do youy arrange financing is there someone i can talk to
I have 500 hundred a month to put toward a truck payment how much does that
translate in actual CAPITAL TO BORROW TOWARDS a vehicle I WOULD
HAVE AVAILABLE
3 Answers
VRoom12345 answered 2 years ago
Cargurus doesn't have financing but any dealer will be able to help.
The way this works is you take your trade, and 500.00 you are gonna get beat up on your trade , they do this to keep dealer profits up, ask if they are using kbb or nada or black book usually the latter so they can give you 150.00 and cram you into a high interest upside down deal. So when you calculate, start w the APR% say if it's 12%-18 precent you will pay 2x value if used by end of term unless you pay it off early, figure in your budget the least you can part w and still eat and have a place to rest you head w/o worrying if your car is gonna get peeled by the repo man. But the upside is dealers a still desperate for your trade, and there is negations to be had, if buying used take someone that knows cars they might catch something you miss as the sales guy is jabbering at you so you don't really have a chance to look it over. NOTE THIS IS AN OVER VEIW AND SHOULD REQUIRE SOME MINOR RESEARCH ON YOUR PART.
The Dealer will handle getting you the financing. The amount you can borrow is based on your income, current expenses, and the age/type of vehicle you want to buy. BUT beware, the Dealer will try to get you into the most expensive vehicle they can to make a bigger profit!! That might look cool and flashy but you know what you can afford!! Don't forget about insurance and maintenance costs. Figure those into the amount you can afford too so you don't run into financial trouble later on. Also remember that the older the vehicle, the higher the interest rate. Plus you don't want to be financing a 5 year old vehicle for 5 or 6 years. Think about how old the vehicle will be when it's paid for. Hope that helps! Jim