How could I get the down payment to finance my car?
I'm sure this has been asked before!
Some background info:
- I'm 19, will be 20 late next year.
- Newly enlisted member of the US Army.
- Currently have a pretty stable job, making $800; $650 after deductions every two weeks.
- Also get paid from the Army ~ currently only $150/month after deductions.
- Graduated high school in June; start college in August of 2018, and go to training for 4 months in Jan.
I'm planning on getting my first car within a year. I'm currently working and living rent free. I go to BCT & ACT in January, and I'll be gone for a total of about 17 weeks. I'm looking at a nice tax refund, and seeing as tax season is right around the corner I hope to save that and use that as the base for the down payment on my car. Making $650 every two weeks, or $1450/month (my job + Army pay), I feel like I'm capable of buying a car. I begin college in August of 2018 with no debt/loans, no dependents, and will be getting paid from the Army. I want to put down at least $4,000 on a new car going through USAA, but I currently don't have that money. I've been helping out family and taking care of things I need done before training. When I come back from training, I'll make more than $150 from the army, and I'll be able to work at my current job again though I may look for a higher paying one. I'll have my tax refund which I can use, and some savings (not much, really). I'm not so much concerned about the payments on the car going forward, just the down payment. Help?!
- MichaelLv 73 years agoFavorite Answer
You go without a car while continuing to work, setting aside money every month until you have your down payment.
Also, for your own good, PLEASE do concern yourself with the payments going forward. It's pretty common on this board to read questions from people who bought a fancy car when they were 19 who a few years later are regretting the fact that they stretched an auto loan out 6 or 7 years and now own a car that is worth half of what the balance on their loan is. You don't want to be one of them.
- troLv 73 years ago
you don't need a car if you are going in the Army, you may be assigned a place where no cars are needed and you would only have an unpaid car to maintain the payments,storing it somewhere or sell it, perhaps losing money
save your money in the Army and when the time is right you will have the money you need for a down payment, maybe the whole price
- JudyLv 73 years ago
You wait to get the car until you have saved enough money for the down payment.
- tiescoreLv 63 years ago
Make a list of things you spend money on that you don't need to. Open an online savings account. Note every time you would normally spend money on your waster (like starbucks coffee or eating out). Credit the savings account about what you would have wasted.... This is how I started building up money to buy into my stock portfolio.
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- Anonymous3 years ago
You save your money and buy a cheap used car when you can afford to pay for it in full.
If you're finding it hard to come up with 4k, you can't afford a 20k or 30k car. Period.
"I'm not so much concerned about the payments on the car going forward" You're incredibly foolish.
- GrillparzerLv 73 years ago
Save your money. Don't borrow money for a down payment to go in to debt with a car loan.