Hey there scotty , so im saving up to buy a this car, its a 2017 honda civic lx, it has 32,551 miles on it, auntomatic, vin number is 2HGFC2F54HH525989. I looked on your video about the best honda to buy and i know it was a civic im not to sure if you mentioned the model make of it but I was researching on kelly blue book about what this car goes for in price range and looking at any accident reports and stuff like that to learn about the car.I learned that hondas can be reliable cars because we have a 2002 honda accord that has been with us for 12-13 years, I might trade it one day maybe but im scared it might not be worth that much which i can understand. Is there a certain amount I need to put down for the used 2017 honda civic im looking at ? Hope to hear back thanks ! You’re videos are so helpful !
"Is there a certain amount I need to put down for the used 2017 honda civic im looking at ?"
The down payment is an amount determined prior to or during financial negotiations. The amount can be stated by the buyer (as in, it's all they can afford), or by the financial person saying something like "we need this much down payment".
Generally speaking, depending upon your credit rating and financial situation, required down payments can range from 0% to 33% (or more) of the vehicle purchase price.
In my opinion, and before you determine what vehicle or what price, you would be in a better position if you talked with an agent from your bank or credit union, and requested a loan pre-approval.
In that process, your individual financial status is evaluated, and the amount of disposable income is determined. That amount will be the major factor in the maximum amount you can afford to spend on a vehicle, and how much down payment you would need. In addition, your credit rating and a determination of best loan term (how many months) can be determined. They can also determine the current market value of the vehicle you consider.
If you have an account at the bank or credit union, the pre-approval process is usually free. The approval would not be vehicle specific, and could be used purchase at any dealer or from any private party up to the limit of the approval.
By the way, did you know that a dealers finance office is commonly called the "money pit". That's where they take all your money and ask for more. And they don't care if you can afford anything, they don't care if you get repossessed, they don't care if you go bankrupt. All they want is every penny you have.
Get a pre-approval, OK. Protect yourself !
And get your own, honest, professional mechanic to check-out that Civic.
The low mileage is good, but shake your head and offer $12,000.
Also, be very careful with getting a loan. A coworker bought a used 2018 Ford Escape recently, and the 60 month loan payment is almost the same as buying a brand new one.
For example, a brand new Civic LX can be got for: Zero down, $330-350 a month, for 60 months.
Do not buy any extended warranty, or anything they try to add on in the loan office (it's all a rip-off).
