What is a good price for a good price for a down payment for a Chevy Cobalt? – I’m getting my first car soon and I have my heart set on a Chevy Cobalt. I’ve saved a lot of money for a down payment but people have told me its better to put down a small down paymet and pay as much as I can each car note instead. I do plan on buying used unless I can’t find the make and model I’m looking for. Any advice?
What is a good price for a good price for a down payment for a Chevy Cobalt? Answer :
Answer by Nick J
The best down payment is whatever you are comfortable with. If you put a big down payment on the car, your monthly payments will be less and you may even get a lower interest rate on the loan. If you put a smaller or zero payment, then your monthly payments go up. The trick is to figure out what the max monthly payment you want to make is, then subtract $ 50. That way you don’t over-extend yourself and you can always make a larger, principal-only payment every month, which will greatly reduce the amount of interest that you ultimately pay.
Answer by the_greatone
I looked at the cobalt too, but ever look at a honda accord? theyre more reliable and total cost of ownership kicks the cobalts ass, plus chevys interior gets crappy in a short time. But if you insist on it, I would play it out by scenario. Don’t put money down you can’t afford to give, and the most important thing is shopping from dealer to dealer not only for bottom line price after taxes, but interest! You may not need to put alot down if you loan is at a low interest rate to begin with, assuming there is special financing available, but if you go out on your won with it, yeah you can put more $ $ $ down, but your rate would be higher, washing the purpose of you trying to pay the car off quickly as possible. Another point is paying off the principle on a car is not like a house. Lets say you purchase a car at $ 20K and after down payment and financing rate, it comes out to be like $ 22K. You owe $ 22K no matter how fast you pay the car loan off, so that extra money laying around at the end of the month generally serves no purpose against the financing on the loan of the car. The key is here not only searching dealerships for the car and color you want, but you gotta check out the financing programs too. Overall, get your cars bottom line price after taxes, title, etc., calculate your down payment with or without special financing rates (an incentive maybe be cash back or special financing), and start calculating different scenarios. And make sure your car won’t be upside down anytime soon.
Another thing is buying used = no programs or incentives. You got their price, you got your KBB price, and haggle away. Financing on a used car is way more expensive than on a new. Depends how old your going to get and for what price. If its only 2-3 thousand off, just go new.
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