correct me, this is all information I was given by someone getting the financing setup for my Z and could just be dealer credit mumbo jumbo.

-polarity

Sounds right to me.

First car I bought was my 97 Formula. I was 19 at the time. My credit score was around the same... in the 700's. But I didn't have enough history (just student loans and 1 starter credit card). They wouldn't approve me without a co-signer. The loan was about $200/mo which really was nothing at all. But because my credit history had pretty much just started, they just wouldn't lend to me alone.

zero · 02-22-2009, 10:23 PM

50% of the total cost.

shumby · 02-22-2009, 11:27 PM

i will buy it in cash.

takimbe · 02-22-2009, 11:32 PM

Im putting down 30%, about 12k

Asheth · 02-23-2009, 04:43 AM

Quote:

Originally Posted by takimbe

Im putting down 30%, about 12k

Thats what I did put down 30%

LenZToy · 02-23-2009, 07:22 PM

Between cash and trade in, I hope to put down about 50%.

par4bmw · 02-23-2009, 08:39 PM

Will depend on how much the down effects the interest rate and how low of a rate I can get. Was quoted 5.0% last month at which I would put as close to 0 down as possible. Would rather have the money in the market at that rate. If it pushes towards 7.0% I will pay up to 100% cash.

kdo2milger · 03-02-2009, 03:47 AM

1500 for starters, 20 grand total...

bkunzi01 · 03-02-2009, 01:51 PM

3k

LenZToy · 03-02-2009, 05:54 PM

11,000 for the trade and another 7k cash -18k total down. Wanted to limit the amount I borrowed...

tvfreakazoid · 03-02-2009, 06:26 PM

I'm hoping to put down about 25K. So that way i can have it paid off hopefully within in 3yrs or sooner.

sloth · 08-22-2009, 09:56 AM

say the car is 25K, is 4k good for down payment????

02-17-2009, 07:39 PM	#16 (permalink)
m4a1mustang A True Z Fanatic Join Date: Feb 2009 Location: Northern VA Posts: 55,385 Drives: on two wheels Rep Power: 6962	I've got a trade in that will go for about 9-12k and I'll be putting down 5-6k cash. __________________ - Steve Zs & Coffee - Saturdays at 10AM in Fairfax, VA and Columbia, MD (Click the banner!) LIKE us on Facebook!

02-22-2009, 10:23 PM	#20 (permalink)
zero A True Z Fanatic Join Date: Dec 2008 Location: Southern California Posts: 1,259 Drives: MK 7.5 Golf R Rep Power: 22	50% of the total cost. __________________

02-22-2009, 11:27 PM	#21 (permalink)
shumby Captin Canuck Join Date: Dec 2008 Location: with your mom Age: 44 Posts: 6,288 Drives: your sister Rep Power: 236	i will buy it in cash. __________________ Originally Posted by SAM@GTM Engine detonation is not normal and it should never never happen, and whoever told that need to do something else for living . Sam

02-23-2009, 08:39 PM	#25 (permalink)
par4bmw Enthusiast Member Join Date: Jan 2009 Location: Scottsdale, AZ Posts: 267 Drives: 09 370 M6 Touring/Sp Rep Power: 445	Will depend on how much the down effects the interest rate and how low of a rate I can get. Was quoted 5.0% last month at which I would put as close to 0 down as possible. Would rather have the money in the market at that rate. If it pushes towards 7.0% I will pay up to 100% cash. __________________ I tellya what, its got this s-mode thing down here...it moveees so incredibly... http://www.youtube.com/watch?v=Q7JsL...e=channel_page

03-02-2009, 06:26 PM	#29 (permalink)
tvfreakazoid A True Z Fanatic Join Date: Jan 2009 Location: kommie kali Posts: 1,238 Drives: 2015 Audi S5; 6spd. Rep Power: 10324	I'm hoping to put down about 25K. So that way i can have it paid off hopefully within in 3yrs or sooner. __________________ Mudders milk

02-22-2009, 10:55 AM	#17 (permalink)
polarity Base Member Join Date: Feb 2009 Location: Mississippi Posts: 166 Drives: [2009 370Z] Rep Power: 16	I put 9k. The credit guy also told me some information I didn't know about when applying for credit. It's not just your credit score, it's all about what's in your credit history. I have a credit score of 733, which is more than enough to get past any "Pre-Approval" crap, but since I'm 26 I have a pretty short credit history. My wife and I together make about $200k a year, but because of my lack of credit history banks were only willing to lend an amount that let my payment be $600 a month. Apparently they use your history to determine a safe amount that they believe you will pay every month. According to the guy doing the financing you could make $400,000 a year with a credit score of 780 and not get approved for a $40,000 car. It all depends on what you show inside your credit report. If anyone here is a credit expert feel free to correct me, this is all information I was given by someone getting the financing setup for my Z and could just be dealer credit mumbo jumbo. -polarity

02-22-2009, 11:55 AM	#18 (permalink)
StLRedrider A True Z Fanatic Join Date: Jan 2009 Location: St.louis,Mo Posts: 17,755 Drives: O9Sprt/Touring,p-51 Rep Power: 60	$1500. to get the ball rolling, 15k total.

02-22-2009, 11:32 PM	#22 (permalink)
takimbe Base Member Join Date: Feb 2009 Location: San Diego, CA Posts: 223 Drives: 09' PG 370Z w/SP Rep Power: 264	Im putting down 30%, about 12k

02-23-2009, 07:22 PM	#24 (permalink)
LenZToy Base Member Join Date: Jan 2009 Location: Mechanicsville, Va. Posts: 143 Drives: 2013 370Z Black 6SP Rep Power: 268	Between cash and trade in, I hope to put down about 50%.

03-02-2009, 03:47 AM	#26 (permalink)
kdo2milger OG Priesthood Join Date: Feb 2009 Location: Fargo, ND Posts: 17,859 Drives: NISMO T Rep Power: 59	1500 for starters, 20 grand total...

03-02-2009, 01:51 PM	#27 (permalink)
bkunzi01 Base Member Join Date: Jan 2009 Location: NY Age: 38 Posts: 66 Drives: 2009 370z Rep Power: 185	3k

03-02-2009, 05:54 PM	#28 (permalink)
LenZToy Base Member Join Date: Jan 2009 Location: Mechanicsville, Va. Posts: 143 Drives: 2013 370Z Black 6SP Rep Power: 268	11,000 for the trade and another 7k cash -18k total down. Wanted to limit the amount I borrowed...

08-22-2009, 09:56 AM	#30 (permalink)
sloth Base Member Join Date: Aug 2009 Location: Guam Posts: 3 Drives: 370z Rep Power: 16	say the car is 25K, is 4k good for down payment????