How much money down y’all putting?

[Pie Grande]

Hi all, quick question if it applies to you,
If you are getting a loan,
How much money you putting down?
will you be putting down 10% or will you be putting like 20k
Just wondering what everyone else is doing since some of us saving till our delivery day
I might just do like 5k-10k down lol

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[Mango&Moose]

$9k at least prior to tax. With tax around $13k. I'm halfway there now and will have all by May. Past that, I don't see a benefit. Every thousand down knocks off only a small portion per month. I want my monthly payment sub $700.

ETA a little below %20. I also plan on cutting the tax check separate a month later. I do consider it down payment/up front cost since the (once) Great State of Georgia decided to steal errr... tax the total at time of purchase.

 

[tshaw2009]

This is completely dependent on your financial ability, brother. You should always strive to put 10% down when buying a vehicle as you will usually lock in the best rates based on your current credit score and report. Of course if you can put down more than 10% go for it. If you have a decent trade-in that will get you over the 10% hump, I'd use the cash you would have used for your down payment to pay your sales tax outright rather than adding the taxes to your financing. You'll pay less in interest that way. Trading in my truck alone gets me to 30% of the total cost knocked off. I'm still putting like $2k extra down on top of that and using my other $2k I've saved in cash to pay the sales tax on it.

 

[Judge Rufus]

Zero down, 0% interest, bullet due in 120 months from my wife's savings account.

 

[mcalpal]

It depends on the loan term I get. The lower % the lower the down payment, but I intend to put around 20% of pre-tax cost down so it doesn't matter how long I finance that I will always be above board on it (even though I think it will depreciate slower than most vehicles).

 

[Firefly]

Waiting to see what interest rates will be at the time. If I can get less than 2% on a 48 month loan I'll only put 10K down. If rates are around 4 or higher I will double that. I hate paying interest.

 

[atonge40]

This is completely dependent on your financial ability, brother. You should always strive to put 10% down when buying a vehicle as you will usually lock in the best rates based on your current credit score and report. Of course if you can put down more than 10% go for it. If you have a decent trade-in that will get you over the 10% hump, I'd use the cash you would have used for your down payment to pay your sales tax outright rather than adding the taxes to your financing. You'll pay less in interest that way. Trading in my truck alone gets me to 30% of the total cost knocked off. I'm still putting like $2k extra down on top of that and using my other $2k I've saved in cash to pay the sales tax on it.

% down does not change the rate. If it does, find a different lender.

 

[PSUTE]

This. I make more from my investments than the interest rate will be...

 

[Trilifter7]

We'll be putting around 50% down. We want a payment under $400 and don't want to finance more than about $20k

 

[tshaw2009]

% down does not change the rate. If it does, find a different lender.

Right now my CU has my rate locked at 2.49 (2.99 for non-veterans) which is the lowest rate based on credit score. If a member requesting a loan can put at least 10% down on the purchase of a new vehicle, they will take one full point off the interest rate of the loan. It's a way they incentivize putting a proper down payment on a vehicle and it lowers the risk of depreciation for both the borrower and the lender. Nobody wants to be upside down.

 

[tnobull]

This will be the wife and Iʻs first car purchase over $25k (bought our Outback after graduating 6yrs ago) and would like to put down a minimum $10k total (cash and trade in). Don't have to worry about any tax payments due to living in Oregon either. Just gotta see if business can get back on track in early 2021, right now itʻs not looking likely.

 

[Skeeterjack]

Not a dime till i see it.

 

[jaruss01]

Whatever it takes to have a $500 pmt. don’t have a trade in, just returning a lease. So looks to be 25k down with taxes and fees (2k of which will go towards aftermarket). So $23k. Only putting 5-8k miles a year and don’t want to see a 800-900/mo bill every month. We always lease. This will be the first purchase. Having a big car pmt comes to me as major sticker shock over and over again. While not the best finanical decision, I’d rather put a ton down just for my well being of having lower monthly bills.

 

[92EddieBauer]

I'm taking money out of my 401k or reenlisting in the military where it's acceptable to drive something at 27% APR

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