buy car
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Q&A–: How to buy car with only cash down payment, no loan?
I wanted to buy a new Chevy Cruze at a local dealership. I was looking to put $ 4500 to $ 5000 down on the car, and then paying monthly paments. Is it possible to just buy the car without a loan? Will my APR be 0%?
Thanks!
I would pay off the rest of my car with my own money, not a loan.
The answer in the following: (Hint: The answer is not necessarily.)
Answer by Gav from Oz
If you don’t have the full price of the car, then you will need a loan.
Answer by pickmefirstplz
if you don’t get a loan how are you going to pay the rest of the car off?
Answer by threlfall92
to buy the car without a loan would mean you pay the full price of the car all at once. the monthly payments is a loan.
Answer by Anonymous
Not sure you understand what a “loan” is. Who do you expect to pay the monthly payments to? If you don’t have the money to buy the car outright, then you have to borrow it. By putting money “down” on a loan, you are putting equity into the car.
So if the car costs $ 15,000, and you put $ 5000 downpayment on the car, then you owe $ 10,000. You have to borrow this money from somewhere. You borrow it from the financing company that the dealership uses, or you can get a loan from another source. Either way this “monthly payment” is paying back a loan of principle and interest.
The way a loan works is someone is going to give you the full amount to buy something, like a car or house, and they are going to use that item as collateral in case you can’t pay it back. You can often get some deal that offers zero interest for a certain period of time, so that the payments you make go completely to the principal of the loan and you do not have to pay interest. But either way, the dealer isn’t going to “give” you a car for $ 5000 with the promise that you’ll pay them back eventually.
Please google “loan”.
Answer by A A
Nope , if you have to barrow money from a bank because u don’t have all of it it’s going to cost you . There is no way around it , unless your family has that much .
Answer by brendan00000
if you save up total purchase price then pay in cash otherwise you put your 5k down payment and get a loan thru a bank and pay like 7%
Answer by Scott H
Not paying for something in full at the point of sale usually implies some use of credit. You would need a loan to cover the unpaid balance of the purchase price (Sale price – down payment). If you think they will take your word that you will come in every month and pay them, you’re nuts. It doesn’t work that way.
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