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Is 800 a month alot for a car payment?
Experts say your total car expenses, including monthly payments, insurance, gas and maintenance, should be about 20 percent of your take-home monthly pay. For non-math wizards, like me – Let’s say your monthly paycheck is $4,000. Then a safe estimate for car expenses is $800 per month.
Is $1000 enough for a down payment?
If you’re looking to purchase a used car for around $10,000, then $1,000 is a decent down payment. It’s widely advised to put down at least 10% of the vehicle’s value to increase your odds of getting approved for a loan, and to minimize your interest charges.
Is a $500 down payment good?
Realistically, if you have decent credit, it’s not unheard of to make a $500 down payment. If you’re dealing with bad credit, however, you should expect to put down more. At the same time, only a lender can truly tell you how big or small of a down payment you’ll need.
How much of a down payment do I need for a $10 000 car?
Let’s say you are financing a $10,000 car, and the lender is asking for a 10% down payment; you will need to put down $1,000 upfront. If you are trading in and your vehicle is worth $500, you will need to pay $500 cash.
What is considered a low car payment?
To cut to the chase, it’s smart to spend less than 10% of your monthly take-home pay on your car payment, so you can keep your total car costs below 15% to 20% of your income. That might leave you feeling you can afford only a beat-up Yugo.
What is too high of a car payment?
According to experts, a car payment is too high if the car payment is more than 30% of your total income. Remember, the car payment isn’t your only car expense! Make sure to consider fuel and maintenance expenses. Make sure your car payment does not exceed 15%-20% of your total income.
How much should I put down on a $12000 car?
“A typical down payment is usually between 10% and 20% of the total price. On a $12,000 car loan, that would be between $1,200 and $2,400. When it comes to the down payment, the more you put down, the better off you will be in the long run because this reduces the amount you will pay for the car in the end.
Is 1200 enough to put down on a car?
If your credit score isn’t good, however, you’re typically required to make a down payment of at least $1,000 or 10% of the vehicle’s selling price. This varies by lender, and some may accept the lesser amount. On a $20,000 car, that would be up to $2,000 down.
Is it better to pay car in full or monthly?
Paying cash for your car may be your best option if the interest rate you earn on your savings is lower than the after-tax cost of borrowing. However, keep in mind that while you do free up your monthly budget by eliminating a car payment, you may also have depleted your emergency savings to do so.
Can you really get a car for $88 down and $88 per month?
I saw an infomercial today for Crazy 88, a company that promises that it can get you a new car for $88 down and $88 per month. Bad credit? No credit? Multiple reposessions? Not a US citizen? Do you owe $15,000 more than your current car is worth? No problem! Crazy 88 can get a car loan for literally anyone, according to its infomercial.
Does Crazy 88 really get you a new car for $88 per month?
One guy said he had credit card bills, medical bills, an empty bank account and he had lost his house — but Crazy 88 got him a new car for $88 down and $88 per month. That all sounded too good to be true, so I went to the company’s website to try to read the fine print.
How much does Crazy 88 charge for down payment?
“$88 down, $88 per month.” Crazy 88 is not a dealership or even a lender. According to the disclaimer on its website, Crazy 88 is a “registered marketing agent” and not a finance company. So “Qualification for the Crazy 88 offer is subject to dealer designated lender approval.”