Originally Posted by Mounty50
Hey all, new here since I'm looking to buy a Focus in the very near future, perhaps within the week.
The previous post was helpful for me as I am a first time buyer, no real credit history, senior in college
So far i was approved for a $24k loan at chevy for a Cruze LT/RS but i just couldnt find myself signing because i felt it was a little overpriced when compared to the focus, but i digress
The exact car I want is located up the street from me at Jones Ford, North Charleston, SC it'll pop up if you google it.
With the sticker price being $24,490....How much bargaining room do I have to get that price down so that my monthly payment is as close to $350 as possible. My truck really isn't much of a trade in since it is a '97 with 178XXX miles. I can have $1500 for a down payment by June 1, and they have said that is fine since they can hold a check for up to 30 days.
I have been working with another dealership in a different city to see what kind of deal I am able to get and basically to see if I could even get financed at all.
The dealership has told me he can get me 380/month with 2,000 down and my trade in on the sedan version of the titanium but he said he would get me the hatch since that is what i want
So basically, can I get close to 350/month with 1500 down and available rebates if i trade my truck in and somehow able to beat down the price OR should I wait and save up a larger down payment in order to reduce the principal amount financed, like $3k or $4k for a downpayment??
Thanks for reading!!
If you can give me a little more information it will help out. When discussing payments are you looking at 60 months/72 months, which interest rate have they quoted you, etc?
Figure for every $1,000 financed you're looking between $18-$25/mo depending on your interest rate. ($16.67 for every $1,000 financed at 0% for 60 mo).
Now it looks like there are $1,250 in rebates and $500 if you qualify for college bringing you to $1,750.
Lets say you pay 23,200 for the Focus less the $1,750 bringing you to $21,450 before taxes, fees.
Lets suppose your taxes are 7.7% with $1,000 out of your pocket you're at $375/mo for 72 months.
This is based on $22,300 amt financed, it will vary with your information but hope that helps.
invoice is $23,132 on this ride btw.