Is $1000 a good downpayment for an $8000 car?

My fiance is going to be attempting to finance a vehicle within the next 30 days. We are going to our bank tomorrow to talk to a loan officer about getting financed.

His credit is pretty bad (dont know an exact number but do know its less then 600) ...but the worst thing was defaulted student loans that are now completely off his credit. He%26#039;s been at his job for 3 years. We are willing to accept a higher interest rate as we do realize there is no way around it. So, do you think based on the few details you have, that we could finance a vehicle? $8000 is our MAXIMUM price....we found a vehicle for $6500 that we love!!

Also, we live in Michigan. Anyone know of any finance companies or dealerships we could contact?

Thanks so much...oh and no rude comments please!

Is $1000 a good downpayment for an $8000 car?

If you live in Michigan and just like many other states, that

have had flooding. You want to get the %26quot;VIN. number checked

out. It may have been in a accident, or the owner neglected

the repairs and maintenance needed on the warrenty.

When you put money down on a car. The more that you put

down. The lower the payments will be per month.

Many of the dealers. Do finanace their own. It may be a bit

cheaper, because the banks are in the credit crunch.

Do your homework first. Never let a salesman know your in

love with a car. He will pressure you to sign now, because

the car will be sold tommorrow, when it has been sitting there

for weeks. If given a hassle, don%26#039;t be afraid to walk out, and

don%26#039;t look back. Because, with all the cars on the market,

there is plenty to choose from.

It may be better to buy from a co-worker, relative, or a good

neighbor, you know has taken good care of their car. You

will then be happier in the long run, but you will have to get

fiananced by your bank or Credit Union, that your pick.

You better get ready to have one of his parents to %26quot;co-sign%26quot;

with his bad credit, that he has had, just in case. %26lt;}:-})

Is $1000 a good downpayment for an $8000 car?

IDK where in Michigan you live. But in Ohio/Michigan there is a company called Rose City Motors that works with people with poor credit. The intrest rate will be killer! Can you save more money first before you buy a car? Maybe half the price of the car.

Is $1000 a good downpayment for an $8000 car?

Bad credit is a bummer... I am just pulling myself out of the same thing. I filed bankruptcy about 3 years ago and just now was able to get financing for my vehicle. My score is above 600 though.

I live in Wisconsin, and here there are several dealerships that have Poor Credit lots and such. You may need to go to a lot like that in order to start rebuilding your credit. I know a big one here is J.D. Byryder.

Good luck!

Is $1000 a good downpayment for an $8000 car?

$1000 is a good down payment for an $8000 car. With the credit rating that you gave for your fiance he will most likely get a higher rate like you said. Check around the dealerships and ask if they do dealer financing also. If they say yes... tell them your approximate credit score as if your credit report is pulled to much it does start having an adverse effect on your score and make it even lower.

Is $1000 a good downpayment for an $8000 car?

Any down payment is better than none at all, but I would just save up seperately and buy the car with cash. I had an old beater car for a while that was $900, then I went out a year later and got myself a 7 series bmw with cash in hand.

You%26#039;d pay more on the interest than you%26#039;d pay getting a cheap car, say less than 1k... driving that for a while and saving. Saving would actually PAY YOU interest, rather than paying the loan people interest.

Is $1000 a good downpayment for an $8000 car?

Check out a local credit union. Sometimes they have liberal membership rules....may help....

Is $1000 a good downpayment for an $8000 car?

I admire your mature attitude about repairing your poor credit history. It sounds like you will be on a good road soon. I think that $1000 is enough down payment for a $6500 car. It depends on who will hold the paper (loan). Good luck!