How can I go about lowering my next car's payments?
Thread Starter
Junior Member
Joined: Sep 2010
Posts: 24
Likes: 0
Ls
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!
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!
Super Member
Joined: Apr 2009
Posts: 537
Likes: 3
From: West Texas
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?
Since that is probably not the route you will go - are you looking at purchasing a new car or a used car?
Super Member
Joined: Apr 2009
Posts: 537
Likes: 3
From: West Texas
Yes
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?
Member
Joined: Nov 2005
Posts: 144
Likes: 6
From: Palm Beach County, Fl.
W163 ML500 w/Kleeman headers (gone but not forgotten); R63
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
Newbie
Joined: Nov 2012
Posts: 3
Likes: 0
volkswagen
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 .
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Newbie
Joined: Dec 2012
Posts: 2
Likes: 0
From: So Calif
e320
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!
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!
Can't you rent a car for a month?
Be careful, they love to make a down payment profit.
Last edited by e320paul; Jan 15, 2013 at 12:59 AM.
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Newbie
Joined: Dec 2012
Posts: 2
Likes: 0
From: So Calif
e320
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
Last edited by e320paul; Jan 15, 2013 at 01:03 AM.
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