Join the Meeting Place for Moms!
Talk to other moms, share advice, and have fun!

(minimum 6 characters)

Car loans?

Ive had my first car for about a year now, I am looking to buy a newER car. Ok, who has had a car loan before and with what bank? I am looking at a 11,000$ car. Does every bank need a down payment? if so how much you think id have to put down?

Answer Question

Asked by SweetiePieAfWf at 11:10 AM on Jul. 28, 2009 in Money & Work

Level 1 (0 Credits)
Answers (7)
  • It is really going to depend on your credit score. If it is about 720 you shouldn't need to put anything down, and the interest rate won't be very high. If it is on the lower side, I would try to put down about 20% of what the total loan would be.

    Answer by 2-1CavWife at 11:12 AM on Jul. 28, 2009

  • Oh.......... And...... how many years should I ask for. I was thinking 72months so the payments would be smaller.???

    Answer by SweetiePieAfWf at 11:19 AM on Jul. 28, 2009

  • Usually your credit score will determine how long a loan repayment is. If it is lower it will most likely be around 60 months, which I would prefer depending on your interest rate. I always try to get out from under a car loan as quickly as possible so they don't get another year of interest out of me, lol.

    Answer by 2-1CavWife at 12:50 PM on Jul. 28, 2009

  • I belong to a credit union and regret not going to them to get pre approved for a car loan, instead I went direct to a dealership and they financed me, but I hear a credit union has better interest rates and if u qualify for a loan of 11,000 with them and that's how much the car is then u don't have to put anything down. If u qualify for 11,000 and find a 13,000 dollar car then you'll have to come up with the 2,000. Hope it all makes sense to you.

    Answer by I4GodRU at 2:01 PM on Jul. 28, 2009

  • We just bought a new car in April. We have USAA as our bank and we had a pre-approved loan through them with X% interest rate. We found the car we wanted and the dealership gave us a better rate so we went with the dealership. We didn't put any money down, though. has a lot of good tips and advice on buying cars and has calculators so you know before you go in to the dealership how much your payment should be. I highly recommend reading the Confessions of an Auto Finance Manager under the websites tips and advice tab. It's long, but definitely worth the read to keep you from getting screwed over. Make sure you print out your cars true market value and the car you want to get's true market value and take those with you to the dealership. Also know what your credit score is before you go and don't let them do a credit check on you until you are ready to buy from them.

    Answer by Christina807 at 3:00 PM on Jul. 28, 2009

  • Credit unions give good rates. Some have caculators to help you see what your payments will be. Just look up some credit unions in your area. I got a car through my local credit union and didn't have to do a down payemnt. All that was in the loan. I say do it through your bank and then do auto pay so you don't have to worry about that bill.

    Answer by SylviaNCali at 1:54 AM on Jul. 29, 2009

  • We have a credit union, bought a car about 6 months ago, with no cash out of pocket. I believe our interest rate is like 6%. We got a lower interest rate because they pull the money directly out of our account. I worked such a good deal that the vehicle was $2000 under NADA so we had built in equity.
    I would NOT recommend not having any money down and doing 72 months. Odds are sooner or later you will end up upside down on it. If the vehicle gets totatled you get stuck with what insurance doesn't pay. GAP insurance is a must when buying a car that you have no equity in. Even with the $2000 equity in our vehicle we still opted for GAP insurance because we were financing for 48 months. It's a large suv so the depreciation will be unpredictable.
    You HAVE to think about depreciation, maintenance costs, insurance and gas costs.

    Answer by kc932 at 10:51 AM on Jul. 29, 2009

Join CafeMom now to contribute your answer and become part of our community. It's free and takes just a minute.