buying a car, have no money down, need help

[Mark]

i have a question for some of you. i am in desperate need of another car as mine is on it's last legs. i'd like to purchase an 05 or 06 scion tc(because they're upgradable as hell). the problem is, i don't have money saved up for a decent down payment. right now im fortunate enough to not have to pay rent(my roomate is paying it for me, since i paid off a huge debt of his a couple of months ago and he's back on his feet). what i'd like to do is somehow get the car asap, and pay maybe $1500 a month on it for 4 or 5 months. then after that's done, start making normal payments on it(most people ive read on on various tc forums pay around $350 a month but im assuming they had a decent down payment). is this somehow possible? i don't know jack sh!t about buying a new car so im assuming if i were to get the car, it would be thru some sort of loan and i don't know if loans allow you to pay more than you're supposed to each month in order to reduce the amount of total car payments/payment each month.

 

[mchammer]

 

[timur]

Many loans are available with no down payment and most allow you to pay more/early.

Go to your bank or credit union and see what they'll offer you. Use the dealership's loans as a last resort unless they've got a great deal going on.

 

[QuitBanningMe]

Are you asking if you can buy a car with no down payment? If so yes depending on your credit.
Yes you are usually allowed to pay down the loan.

 

[Malak]

My car was about the same price as a scion TC, and my payments are $360. That is with no down payment and higher interest rate than was available(long story). You should have under that, I would think.

Sometimes dealerships allow you to put a fake down payment down which you can pay within 30 days or sometimes longer. You could also pay a lot for 6 months and then refinance for a smaller monthly payment.

Have you test driven a TC? I heard they really aren't that great.

 

[miri]

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[QuitBanningMe]

Originally posted by: KruptosAngelos
My car was about the same price as a scion TC, and my payments are $360. That is with no down payment and higher interest rate than was available(long story). You should have under that, I would think.

Sometimes dealerships allow you to put a fake down payment down which you can pay within 30 days or sometimes longer. You could also pay a lot for 6 months and then refinance for a smaller monthly payment.

Have you test driven a TC? I heard they really aren't that great.

no dealership I have worked for fakes down payment with a requirement that you pay them back. The "faking" comes in when incentives/ rebates are used a down payment or the car is sold below what it books for, the book price is listed as the sale price and the difference as the "down payment".

 

[Malak]

Originally posted by: QuitBanningMe
no dealership I have worked for fakes down payment with a requirement that you pay them back. The "faking" comes in when incentives/ rebates are used a down payment or the car is sold below what it books for, the book price is listed as the sale price and the difference as the "down payment".

Trust me, I've done this myself.

 

[Mark]

Hmm well thats good news. I always thought car loans were fixed and weren't allowed to be paid down early.


Kruptos, I haven't driven one yet. The main reason I am thinking of getting one is I like the looks, upgradability(TRD Supercharger), and durability(Toyota). Plus it has some nice features like a panoramic sunroof(it comes stock). I will try out the Mazda 3 series(since it's the closest competitor). I heard it handles alot better than the TC but it's not like im gonna be taking it to the track anytime soon.

 

[QuitBanningMe]

Originally posted by: KruptosAngelos

Originally posted by: QuitBanningMe
no dealership I have worked for fakes down payment with a requirement that you pay them back. The "faking" comes in when incentives/ rebates are used a down payment or the car is sold below what it books for, the book price is listed as the sale price and the difference as the "down payment".

Trust me, I've done this myself.

You have done it as an F&I manager or you were dumb enough to pay a dealer back?

 

[Mo0o]

My parents just bought a car (about a week agO) with a down payment on credit card. If you can juggle some debt around that's one way to go about thing. My parents aren't doing the juggling but its something you might be interested in if money is an issue.

 

[Malak]

Originally posted by: Mark
Kruptos, I haven't driven one yet. The main reason I am thinking of getting one is I like the looks, upgradability(TRD Supercharger), and durability(Toyota). Plus it has some nice features like a panoramic sunroof(it comes stock). I will try out the Mazda 3 series(since it's the closest competitor). I heard it handles alot better than the TC but i'm not exactly gonna be taking it to the track anytime soon.

I liked the looks too, but lots of cars are upgradeable. I suggest you take it for a test drive first, you'll regret it if you don't. Check out a Mitsu Lancer too, that's what I drive. Personally I think it looks better than a TC, but I'm biased

 

[everman]

Sounds like you may be over extending your finances. What happens if you do need to pay rent, do you have sufficient reserve funds or will you be forced to sell the new car at a large loss?
A new car is nice, however building better financial stability is more important.

 

[Banana]

Originally posted by: everman
Sounds like you may be over extending your finances. What happens if you do need to pay rent, do you have sufficient reserve funds or will you be forced to sell the new car at a large loss?
A new car is nice, however building better financial stability is more important.

Originally posted by: Mark
and pay maybe $1500 a month on it for 4 or 5 months. then after that's done, start making normal payments on it . . .

$1500/mo for 4 or 5 months can get you a nice used car! Perhaps you can reward yourself with a fancy new car when it won't be such a financial risk.

 

[Chrono]

scion tC is badass. I had one, and then traded it in for a faster Acura RSX Type S. I was anticipating for the arrival of the TRD S/c, but that didn't even happen... delayed once again until this fall or something -_-;

 

[OS]

you can also put the down payment on a credit card

 

[Mark]

yeah the credit card is an option as well, but unfortunatly i have 2 of them and both of thier limits are REALLY low(i bought an amp on ebay about 2 years ago for $500(which was my limit) and im still payin for it. ill probably pay it off next week along with my other cc bill thats $200.