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Should I Save Up $4000 For A Car Or Just Finance It?

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Should I Save Up $4000 For A Car Or Just Finance It?

Postby Ballinamore » Mon Feb 09, 2015 12:11 am

I want to buy a 2002 ford escape ($4000) and im trying to decide on wither to either finance it or just save up the money and buy it. I work at a almost minimum wage job and dont think I could afford paying a car note and insurance but then again I dont have figures so I wouldn't know what I could or couldnt afford.
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Should I Save Up $4000 For A Car Or Just Finance It?

Postby Stocwiella » Tue Feb 10, 2015 5:54 am

Pay cash. Banks and credit unions don't like providing loans on old cars with lots of miles. Some don't provide loans less than $5000. Others use $7500 as a minimum.
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Should I Save Up $4000 For A Car Or Just Finance It?

Postby Izotz » Wed Feb 11, 2015 9:10 am

cash is better

it saves you from paying full coverage insurance
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Should I Save Up $4000 For A Car Or Just Finance It?

Postby Dale » Wed Feb 11, 2015 12:26 pm

Obviously the best option is to buy it outright. You save money on all sorts of fees as well as interest and such from the bank.

Another option is to save enough to pay off a decent portion and finance the rest. If you make the loan period for long enough the payments should be decent.

If you are going to finance though, I would try to go to a bank and get pre-approved for a loan so that you don't get shafted by whatever loan company the dealer gets incentives from and forces you into. If you go into the bank they have people there specifically to talk about these kinds of things, just don't let them pressure you into anything until you know the details. As is with buying anything :)
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Should I Save Up $4000 For A Car Or Just Finance It?

Postby Fallamhain » Fri Feb 13, 2015 6:57 pm

finance, yolo
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