Auto Loans!

Ryan from Ohio · Post by **Ryan from Ohio** » Thu Aug 18, 2005 3:48 am

Excellent credit...

kevinberry1 · Post by **kevinberry1** » Thu Aug 18, 2005 5:24 am

Basstronics wrote:Excellent credit...

Yep, that's the same for the 0% financing deals.
Expect that without a downpayment you will have a higher interest rate. It is the same with home loans. Studies show that the default rate is higher when there is no downpayment. You have to pay more for the risk the bank is taking on giving you the loan.

My advice, do a budget and determine how much you can afford each month for a payment. Then use a loan calculator to determine how much you can borrow to stay within that payment over the next 4 to 5 years. DO NOT tell the dealership what type of payment you want, they will simply extend the length of the loan or try to get you into a lease. Just haggle over the price knowing what you can afford at a certain interest rate.

Ryan from Ohio · Post by **Ryan from Ohio** » Thu Aug 18, 2005 7:46 am

Try road loans thru lending tree . com

Last year I got approved for a decent amount but never went through with it...

audiocr381ve · Post by **audiocr381ve** » Thu Aug 18, 2005 3:19 pm

Zero down with a cosigner who has excellent credit work fine?

Im looking into lendingtree. Thanks ryan n' kevin.

Jszar · Post by **Jszar** » Thu Aug 18, 2005 6:46 pm

yeah. they will combine the credit of the cosigner and primary signer. that's why we all suggested to use your parents....

also, with no money down...it usually means that there is going to be a higher monthly payment. the more you put down on the car at the beginning directly affects your monthly payment. i suggest you put as much down as you can, and have someone with really good credit cosign. i know you don't want to use your parents too much, but considering their status, it would be a GREAT starter for you. after you pay that loan off, you can get almost any small loan or credit card considering you made all your payments on time and in full. thats what happend to me. i had my dad cosign on my car, ever since i havent needed a cosigner except for school loans. i havent been loaned that much, but i have qualified for a lot of things. i thought a few times about getting a new car, and every time i was approved on my own.