|
Author
|
Topic: Financing questions
|
JohnCM
CAFords OG
Member # 1076
|
posted
 
 
What would make more sense to you guys.
Financing a full amount, and then on the first payment applying a large amount down to reduce principal of loan.
Or rather than applying the large amount on the first payment, putting the money down to reduce the cost of the payments etc.
For some reason it makes more sense to me to get a higher amount loan, and throw more money down on the first payment.
Might seem like a noob question, but I've only financed a couple cars so far.
I like paying cash usually
Thanks ![[patriot]](graemlins/patriot.gif)
Posts: 3545 | From: Roseville | Registered: Mar 2002
| :
|
|
wilit
Mustang Messiah
Member # 3367
|
posted
Lower loan amount. That way if something happens, like you lose your job or you can't work because you got injured or something, you have a lower car payment to worry about instead of one that's too high.
--------------------
"If a man hasn't found something worth dying for, he isn't fit to live." - Martin Luther King Jr.
Posts: 4793 | From: 37.78514° North 122.40100° West | Registered: Oct 2003
| :
|
|
coupedup
¯
Member # 9987
|
posted
quote:
Originally posted by wilit:
Lower loan amount. That way if something happens, like you lose your job or you can't work because you got injured or something, you have a lower car payment to worry about instead of one that's too high.
Exactly. That with a large down payment would be the smart thing to do.
Posts: 4406 | From: Ca | Registered: May 2010
| :
|
|
myzticsnake
¯
Member # 9334
|
posted
It's smarter to have the lower payment amount rather than be stuck with the higher amount, just in case something happens. If you want to pay it off quicker, just pay more each month.
Putting money down with the lower payment amounts also mean you pay less interest over the life of your loan.... meaning more money in your pocket in the long run.
Posts: 120 | From: east bay | Registered: Jul 2009
| :
|
|
DLo
¯
Member # 6133
|
posted
What would make more sense? None of the financing options, pay cash ![[Big Grin]](biggrin.gif)
--------------------
2004 GT
94 GT - SOLD
Posts: 1879 | From: Bay Area, CA | Registered: Oct 2005
| :
|
|
1996 GT
I'm Joe Yates
Member # 4992
|
posted
quote:
Originally posted by DLo:
What would make more sense? None of the financing options, pay cash
+1 WTF is a car payment? All i gots are these pinks everywhere.
--------------------
http://i.magaimg.net/img/257w.png
Posts: 9308 | Registered: Oct 2004
| :
|
|
JohnCM
CAFords OG
Member # 1076
|
posted
Wish I had the cash, I'm not a baller. I'm part of the 1% ![[Cool]](cool.gif)
Posts: 3545 | From: Roseville | Registered: Mar 2002
| :
|
|
Blind
2.3L
CAFords OG
Member # 3052
|
posted
quote:
Originally posted by JohnCM:
Wish I had the cash, I'm not a baller. I'm part of the 1%
I don't think that means what you think it does.
--------------------
89 LX Notchback ex 4cyl, 14psi
02 Harley F150, 15psi
Posts: 8521 | From: Fairfield | Registered: Jul 2003
| :
|
|
NEIGHT
¯
Member # 8741
|
posted
quote:
Originally posted by JohnCM:
Wish I had the cash, I'm not a baller. I'm part of the 1%
Don't you mean 99%?
--------------------
-Savage Habits-
1992 Summer Edition
1986 Hatch- catfish killer
1964 Impala hard top
Posts: 18548 | From: EA$T $IDE REDWOOD CITY | Registered: Nov 2008
| :
|
|
hidnn.o.s.
¯
Member # 1219
|
posted
quote:
Originally posted by NEIGHT:
quote:
Originally posted by JohnCM:
Wish I had the cash, I'm not a baller. I'm part of the 1%
Don't you mean 99%?
--------------------
R.I.P. Willie G. You are missed on this forum
Posts: 15950 | Registered: Apr 2002
| :
|
|
adower
¯
Member # 5955
|
posted
quote:
Originally posted by JohnCM:
Wish I had the cash, I'm not a baller. I'm part of the 1%
Huh?
--------------------
98 Cobra
Griggs
S Trim
HRE
Posts: 3327 | Registered: Aug 2005
| :
|
|
JohnCM
CAFords OG
Member # 1076
|
posted
Lol, 1 percent of population.
Again, i wish i had the cash
Posts: 3545 | From: Roseville | Registered: Mar 2002
| :
|
|
Gnari-Garage
CAFords OG
Member # 3164
|
posted
I would put more money down so your payments are ower, its like if the bank offers you a 5 years, just take it and pay more each month towards the principle.
I idea is trying to keep your payments as low as possible so if something comes up you don't have to stress over a payment!
--------------------
2017 McLaren 570GT
2019 Audi S5
2017 Tundra 7" Lift, 37" Tires
Posts: 4017 | From: 916-sacramento | Registered: Aug 2003
| :
|
|
GetawayKing
¯
Member # 10403
|
posted
quote:
Originally posted by JohnCM:
Lol, 1 percent of population.
Again, i wish i had the cash
I think you mean the 99%
Posts: 39 | From: Deadwood City | Registered: Oct 2010
| :
|
|
JohnCM
CAFords OG
Member # 1076
|
posted
I guess that's what I get for watching Colbert Report for news info. ![[Razz]](tongue.gif)
Posts: 3545 | From: Roseville | Registered: Mar 2002
| :
|
|
East Bay 50
¯
Member # 8081
|
posted
anyone who says they have never financed a car either buys buckets or they are wealthy... Nothin wrong with financing a car
--------------------
Kurgan tuned stroked and blown 347 foxbody. boost nukka!
Posts: 2699 | Registered: Dec 2007
| :
|
|
Email this post to someone!
Printer friendly view of this Ford topic
