Down payment

faijia · 06-01-2009, 03:16 PM

Did anyone not put a down payment when buying this car?

ChrisSlicks · 06-01-2009, 03:55 PM

You're foolish not to. Without a down payment you are instantly upside down on your loan, meaning you owe more than the car is worth. Very bad from financial perspective.

Modshack · 06-01-2009, 05:48 PM

Quote:

Originally Posted by faijia

Did anyone not put a down payment when buying this car?

Just lease then. It makes unaffordable cars affordable to those who can least afford them...

ctzn · 06-01-2009, 05:58 PM

Quote:

Originally Posted by Modshack

Just lease then. It makes unaffordable cars affordable to those who can least afford them...

@ OP, If you can't afford the down payment you probably can't afford the car. If you feel that you can, just take a month or two to save up a hefty amount to put down. You won't regret it.

CBRich · 06-01-2009, 10:49 PM

I've never put money down on any car. Mind you I have always bought Hondas and this is my first Nissan. But if you don't finance for 8 years by the time you're ready to get rid of the car in 2-3 years you'll be about even. And gap insurance is there if you total the thing.

ChrisSlicks · 06-01-2009, 10:59 PM

Quote:

Originally Posted by CBRich

I've never put money down on any car. Mind you I have always bought Hondas and this is my first Nissan. But if you don't finance for 8 years by the time you're ready to get rid of the car in 2-3 years you'll be about even. And gap insurance is there if you total the thing.

At that point you're basically just leasing. Different name, same payment.

fly yellow · 06-01-2009, 11:55 PM

I put money down, but it didn't go toward the Z. It went to pay off my trade which I was upside down on.

It is nice to put some money down if you can, but it's not a requirement. Just remember if you don't plan on keeping the car that long then you will be putting up that cash at sometime. It's either when you buy it, or when you get rid of it.

gatorfast · 06-02-2009, 09:33 AM

Quote:

Originally Posted by CBRich

I've never put money down on any car. Mind you I have always bought Hondas and this is my first Nissan. But if you don't finance for 8 years by the time you're ready to get rid of the car in 2-3 years you'll be about even. And gap insurance is there if you total the thing.

But financing a $30k car with no money down will yield you payments of about $700 a month (48mos)! Put down a few g's and you can reduce that significantly and pay a lot less in interest...

MutantChicken · 06-02-2009, 02:55 PM

100% down. No interest. No payment plan. Only way to go.

Cyberium · 06-02-2009, 05:55 PM

Always put money down as stated above from a financial point of view.

I put down 50%. 20k to be exact

codpet · 07-16-2009, 12:25 AM

I pay 1000/mo because I can afford to do so, regardless of what the payments would be. I don't put money down on a car, because I always pay much more than I need to each month, and will pay the car off in 2-3 years anyway, not in 5.

SpawnAeroJohn · 07-16-2009, 12:38 AM

^ Smart man!

If you can afford it get it over with asap! Many people do every other month a double payment.

500 one month. 1000 the next. then 500 again. 1000 the next.

Other then that. They (not sure who but they) recomend putting down at least 30% down.

If not then think of it this way. Every 1000 you put down is baiscally $20 less a month. Depending on how many yeasrs Im assuming. I never did the math.

edeeZee · 07-16-2009, 12:47 AM

Just lease it then. It sounds like you're one of those people who 'go through' cars every few years.

codpet · 07-16-2009, 12:56 AM

No, I'm one of those people who bought a car, and figured out he didn't like it a few years later.

Yes, if you pay a lot per month, it really does kill your monthly payments down. With my current loan, it started out at 500/mo, and now the requirement is down to 300/mo. It also puts you ahead on your payments. I'm 6 months ahead on my payments. If I log onto my loan account, it shows I don't need to make a payment for 6 months.

Kind of a nice buffer in this economy, to have 6 months of time on your loan.

Premo34WV · 07-16-2009, 08:18 AM

My downpayment was 12,500.....my paid off 04 350z.

06-01-2009, 03:16 PM	#1 (permalink)
faijia Base Member Join Date: May 2009 Location: san francisco Posts: 5 Drives: nissian 370z Rep Power: 16	Down payment Did anyone not put a down payment when buying this car?

06-01-2009, 11:55 PM	#7 (permalink)
fly yellow Enthusiast Member Join Date: May 2009 Location: Baltimore, MD Posts: 455 Drives: 09 yellow 370z Rep Power: 265	I put money down, but it didn't go toward the Z. It went to pay off my trade which I was upside down on. It is nice to put some money down if you can, but it's not a requirement. Just remember if you don't plan on keeping the car that long then you will be putting up that cash at sometime. It's either when you buy it, or when you get rid of it. __________________ A severed foot is the ultimate stocking stuffer. Mitch Hedberg

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06-01-2009, 03:55 PM	#2 (permalink)
ChrisSlicks A True Z Fanatic Join Date: Mar 2009 Location: North East Posts: 6,203 Drives: 09 370Z Sport M6 Rep Power: 653	You're foolish not to. Without a down payment you are instantly upside down on your loan, meaning you owe more than the car is worth. Very bad from financial perspective.

06-01-2009, 10:49 PM	#5 (permalink)
CBRich A True Z Fanatic Join Date: Apr 2009 Location: SC Posts: 2,464 Drives: 370Z Rep Power: 544	I've never put money down on any car. Mind you I have always bought Hondas and this is my first Nissan. But if you don't finance for 8 years by the time you're ready to get rid of the car in 2-3 years you'll be about even. And gap insurance is there if you total the thing.

06-02-2009, 02:55 PM	#9 (permalink)
MutantChicken Base Member Join Date: Mar 2009 Location: NorCal Posts: 40 Drives: 2004 Ram-2007 Harley Rep Power: 16	100% down. No interest. No payment plan. Only way to go.

06-02-2009, 05:55 PM	#10 (permalink)
Cyberium Enthusiast Member Join Date: Mar 2009 Location: Vermont Posts: 379 Drives: 370z Touring \| Sport Rep Power: 16	Always put money down as stated above from a financial point of view. I put down 50%. 20k to be exact

07-16-2009, 12:25 AM	#11 (permalink)
codpet Base Member Join Date: Jul 2009 Location: Jacksonville, FL Posts: 32 Drives: Eclipse 2007 GT Rep Power: 16	I pay 1000/mo because I can afford to do so, regardless of what the payments would be. I don't put money down on a car, because I always pay much more than I need to each month, and will pay the car off in 2-3 years anyway, not in 5.

07-16-2009, 12:38 AM	#12 (permalink)
SpawnAeroJohn NOT A CURRENT VENDOR Join Date: Jun 2009 Location: Chicago Posts: 609 Drives: you Rep Power: 17	^ Smart man! If you can afford it get it over with asap! Many people do every other month a double payment. 500 one month. 1000 the next. then 500 again. 1000 the next. Other then that. They (not sure who but they) recomend putting down at least 30% down. If not then think of it this way. Every 1000 you put down is baiscally $20 less a month. Depending on how many yeasrs Im assuming. I never did the math.

07-16-2009, 12:47 AM	#13 (permalink)
edeeZee Track Member Join Date: May 2009 Location: s. cali, los angeles Posts: 627 Drives: 09 370z plat 6 speed Rep Power: 266	Just lease it then. It sounds like you're one of those people who 'go through' cars every few years.

07-16-2009, 12:56 AM	#14 (permalink)
codpet Base Member Join Date: Jul 2009 Location: Jacksonville, FL Posts: 32 Drives: Eclipse 2007 GT Rep Power: 16	No, I'm one of those people who bought a car, and figured out he didn't like it a few years later. Yes, if you pay a lot per month, it really does kill your monthly payments down. With my current loan, it started out at 500/mo, and now the requirement is down to 300/mo. It also puts you ahead on your payments. I'm 6 months ahead on my payments. If I log onto my loan account, it shows I don't need to make a payment for 6 months. Kind of a nice buffer in this economy, to have 6 months of time on your loan.

07-16-2009, 08:18 AM	#15 (permalink)
Premo34WV Base Member Join Date: Jun 2009 Location: Morgantown, W.Virginia Posts: 68 Drives: PW '09 370z Sp. 6mt Rep Power: 16	My downpayment was 12,500.....my paid off 04 350z.