DerfMik

I've been trying to figure whether to save up all the money to buy a s2k, get a loan from bank or other company. Or to save up some money and finance it at a dealership. What do you guys think is the best way to go about buying one with minimum headache. Thanks in advance

jhonnyboy

Don't rush into buying an s2000 wait patiently for a good looking one with low miles. I would save up some money until you find the s2000 you want to buy and then at that point finance it if you have to. Remember you will probably get a high interest rate (financers see an old and used car thus the increase in interest rate). Good luck! I was in your shoes for months

ungucpho

depends on the rate, & shop around from Credit Providers. I received a loan from Penfed.org for 1.74% for a used car. it would be silly for me to pay cash when i can borrow at such a low rate

Vyndictive

You're in a much stronger negotiating position with cash.

And financing a used car from a private seller can be a headache and some credit unions and banks... I've heard of some that won't do it, or make it a real hassle to do it.

My vote is save up. It'll make you appreciate it that much more, plus you only have 1 car payment!

gregor_konstantin

if you can, safe the money a head of time as it will give you more negotiating power. it definitely makes the sale much easier and again, gives you more control of the transaction. with a loan your fist stop should be a credit union, although car dealerships offer very attractive financing options sometimes, financing for a used car will be a ripoff, plus they overcharge on the sale price to begin with.

bottom line - safe your cash!

Mr.60trim

Too many variables here. No definitive way to answer this question without actually looking at your finances. Only you know what's best for you financially. For some, a loan maybe a wise decision (building credit). For others, a loan is the worst thing they could possibly take on right now. Are you working (full-time /part-time) Do you have a (career/ job)? Job market is very unpredictable. Do you have the cash to back you up if something unexpected happens? How's your credit history? All of these things play a role in your decision making.

Good luck

leedy5s2k

I am with this guy. I agree 100% with him!

Antdogg1110

You guys are incorrect about the leverage you think you get when paying cash. Its actually the opposite . When you finance a car the dealership is going to make more money from you financing then paying cash. How do i know ? Im a sales rep. @ Honda, and its slow , so im on S2ki !!

Moddiction

If you have good credit and can get a really low interest rate I'd just finance one. I'd rather finance at a low rate then pay cash.

I just bought a daily driver few months ago. Got it for 15k. I was going to pay cash for it but with an interest rate of 2.5% on it I just put 5k down and financed the rest.
I make much more money off 10k then I would lose paying the interest over a few years.
Plus it also helps your credit out by paying a car loan off over a few years.

ATLzach

Work. Save money. Nothing wrong with financing a car in my opinion, but you want to be able to put as much down on it as possible. Also wait for your favorite color, low mileage, etc. - don't rush into it.

Enjoy it when you get it!