There’s an $8,000 2015 toyota prius available with 125k miles. It’s wholesale is $5,740 on carfax so I’ll be trying to negotiate the price, hopefully at least $1k less. I have 2 ideas on how to purchase but I’m unsure as what could actually come of it. I’m 21 and it would be my first car.
I have $6,000 max right now for down payment or early payment. I was wondering what it would be like if i got an $8,000 auto loan, $1,000 down payment, lasting 48 months maybe $150 monthly depending on the interest rate. Then putting down next month a $4-5,000 early payment on the principle. My goal is to try to pay it off early in 1-2 years.
The absolute least I can make with my job in a month is $1,200, (about $600 bi weekly) or most, $2,000 a month. My job is unreliable in terms of hours worked each week so it’s hard to say what I’ll have each month. I’m guesstimating my other monthly payments, (insurance, gas, rent, loan monthly) to be $1,000 each month. Then whatever extra i make i would keep adding to the principle or paying ahead to try to pay it off early in 1-2 years.
Is this realistic? or should I try a personal loan of $2,000 and keep it less complicated? I’m planning on talking to my credit unions loan consultant too, just a bit nervous.
