I'm 35 years old and I've never.....

[Guest]

.....financed a car. I've always bought hunks of junk outright. The time has finally come to lease a newer, more reliable vehicle and I have no idea what to expect. How much do I need for a down payment (percentage of cost of car)? Is it better to get a loan from a bank or finance through a CarMax type place? (My credit score is.....not awesome ) Advice appreciated!!!

[Vegaswife2011]

Idk, we lease. Good luck and congrats!

[Smarties]

Usually the financing through the dealership is going to be at a high interest rate and for those with especially poor credit. I wouldn't want that if I could help it.

I'd have probably 3000 or so for a down payment, depending on the car you get.

[bluebunnybabe]

Check with your bank or credit union to see what rate they can give you before you go looking. Much better to know where you stand.

[Guest]

Usually the financing through the dealership is going to be at a high interest rate and for those with especially poor credit. I wouldn't want that if I could help it.

I'd have probably 3000 or so for a down payment, depending on the car you get.

$3000? I'm only looking at a $10-13k used minivan

[Guest]

Usually the financing through the dealership is going to be at a high interest rate and for those with especially poor credit. I wouldn't want that if I could help it.

I'd have probably 3000 or so for a down payment, depending on the car you get.

$3000? I'm only looking at a $10-13k used minivan

First, you cant lease used cars.

[LoveAll3]

If you are going to buy preowned, Carmax is a good option. They work with several finance companies so your offer is submitted to more than one. You usually get at least two acceptances. Then you just choose the one with better terms. I have purchased several cars new and used and honestly Carmax was the easiest, smoothest transaction. We went just to look around and possibly replace an old commuter car. We found one we liked and were signing the papers an hour in and handed the keys. Much easier than any other dealer I have ever been to.

[deltathree]

Check with your bank or credit union to see what rate they can give you before you go looking. Much better to know where you stand.

[Fullxbusymom]

.....financed a car. I've always bought hunks of junk outright. The time has finally come to lease a newer, more reliable vehicle and I have no idea what to expect. How much do I need for a down payment (percentage of cost of car)? Is it better to get a loan from a bank or finance through a CarMax type place? (My credit score is.....not awesome ) Advice appreciated!!!

I have never put down a down payment. It is best to go to the dealership for financing and ask them to go through a credit union. I won't lie you're going to get raked through the coals for an interest rate because of your credit.

[highlandmum]

We cannot answer what is the best option for you as we do not know your credit history (phone bills, internet bills, rent, credit cards all come into play). My car we could have purchased outright but went with financing as we got a 0% rate from the dealer. The bank would have charged more.
You need to go to the dealership and find out, but if you are going to a place like CarMax be ready to have a interest rate in the 8%+ rate (which is high), you may want to check with your bank first and see what rate they will give you and how much you would be approved for prior to shopping for cars.