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Automotive Leasing & Financing Discuss the leasing and financing of your Mercedes-Benz.

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Old 10-16-2011, 08:23 PM   #1
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How can I go about lowering my next car's payments?

I have recently been hired for a new job. With my increased pay I would like to take out a car loan and purchase a new car. My problem is I need to get rid of my car soon, but do not have enough to make as big as a down payment as I would like to keep my monthly payments where I want them.

Would it be possible to take out the loan now with larger monthly payments, and then in a couple months when I have more money to put down on the car, make a larger payment, and somehow decrease my monthly payments that follow?

Thanks for the help in advance!
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Old 10-20-2011, 11:52 AM   #2
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...Or you could wait a few months, save up some money from you newly acquired job, and safely/securily purchase a new car with payments you are comfortable with right from the start...


Since that is probably not the route you will go - are you looking at purchasing a new car or a used car?
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Old 10-20-2011, 12:07 PM   #3
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That is actually exactly the route I am going, and I am looking to get an 05-06 e55.
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Old 10-21-2011, 12:42 PM   #4
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That is actually exactly the route I am going, and I am looking to get an 05-06 e55.

Well - could you get a personal loan of some sort (not against the car) to use a down payment, then get an auto loan using the personal loan as the down payment? That way, you can pay off the smaller personal loan and then just have the auto loan?
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Old 10-21-2011, 03:54 PM   #5
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Well - could you get a personal loan of some sort (not against the car) to use a down payment, then get an auto loan using the personal loan as the down payment? That way, you can pay off the smaller personal loan and then just have the auto loan?
If the personal loan is unsecured, I suspect the interest rate will not be attractive.

See if your lender will split your loan into 2 notes. Either 50/50 or maybe 1/3-2/3. The vehicle still secures both Notes.

When you get your extra money, just pay off one of the notes. I have done that before.

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Old 10-21-2011, 03:54 PM
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