A Quick question! trying to fiance a cars at a Dodge Dealership the car is ?

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DodgeAriesK

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A Quick question I trying to fiance a cars at a Dodge Dealership the car is a 2002 Dodge Durango Sport - $3,999, My credit is not good and I looking for a low payment between $150 to $190 at month . Anybody have a idea how much money, I need to put down to have a payment between $150 to $190 at month ? If you can please give me more information about buying a car at a dealership it my first time. Thanks! Happy New year!
 
used vehicle interest rates are usually a lot higher than new vehicle interest rates. A new vehicle interest rate with good credit might be 6% where a used vehicle interest rate with good credit might be 12%. The payment depends a lot on how long the bank will finance the vehicle for you which is based on the year model and how many miles are on the vehicle. Around 24 months would be a typical financing for a 2002 and I doubt they would go anything past 30-36 months for that vehicle. The bank usually wants to finance what is called loan value on the vehicle. You can stop by your local bank and ask them what NADA loan value is on the vehicle you are buying. Take the $3999 and add taxes and tags and subtract the loan value and that is about what they will ask you for a downpayment. If your credit is bad many dealerships have alternative financing sources but the interest rates are really high, like around 18%.
Bottom line come up with a good $1000-1500 down, find a dealer with alternative financing and pay the higher interest until you rebuild your credit.
 
I doubt you can finance even with good credit.

To finance, you need to be buying a car that costs more than $5000.
For some banks, the car must be at least $7000 to be able to finance.

Cars that cost less than $5000 can only be bought with cash or by taking a loan from your bank.

I need to know how many years you plan to finance, which will be impossible with a $4000 car.

1 year finance would be $333/month.
With a $1000 downpayment, it would be $250/month
With a $2000 downpayment, it would be $166/month.
3 year finance would be $111/month.
 
used vehicle interest rates are usually a lot higher than new vehicle interest rates. A new vehicle interest rate with good credit might be 6% where a used vehicle interest rate with good credit might be 12%. The payment depends a lot on how long the bank will finance the vehicle for you which is based on the year model and how many miles are on the vehicle. Around 24 months would be a typical financing for a 2002 and I doubt they would go anything past 30-36 months for that vehicle. The bank usually wants to finance what is called loan value on the vehicle. You can stop by your local bank and ask them what NADA loan value is on the vehicle you are buying. Take the $3999 and add taxes and tags and subtract the loan value and that is about what they will ask you for a downpayment. If your credit is bad many dealerships have alternative financing sources but the interest rates are really high, like around 18%.
Bottom line come up with a good $1000-1500 down, find a dealer with alternative financing and pay the higher interest until you rebuild your credit.
 
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