New answers tagged auto-loan
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I dont want to be stuck paying more for car payments, than insurance
Dream on!
Nearly anyone with a car that is not over 15 years old pays more for car payments than insurance. Or at least that's the case where I live. (Of course, if someone has already paid the car fully, then that is no longer the case.)
If driving with an old car, you have to have a ...
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Having the 3rd credit card might slightly help your credit score in the future, but it probably won't help much right away. In fact when you apply for the new card the inquiry could lower your score by approximately 5-10 points for 2-3 months before it recovers. Since you're planning to purchase a car in less than 3 months I'd recommend getting the car loan ...
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Normally, you cannot simply take a higher loan, because you have no security for it (at least not in the car you buy; of course, you can put your house up or other things).
The reason for the large 'down payment' is that cars immediately lose significant value when they go from 'new' to 'used', instantaneous. Once the car is registered to you and you drive ...
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In many places it's called a down payment. The point is to reduce the lender's risk. If all they've lent you is 850€ and the car is worth 1000€ they are less likely to lose money in a situation where you stop paying. If you stopped paying, they'd repossess the vehicle and deal with selling it back to a dealership which
would take some time/money. ...
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