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Down payment?

Hey, I was just wondering how much are your guys putting down on the purchase of the new Z?

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Old 02-08-2009, 12:04 AM   #1 (permalink)
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Default Down payment?

Hey,
I was just wondering how much are your guys putting down on the purchase of the new Z?
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Old 02-08-2009, 03:56 AM   #2 (permalink)
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12k altogether and rest is financed through thinkbank (3.99%)
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Old 02-08-2009, 04:41 AM   #3 (permalink)
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Think about it this way. The more you can put down the less they can interest. Ya know, why pay interest on a 35,000 vehicle when you don't have to. Not only that but the more you can put down the faster you can have it paid, and the faster you can use that money for something else. When i get home i plan on dropping about 15k on mine to keep payments way low, and pay it of in only a couple of years.
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Old 02-08-2009, 05:46 AM   #4 (permalink)
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^+1

Good Point I put 12k down the rest is financed. But pay it of a lil early use the rest to help credit!
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Old 02-08-2009, 06:15 AM   #5 (permalink)
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To add on, the more you put down, the less likely the value of your car (depending on what kind of car) will overtake the amount you owe. Negative equity in otherwords.
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Old 02-08-2009, 01:12 PM   #6 (permalink)
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wow 3.99% how did you get that?
how many months is that?
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Old 02-08-2009, 03:52 PM   #7 (permalink)
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60 mos. Take a peek at thinkbank.com , they have a fairly simple and easy process for it. I do know that some of the military specific credit unions still offer some crazy rates too.
I know that thinkbank also has a location somewhere in the chicago burbs but not sure. I would suggest you check out bankrate.com, that's how I found that a bank less than 2 blocks from my place was offering these low rates
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Old 02-08-2009, 05:16 PM   #8 (permalink)
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I'm going to put down 10-12K. Just depends on how well the "industry" does in the next couple of months.
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Old 02-08-2009, 06:51 PM   #9 (permalink)
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Quote:
Originally Posted by JunoonX View Post
60 mos. Take a peek at thinkbank.com , they have a fairly simple and easy process for it. I do know that some of the military specific credit unions still offer some crazy rates too.
I know that thinkbank also has a location somewhere in the chicago burbs but not sure. I would suggest you check out bankrate.com, that's how I found that a bank less than 2 blocks from my place was offering these low rates
oh your right there is one in the suburbs
will give them a call on monday to find out.

thanks!
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Old 02-08-2009, 07:43 PM   #10 (permalink)
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20% per cent down, check your credit score and credit report first, for errors!
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Old 02-08-2009, 08:05 PM   #11 (permalink)
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From a financial website:
First of all, a down payment is an indication to a lender that you’re serious about buying this car. You have some financial wherewithal and you aren’t planning on defaulting on the loan if you have cash involved. In a nutshell, the larger your down payment, the lower the interest rate on your loan is likely to be. Fire up that calculator and try out a loan of your own imagination, then drop the interest rate by 0.5% and notice how the monthly payment drops. A larger down payment can cause that interest rate decline.

Second, a larger down payment reduces the size of your monthly payments. This means a smaller constant drain on your budget over the life of the loan. Fire up that calculator again, but this time reduce the amount that you’ll borrow. You’ll again notice a lower monthly payment.

Third, a larger down payment means interest works in your favor more than before. Let’s say you build up that down payment in a savings account that earns 5% annual interest. While you’re saving up, the account is actually helping you by adding cash to your balance. For example, putting in $100 a month for two years leaves you with $2,518.59 in the account, an extra $118.59 that you didn’t have before. That extra $118.59 will be a reduction in your principal on the car loan, which means you’ll pay less in interest over the life of the loan.

So, how much should you save for a down payment? Generally, I encourage people to have at least a 20% down payment when making a car purchase, and anything above that is good as well. For example, on a $20,000 car loan at 6% interest over five years, every 1% of down payment is worth $3.87 less on your monthly payment and an overall interest savings over the life of the loan of $32.20. This, of course, assumes that the increase in down payment means no change in interest rate - a higher down payment will reduce your interest rate, depending on the offering from your lender. It also doesn’t take into account that some of your down payment is actually interest earnings if you’ve been saving it up over time (as most people will do).

In a nutshell, save as much as you can, make a nice down payment that gets you a lower interest rate, and you’ll be money ahead.
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Old 02-10-2009, 07:52 AM   #12 (permalink)
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^^^ Well done.

I agree. I'm hoping to be done with the porn industry and get a fat check from the work I've been doing for the past few months. If I do, it's ALL going to the down payment.
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Old 02-17-2009, 02:59 PM   #13 (permalink)
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3k
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Old 02-17-2009, 05:02 PM   #14 (permalink)
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I have a 2006 Honda Accord EX-V6 Coupe (paid for) kbb, high retail in the 13k range and the rest cash.
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Old 02-17-2009, 07:32 PM   #15 (permalink)
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20k down.
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