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

[drjsl22]

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]

...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]

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

[FormulaZR]

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]

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

[brianrey]

You can wait for few months, save some money for the new job and then go for purchasing the car with the payments you are comfortable with .
______________
garage lifts

[e320paul]

Originally Posted by drjsl22

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!

No you can't do that (but some salesman may tell you you can)
Can't you rent a car for a month?
Be careful, they love to make a down payment profit.

[e320paul]

Originally Posted by drjsl22

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

Here are actual sales for 2006 e55 amg at dealer only auctions.
What kind of payments do you want?
I would assume the payments on these are only 500 with no money down and 400 with 5g down.

12/12/12 Regular $21,500 67,010 Avg IRI SIL 8G A Yes
12/12/12 Regular $24,000 50,276 Above BLACK 8G Yes
12/13/12 Regular $20,000 95,097 Avg SILVER 8G A Yes
12/20/12 Regular $16,500 81,885 Below BLACK 8G A Yes
01/02/13 Regular $24,500 71,835 Above BLACK 8G A Yes
01/09/13 Lease $21,200 74,389 Avg BLACK 8G A Yes

[JasonMayes]

Lowering your next cars payments?.... Easy...Ask me for better new car numbers on your next Benz