July 5, 2009
What is a good amount to borrow when applying for an auto loan?
ndhlp28 asked:
I am applying for an auto loan and am new to this. I am not sure what amount to ask for or loan term. I can afford $250-$300 a month.
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Comments on What is a good amount to borrow when applying for an auto loan?
4:31 pm
Auto loans - make them bid on YOU!
The smallest amount possible ,
Loans just flush $$$$$ down the drain by paying % .
And Car loan % is NOT even tax deductible !
9:01 am
Get a great rate on an auto loan now!
If you are buying a used car, make sure the term is 3 years and less - a new car - 4 years and less
You should be putting down at least 30% down on a vehicle, so that you don’t end up “upsidedown” when the car continues to depreciate.
Remember, you must carry comprensive and collision on a car that has a loan attached to it - figure that additional expense in.
Honestly, I think you should save money for a year and just buy the vehicle for cash!