How can I go about lowering my next car's payments?

drjsl22 · 10-16-2011, 08:23 PM

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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FormulaZR · 10-20-2011, 11:52 AM

...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?

drjsl22 · 10-20-2011, 12:07 PM

That is actually exactly the route I am going, and I am looking to get an 05-06 e55.

FormulaZR · 10-21-2011, 12:42 PM

Quote:

Originally Posted by drjsl22

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?

gsfent · 10-21-2011, 03:54 PM

Quote:

Originally Posted by FormulaZR

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.

Regards,
Jerry

10-20-2011, 11:52 AM	#2
FormulaZR Super Member Garage is empty, add now Join Date: Apr 2009 Location: West Texas Posts: 530 Drives: Yes	...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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10-20-2011, 12:07 PM	#3
drjsl22 Junior Member Garage is empty, add now Join Date: Sep 2010 Posts: 16 Drives: Ls	That is actually exactly the route I am going, and I am looking to get an 05-06 e55.

10-21-2011, 03:54 PM
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