making a down payment.. how much?

Hey all, very shortly here, I will be getting my butt back in the seat of a DC 05+ taco trd O.R. and am just trying to figure out what would be a good down payment? Ive only bought one car (current car) and traded my 93 4x4 pre taco on it, only got 1k for it.... ... i know it is a broad question but what is the average payment you all put down? btw-it is going to be somewhere around 20k if i can talk it down enough. just want to know how much i need to plan to save up


any advice is greatly appreciated. cant wait to get back in to a yota!

 

i put 10k on mine but i just got back from deployment and had the money....i believe 20% of the total price is the usual minimum, i would recommend putting as much as needed to get the monthly payment you can COMFORTABLY afford... but i dont know what your bank account looks like...

 

I put 15 G's down once I got back from my deployment. BALLIN!!! lol. And now my payments are pretty cheap and I got a good interest rate on it too.

 

We bawlin; bitches; eatin ya'll food n leavin dishes....

 

You know it. Who else out there is gonna represent with us. LOL

 

lol gotta love that desert money!!

 

^^Hostility?

 

I did $4k, I was upside down in my car and didn't want to start the Taco out in the red

 

thanks all. looks like i still got some more saving up to do!

 

your credit score can have a great impact on your down payment and monthly payment too. if you havent, i would get your credit score and see where you sit, toyota is giving some pretty good interest rates right now....my credit score is about 734 and they gave me 3.89% interest.

 

sweet! ok... im such a noob at this... do i call my bank up and get my credit score that way? All my banking/loans are through one company.

 

you know im not sure...i go through a military bank that offers credit monitoring, i dont know if regular banks will do that. wont hurt to ask them but if not theres websites. freecreditreport.com ... some of those, just make sure its a legit website cause it will require your social security number, addresses and a lot of other info....

 

ok cool thank you

 

Wow, wow, wow. Am I sensing a little jealously here. LOl

 

^^^my jealousy senses are tingling....

 

Same here. lol

 

You can request a free credit report from the major companies, Equifax, Transunion, and Experian, once a year (maybe 6 months I am not sure) but it takes a while. Or you can get a credit report of all three through creditreport.com or others that are not free. They might say they are but there is always a monthly subscription added (make sure you read the fine print).

You can always just walk into a dealer and fill out a credit application, it is a long running myth that running your credit lowers your score... it doesn't.

I put down 10k on my new 2010 Double cab, plus a 500 dollar military rebate for a total of $10500. The only reason I did that is because I had it laying around after being in the hospital for the better part of last year collecting full Active duty pay + BAH, and not having anywhere to spend it on. (No dependents, and after I was injured I moved in with my parents who lived 20 minutes from my Station ) Basically you just want to put down enough to make the monthly payments comfortable and not be upside down ever.

Not everyone can get an awesome APR. and if you can't then I would suggest you wait a little longer save up more money and in turn keep it and not pay it to the bank. If you can get a good APR (At or below 6.5%) then just put down enough to make you feel good about the purchase. A new vehicle right now isn't worth the panic attacks the day after, when you realize you can't afford it.

Bottom line, homework.. know what your limits are if you are financing, not knowing and walking into a high pressure sales situation in which you really want it too usually gets your screwed in the end.

 

you know what tacomakid...im gonna give some cool points lol.(rep)

 

You know what BEEFY_CHEESY_TACO, I think im gonna send some your way too. Oh and by the way your name makes me think of the 5 layer beefy cheesy burrito from taco bell and it sounds so good right now. lol

 

There are many variables.
If your credit score is good enough, and the truck you are looking at "books out" good (its a yota truck, it will) you may be able to do 100% financing. NOt the best idea, but you can do it. Usually you want to at least cover your tax and fees.

what I mean when I say "book out" depending on the bank (a good dealer will have a few to work with if Toyota does not have any special rates), they will usually look at the vehicles black book value or NADA guide to determine how much they will allow you to finance.
Example
Black book is $22k on a vehicle
dealer is trying to sell for $23k
bank will sometimes finance more than 100% of the value(this is where your credit comes into play). As I said, not a GREAT idea, but you can if your hot to get in the truck.
I sell cars, let me know if you have any questions regarding this stuff.

Hope it makes sense, im a bit tired!


also as LAWP said, dont rush into a deal. You need to make sure you are comfortable with the deal. DO NOT ever let the salesman "close" you on a payment. Its a great way to get a crappy deal. Know what all the numbers of the deal are and that will determine the payment. There are some good sales people out there that will actually help you and do the right thing, find one...