What's the lowest car payment possible? - Kia Forte Forum : Sedan / Koup / Forte5 Forums
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#1 Old 05-09-2011, 01:51 PM
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Default What's the lowest car payment possible?

If you have bad credit or no credit at all lol?
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#2 Old 05-09-2011, 02:02 PM
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That's kind of a broad question. There are many factors that go into a payment. Not ONLY credit rating but just a few things like:

Payment Terms (12,24,36,48,60 and sometimes even 72 months)
Down Payment
Trade In
Dealer Cost on the car
Dealer Installed Options.

You really have to KNOW what you're looking at, at least a general idea of what your interest rate is going to be (even a 5% range can change your payment drastically). Once you know that, you can tweak everything to try and get a payment you're comfortable with.

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#3 Old 05-09-2011, 02:26 PM
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If you have no credit then don't expect anything under $350/month. It's possible that you are going to end up much closer to $400 though.



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#4 Old 05-09-2011, 03:39 PM
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The lowest car payment possible? Well obviously that would be $0.

Your best bet is visit the dealer and see what they work up. We aren't the ones financing the loan.
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#5 Old 05-09-2011, 03:56 PM
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Scion has a decent calculator with some basic explanation of the credit score groupings on the little question mark next to the credit score drop down(if you don't know your actual score...which you should)
Estimate Payments

An 'extremely poor/no credit' selection yields a 22.4% interest rate and on a $18,995 60 month loan with no trade/down payment it would be $520/month.

As a general rule of thumb, you should seek pre-approval for a car loan first...then car shop so that you know what you can afford.
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#6 Old 05-09-2011, 03:58 PM
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Go talk to a dealer. I had 9k+ negative equity in my trade in. They eventually paid it off and i got into a brand new koup with 0/down for $330/month. My credit is very very good however.
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#7 Old 05-09-2011, 04:01 PM
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No no no. Talk to a credit union. Dealers make a killing off you in financing.
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#8 Old 05-09-2011, 04:04 PM
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As mentioned, things like the price of the car, amount put down, length financed come into play. For example... financing $16,000 for 36 months is going to be "slightly" diffeent then financing $8,000 for 72 months (ya, think). So your question is simply way to vague to offer any answer that would be of any use.

Really want to know... ask a bank. Some will require the price of the vehicle to let you know. Better yet, talk to a dealer based on a car they have on their lot. Just don't sign an agreement to the loan before you know.

Also, if you don't currently own a vehicle you may also want to find out what insurance will cost if you might be tight on money.
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#9 Old 05-09-2011, 04:17 PM
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Ya, as you have read financing can be complicated. I got 3500 trade in after they paid off 8K still owing. So that was an addition of 5K ontop. Then I wanted an EX and signed the papers for it then they sold it on me, so I bitched and they gave me an SX for the same price, threw in 5 Years oil changes, extend warranty + 3 yrs depreciation insurance should it get written off and 1extended warranty to
10yrs/120 K and doing it for 72 mo 185 tax in- bi/weekly.

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#10 Old 05-09-2011, 04:27 PM
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Quote:
Originally Posted by Brother SX View Post
Ya, as you have read financing can be complicated. I got 3500 trade in after they paid off 8K still owing. So that was an addition of 5K ontop. Then I wanted an EX and signed the papers for it then they sold it on me, so I bitched and they gave me an SX for the same price, threw in 5 Years oil changes, extend warranty + 3 yrs depreciation insurance should it get written off and 1extended warranty to
10yrs/120 K and doing it for 72 mo 185 tax in- bi/weekly.

Why can't stuff like that happen to me???? You made a killing off of a simple mistake.

Anyway everyone has good advice on this. You have to go look and see what can be done. I know, it sucks if you know you have no credit and think there is a good chance you will be turned away but you have to remember how many people get declined on any given day. I thought I would be one of those people but we ended up working a deal and my dealership called quite a few lenders before we found one willing to take a chance on me. I pay $400.00 a month and as much as it hurts the wallet, I have a decent new car w/ what appears to be a great warranty (we'll see on that if I need it). My hope is that within the next couple years it will improve my credit enough that I can get into something better.


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#11 Old 05-09-2011, 06:00 PM
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Default lowest car payment*

cash lol
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#12 Old 05-09-2011, 07:30 PM
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I traded my 94 Vette in on a 2010 LX (A/C, Sat, BT, CC, auto, 18K miles). They wanted $15500. My credit is not good, (a 560.) The dealership gave me $5500 for my trade, and got me financing at 18% over 61mos. OUCH! My payments are $280/mo (so my $15,500 car is now $22,580). Now if you're smart, you DON'T pay it out. Make all of your payments on time, and keep it a year, 2 max. (get rid of it b4 factory warranty runs out. 60K mi if its used, 100K mi if you're the 1st owner). I already have positive equity in it, so I can sell it at any time and still have a few grand in my pocket. Run it up to 50K or so miles, and sell it, or trade it in on a Koupe. (this is what I'm doing). This way your credit gets a nice bump up, which will get you a lower interest rate next go around. Plus when you go to sell it, you get to add that it has an existing factory warranty. You will get more $$ out if it this way. My dealership also gave me a free 3/36K routine service package. (fluid exchanges, filters, tire rotation & balancing) I tried to get a Koupe, they told me I could only get the LX. Still a nice car, and way more options than my 94 Vette.

2010 Forte Koup EX 17K miles - My DD
2010 Forte LX Sedan 22K miles - Traded for the EX Koup
1994 Corvette 147K miles - Traded for the Forte Sedan

Last edited by FORTE=CIVIC_KILLER; 05-09-2011 at 07:57 PM.
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#13 Old 05-09-2011, 07:47 PM
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Quote:
Originally Posted by FORTE=CIVIC_KILLER View Post
I tried to get a Koupe, they told me I could only get the SX.
Some good advice you have there. Confused about this quote though, you could only get an SX? Can't really upgrade beyond that unless you're trying to get the luxury package in a 2011. Did you mean they only could give you an EX?
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#14 Old 05-09-2011, 08:04 PM
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Quote:
Originally Posted by SubtleStyle View Post
Some good advice you have there. Confused about this quote though, you could only get an SX? Can't really upgrade beyond that unless you're trying to get the luxury package in a 2011. Did you mean they only could give you an EX?
Thanks for pointing that out. I edited my post to say LX. I would love the SX, or EX. The dealership only had one used Forte. They said used Fortes fly off the lot, usually the same day. The one I bought was not on the lot when I pulled up. It was traded in while I was shopping. They tried putting me in a Suzuki Forenza, I hated that car! I can't really complain about the LX though. Of all the other cars I looked at, most with higher mileage, and very few had as many options as the LX does, and I just couldn't beat the price tag. The dealer told me come back in 6 mos to a year and trade it for a Koupe. I'll probably keep it a year or 2 so I can build my credit more. At that point I want a 2011 Koupe. I really want a new one, but they depreciate so quickly it just makes more since to get a slightly used. Plus I would never own any car 10 years, or 100K miles.

2010 Forte Koup EX 17K miles - My DD
2010 Forte LX Sedan 22K miles - Traded for the EX Koup
1994 Corvette 147K miles - Traded for the Forte Sedan

Last edited by FORTE=CIVIC_KILLER; 05-09-2011 at 08:08 PM.
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#15 Old 05-09-2011, 09:58 PM
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Quote:
Originally Posted by FORTE=CIVIC_KILLER View Post
I traded my 94 Vette in on a 2010 LX (A/C, Sat, BT, CC, auto, 18K miles). They wanted $15500. My credit is not good, (a 560.) The dealership gave me $5500 for my trade, and got me financing at 18% over 61mos. OUCH! My payments are $280/mo (so my $15,500 car is now $22,580). Now if you're smart, you DON'T pay it out. Make all of your payments on time, and keep it a year, 2 max. (get rid of it b4 factory warranty runs out. 60K mi if its used, 100K mi if you're the 1st owner). I already have positive equity in it, so I can sell it at any time and still have a few grand in my pocket. Run it up to 50K or so miles, and sell it, or trade it in on a Koupe. (this is what I'm doing). This way your credit gets a nice bump up, which will get you a lower interest rate next go around. Plus when you go to sell it, you get to add that it has an existing factory warranty. You will get more $$ out if it this way. My dealership also gave me a free 3/36K routine service package. (fluid exchanges, filters, tire rotation & balancing) I tried to get a Koupe, they told me I could only get the LX. Still a nice car, and way more options than my 94 Vette.
Just wondering where you came up with that info on trading it in after a certain period? Not questioning you...Just wondering if you get a better value by doing this...I would like to trade up in a few years...Maybe to a Hyundai Genesis or even a Optima.....So I want to know when the right time would be to do that...My credit was horrible back in October '10 when I bought my Ex...I went to dealership this March to see if I could trade up to the SX but they said they didn't notice a change in credit yet and I haven't missed a payment and we (fiance and I) finance 2 Forte's, not just 1!! Both of us are on the loan so both should be reporting on my name.


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