“a thousand dollars is a good start, but it sounds like you're in the market for a bigger purchase.”
for starters, if you have any kind of credit score that could be verified – even an invalid one — then your natural first step should be checking to see whether or not your preferred car would qualify for financing. don't screw up your credit! once you've done that, research the other costs associated with buying a car. figure out how much money you can afford to put down on the vehicle, figure out what cars are within your budget, and finally head over to yelp or some other site where there are reviews of various vehicles. it's only too bad every good review isn't good enough for someone
is it better to put a large down payment on a car?
that depends on the individual.
if you're really determined to buy a car then it's probably better, but if your down payments are not that high then it's okay. the only thing is, keep in mind the value of the car depreciates over time so you should consider paying more upfront to get something with better resale value. but if none of these cars interest you than i would say don't bother because it's just throwing money away.
note: this answer assumes that all other financial responsibilities have been taken care of and/or the person has adequate savings for emergencies which can be depleted by an ill-timed accident or illness . it also makes no mention of debt management strategy or impact on credit score
how much should you put down on a $20000 car?
the amount you put down on a $200,000 car depends on two things: your typical monthly expenses and how much of a financial risk you feel comfortable taking.
everybody's situation is different so the only way to know the answer for sure is to calculate it yourself. there are too many factors involved in this question for me to give you an accurate answer without knowing other details about your finances, taxes, type of job/income, insurance rates, etc. let me know if i can be of further help!
is $1000 enough to put down on a car?
all depends on how much you make. but the short answer is relatively not. it would be better to try and budget some more money initially since cars are costly out of pocket expenses to own, that also involve high monthly payments for the duration of your loan period. a car that's $1000 down thankfully still takes about 10 or 11 years to pay off on average (depending on rates). for example, if you're paying 12% interest with no car payment after 3 years, it'll take about 7 more years for it become fully paid off. if you have a 4-year long duration debt with 10% interest, it'll take 9 more years before the debt becomes non-existent. discussions around putting down at least
how much should i put down on car?
i recommend putting down at least 20% of the sale price.
it's often not enough to put 10% or even 5%. with high car values and high rates, you will end up spending more in interest with a smaller down payment. you may be better off saving for an additional six months rather than risking the money on really expensive cars that may have too many hidden problems. it is worth looking for “buy here pay here” lots which might offer 2/10/10 deals where they give you a loan right away if they approve your credit–they usually don't want it to take more than 6 months so this is helpful when you are trying to buy quickly.
##summary reflection##
i tried
