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

[bluebunnybabe]

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

You’re going to want to put as much down as possible if your credit isn’t great because your interest rate is going to be high. I’ve seen car loans at 20% so on $10,000 over 3 years you could end up paying over $3000 in interest. They’re likely going to want around 20% down so I would be trying to find the lowest priced car you can, and pay it off quickly. If you can find a van for 10K and put down $2000, you should be fine.

[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

I’m not sure if you can lease a used car. Get a Toyota they are good

[Reedusstalker]

I was like you, lol Paid outright for piece of shit cars. I just wanted something to get me here and there. I didn't care what it looked like. In 2016 my husband finally talked me into getting something expensive, newer and that would last us. We put 2500 down. We were told by the dealer what the down payment needed to be.

[Spookly]

We went to terrible places but eh...we've usually had a downpayment of $1000 or more. So I'd say probably $1500-2000 is a good downpayment. We usually end up in the $400 per month price range aka 13k in all or less. But we get what we can afford at the time.

Carmax is fine I think. But like, every single time we've been, I've noticed the banks they work with seem to want more and more money for a downpayment each time, no matter how good your credit has gotten. This last time, my credit was just fine and both DH and I had full time jobs and a good down payment, but the bank still wanted like 5k as a downpayment.

[SunshineDaydream]

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

You’re going to want to put as much down as possible if your credit isn’t great because your interest rate is going to be high. I’ve seen car loans at 20% so on $10,000 over 3 years you could end up paying over $3000 in interest. They’re likely going to want around 20% down so I would be trying to find the lowest priced car you can, and pay it off quickly. If you can find a van for 10K and put down $2000, you should be fine.

Thanks! I think I can do that ...eventually lol

[Guest]

No surprise you're the OP.

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

You’re going to want to put as much down as possible if your credit isn’t great because your interest rate is going to be high. I’ve seen car loans at 20% so on $10,000 over 3 years you could end up paying over $3000 in interest. They’re likely going to want around 20% down so I would be trying to find the lowest priced car you can, and pay it off quickly. If you can find a van for 10K and put down $2000, you should be fine.

Thanks! I think I can do that ...eventually lol

[SunshineDaydream]

No surprise you're the OP.

You’re going to want to put as much down as possible if your credit isn’t great because your interest rate is going to be high. I’ve seen car loans at 20% so on $10,000 over 3 years you could end up paying over $3000 in interest. They’re likely going to want around 20% down so I would be trying to find the lowest priced car you can, and pay it off quickly. If you can find a van for 10K and put down $2000, you should be fine.

Thanks! I think I can do that ...eventually lol

I don't know why I posted anon

[bluebunnybabe]

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

You’re going to want to put as much down as possible if your credit isn’t great because your interest rate is going to be high. I’ve seen car loans at 20% so on $10,000 over 3 years you could end up paying over $3000 in interest. They’re likely going to want around 20% down so I would be trying to find the lowest priced car you can, and pay it off quickly. If you can find a van for 10K and put down $2000, you should be fine.

Thanks! I think I can do that ...eventually lol

Maybe try building your credit up some while you’re saving up. Also, when I was building my credit up years ago, I went to my little local bank and got a car loan for like $3000 and bought something from a private party. You really don’t want to finance a lot of your interest rate is going to be high.

[bluebunnybabe]

We went to terrible places but eh...we've usually had a downpayment of $1000 or more. So I'd say probably $1500-2000 is a good downpayment. We usually end up in the $400 per month price range aka 13k in all or less. But we get what we can afford at the time.

Carmax is fine I think. But like, every single time we've been, I've noticed the banks they work with seem to want more and more money for a downpayment each time, no matter how good your credit has gotten. This last time, my credit was just fine and both DH and I had full time jobs and a good down payment, but the bank still wanted like 5k as a downpayment.

Carmax’s financing options have always been horrible like that. You can use your own financing there.

[SunshineDaydream]

You’re going to want to put as much down as possible if your credit isn’t great because your interest rate is going to be high. I’ve seen car loans at 20% so on $10,000 over 3 years you could end up paying over $3000 in interest. They’re likely going to want around 20% down so I would be trying to find the lowest priced car you can, and pay it off quickly. If you can find a van for 10K and put down $2000, you should be fine.

Thanks! I think I can do that ...eventually lol

Maybe try building your credit up some while you’re saving up. Also, when I was building my credit up years ago, I went to my little local bank and got a car loan for like $3000 and bought something from a private party. You really don’t want to finance a lot of your interest rate is going to be high.

We've been building our credit for years. It's better than it was. And we've been buying old crappy cars outright for years and the cost of repairs gets so insane it's not worth it. We need something we know will likely not break down and cost $1000s anytime soon.