Where you get the money is no ones business but your own. Just walk in and say i want this car for this much maney. I'm putting 30k down and I wan't my payments to be 1500 month for 24 months. Do we have a deal?
Do your math first, so you know the numbers inside and out. They can and probably will try to trick you so it sounds like a better deal, when In reality they are making more money.

Trust me, If you do the deal like you propose, My cat could get financing for the car. i wouldn't sweat it.

and just for added comfort, while I make a fair bit of money, My credit was absolute shit, because of a previous business I used to own. I put 10k down and was approved, before I got out of my chair.

 

uh... don't walk in and say that you WANT/CAN pay 1500/month AND put 30000 down.

that works out to:

downpayment 30000
1500 x 24 = 36000
---------
66000

the car's not worth 66,000

just tell them about the downpayment and let them come to you with a monthly figure - i suspect it should be quite lower than $1500.

also, if you have 30K down, why don't you just lease it? you may not even have any monthly pymts - and in 3 years, you can then decide to buy it or walk away. the residual on the car is probably between 48 & 54% of msrp (general auto industry range).

the huge down pymt alleviates a lot of the potential interest charges.

my wife's 2000 BMW 328i is leased. i put 25K down on a 58K car -lease pymts are 234/month including taxes - 54% buyback.

if anyone is leasing their S2K, please feel free to clarify/correct me.

just my 2 cents

 

Mindcore/TKG 26: Thanks for the advice, it was the best I got on all the message boards.

 

oh, btw, my wife's car is on a 3-year lease.
msrp is actaully 59K - the math makes the interest charges to be about 4000 over 3 YEARS...totally reasonable.

 

I was using Evo's numbers, obviously if I had done my own math I would have changed teh numbers. But you get my point

 

hey mindcore - are we planning a toronto chapter end of summer drive or meet? we should.

 

Absolutley, I'll post something in the meets forum. everyone can give there ideas, and well try to make it huge. But i'll be there, even if im by myself

 

Hey Mindcore, I was talking to someone else and they said for me to try putting down 10k. Do you think that would work instead of putting down 30k?

I don't work anymore, but I do have means of getting 1.5k/month. That's my greatest worry of not getting financing. Oh, by the way, i'm 20 years old.

10k down + 1500/48 months

 

Interesting. You don't work anymore, that is going to be the thing that gives you problems in my mind. The first thing they want to know is where you work and for how long. Not being retired I don't know how a retired person buys a car.

Might be a bit difficult even with a big downpayment.

You would need proof of how your going to get the 1.5k per month or a co-signer.

Vince

 

Went to the dealer, I can get a 2001 Spa Yellow S2000 with hardtop for 52k CDN, $1000 under MSRP. I think they wanted to get rid of their S2K's because winter is coming. They said they wouldn't get their 02' models until next year too.

I'm going to buy the 2001 Spa Yellow if I can get approved financing. I think it's going to be awfully hard to convince the creditors to let me pay $1500/month financing w/big downpayment while I don't even work (my parent's wont be creditors).... sucks, things are looking down. =(