This is topic Financing questions in forum General Talk at Northern California Ford Owners  .


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Posted by JohnCM (Member # 1076) on :
 
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]
 
Posted by wilit (Member # 3367) on :
 
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.
 
Posted by RONIN (Member # 9987) on :
 
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.
 
Posted by myzticsnake (Member # 9334) on :
 
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.
 
Posted by DLo (Member # 6133) on :
 
What would make more sense? None of the financing options, pay cash [Big Grin]
 
Posted by Cobra 93-4992 (Member # 4992) on :
 
quote:
Originally posted by DLo:
What would make more sense? None of the financing options, pay cash [Big Grin]
+1 WTF is a car payment? All i gots are these pinks everywhere.
 
Posted by JohnCM (Member # 1076) on :
 
Wish I had the cash, I'm not a baller. I'm part of the 1% [Cool]
 
Posted by Blind (Member # 3052) on :
 
quote:
Originally posted by JohnCM:
Wish I had the cash, I'm not a baller. I'm part of the 1% [Cool]
I don't think that means what you think it does.
 
Posted by NEIGHT (Member # 8741) on :
 
quote:
Originally posted by JohnCM:
Wish I had the cash, I'm not a baller. I'm part of the 1% [Cool]
Don't you mean 99%?
 
Posted by hidnn.o.s. (Member # 1219) on :
 
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% [Cool]
Don't you mean 99%?
[patriot]
 
Posted by adower (Member # 5955) on :
 
quote:
Originally posted by JohnCM:
Wish I had the cash, I'm not a baller. I'm part of the 1% [Cool]
Huh?
 
Posted by JohnCM (Member # 1076) on :
 
Lol, 1 percent of population.
Again, i wish i had the cash
 
Posted by NavidR (Member # 3164) on :
 
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!
 
Posted by GetawayKing (Member # 10403) on :
 
quote:
Originally posted by JohnCM:
Lol, 1 percent of population.
Again, i wish i had the cash
I think you mean the 99%
 
Posted by JohnCM (Member # 1076) on :
 
I guess that's what I get for watching Colbert Report for news info. [Razz]
 
Posted by East Bay 50 (Member # 8081) on :
 
anyone who says they have never financed a car either buys buckets or they are wealthy... Nothin wrong with financing a car
 




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