the usual price on carmax or bluebook is about 8,500- 10,000 im looking to get a loan and make monthly payments but im not sure how all that works. how much would i pay a month, how much will the down payment be?
ps: What is a good used car that i will get my moneys worth? 10,000 or less|||Mustangs are good but it depends on your credit as far as down payment and monthly payment.
If you are a first time buyer then you are looking at a high interest loan as well as a larger down payment.
If you have good credit and have financed an auto before your payment and down payment would be considerably lower.
Heres a rough estimate for you
10k dollar car
tax
lic
adds roughly 10-11 percent
first time buyer with $2000 down
you are looking at roushly 22% interest
$10,000.00
+ $ 1,000.00 tax lic
+22%
=236.21 for 66 months|||The loan amount on $10,000 is usually around $200. A general rule is $20 per every $1,000 borrowed; that's if you have good credit. Your down payment is not based on the type of vehicle purchasing but on the loan amount and your credit. There are techniques to getting loans without a down payment even with bad credit. A site I recommend is www.car-purchase.org Invaluable information - I personally have used their techniques to get an Infinity I-35 for 40% off retail with no money down. Awesome car for just $9,000!
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