What methods of payment do dealerships accept for down payments? I want to put down $ in addition to a trade-in. Thanks!

 

I assume it depends on the dealership. I would expect anything from credit card to personal check to electronic funds transfer to cash.

Call and ask?

 

Anything of value. We once took in a guitar in addition to a check.

 

 

 

It better be signed by the major artist buying the car.

 

We were $500 bucks short on down payment, and the salesman said, "do you have anything of value at home that is worth $500?" Answer, "my guitar". He apparently paid a grand or more for it new, not difficult to do on a musical instrument.

 

My dealer was really good. He had me give him a credit card # as a down payment, but never charged it. He knew that even if I backed out after the car arrived, he would be able to sell it within a day anyway.

 

it all depends on the trade-in, how much down, the dealer, and the price of the car...oh and your credit (FICA score). I put nothing down on mine (22k out the door) and i'm paying 365 a month.

 

that seems high to me. how many mos? 48?

 

How is that high? Let's do the math...total cost=21.2k, 365 a month times 12 months = 4380 a year, 4380 a year times 5 years = 21.9k. This means that over 5 years, i'm only paying 700 dollars in interest. Not so high IMO. Also remember that i put NO MONEY DOWN. These are the benefits of a high FICA score

 

You can do that because you are rich. I can't afford anything over $300 a month. Especially for 5 years.

 

it was a joke that you apparently missed, if you'd done the math obviously "$365 a month over 48 months" only comes to $17,520.00 for a 22k loan for which you had allegedly "put no money down". i had already done the math and realized you must have gotten basically a zero interest loan. not bad.

btw, it's FICO (clickie) which is a predictive analysis score given by the "FAIRIsaac Corporation").
FICA (clickie) is this.
[/tongueincheek]

 

I traded for a old pick-up and 2 dogs one time. Sad ending though; on the way to the dealership the guy had a wreck in the truck and the dogs were thrown out of the back and died.

As I recall we traded for a chain saw on one deal.

 

I'm paying 223.15/mo for 3 years on mine.

I financed through Scion (6.4%) since I didn't do my homework on research and got the car unexpectedly. Still, though... Not so bad.

 

Alright good. I was really wondering what was wrong with ur math skills. I didn't even think that i could have gotten that good of deal until after i realized what i got. Thanx also for the correction on FICO...my bad

 

Wow... and if that were actually true, that means you got a loan for 1%!

You must have been watching one of those 2am infomercials.

Put this into excel, and you'll see what I mean.

=PMT(0.01/12,12*5,21200)

That comes out to be about $363... using an APR of 0.01, or 1%.

Are you sure this isn't 6 years buddy?

 

i'm positive

 

Nobody loans money at 1%. There's nothing to be gained from that. Hell inflation is at least 3%... and considering the Fed is up to 5% itself, I highly doubt that's your interest rate.

Either you put more down, or your loan isn't $21,200, or your terms are different...

 

nope...everything is copasetic...i have a fico of 830 and no i put nothing down. And the loan term is for 60 months...5years