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Questions on buying a used car from a dealership?
6th April 2011
If I were to buy a used car, can I make monthly payments instead of buying it all at once?
Would the insurance be high if I did this? (I’m 18)
Normally, how much would a downpayment be on a 6000 dollar car?
Let’s say I do have a cosigner, what do you mean by interest?
Posted in: Auction FAQ | | Comments (2)
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the problem with financing a car that only cost 6,000 is that the car is probably older and has a bunch of miles so the finance company will only be willing to finance for 12 months, maybe 24. its very difficult to get older, cheap cars financed, the amount you are financing is so small and the likely hood of the car breaking down and you not wanting to pay for it is higher so it is difficult for the bank to make money, therefore they rarely finance cars that cheap/old/high millage.
Comment by spacemonkey1958 — April 6, 2011 @ 1:52 am
Probably not without a cosigner or a large down payment.
Insurance is not related to financing, except you must have full coverage on a financed car.
Assuming you don’t have a cosigner, you would have to buy at buy here pay here lot or a sub prime finance company and I would guess you would need at least $1500 down on what you think might be a $6000 car. They may charge you $7000-9000 plus interest though because of your lack of credit.
If you cant get a cosigner, DONT DO IT. Buy a car you can afford with cash or wait until you can.
Comment by Never — April 6, 2011 @ 1:52 am