Finance vs paying cash?

That's why I got my payment under 3,000.

 

That's music to any salesman's ears when you tell them to make that payment work for you. Kind of ironic that's the wording they use but it most certainly isn't the vehicle/equipment working for anything is it? Lol

 

How did they achieve that? By extending the loan term or by dropping the interest rate?

 

I remember when I worked at a car dealership a girl who just graduated college came in and got a little small basic car and told the salesman that she needed her payments under $450 a month so they stretched out over 6 years on a little $15k car

 

I'm happy for you if you can afford it . I opt for a Pete if I was in the market.

 

It is still 60 months. They had took off from the sales price when they saw the invoice I gave them from another dealership.

 

Spoke to a dealer in Utah. Asked the guy what type of financing rates they usually deal with. Guy said 8% to 15%, with average buyers leaving with 11%. Typical down of 10% to 20%.

Thats way too much.

 

I know right? I'll start shopping around.

 

Sad thing is that's how the young'uns look at it today, as a payment. I have a buddy who makes slightly better than minumum wage, as does his S.O. They each have a brand new vehicle sitting in the driveway (his is a $45k truck, hers is a $20k car). Idk how he does it. Only thing I can think of is they are both financed over 72 months. Sad thing is now that those vehicles are 2 years old they are probably worth less than the amount owing.

 

It's simple. When they want a loan, a bank or dealer uses both incomes as their total house income. They both must be sharing their credit and incomes. But I get what you're saying!