Well... I am moving from a city (where I took public transportation) to a suburban area. So, for the first time, I will need to buy a car to drive around. I have never purchased a car before, and I'm not entirely sure how the car buying process goes. I saw a car for 20K and I don't want to pay 20K for it yet. I want to put 15K down and pay off the rest in monthly payments.
Do I HAVE to get a car loan to make the monthly payments?
Can I just make the monthly payments directly to the car dealership to pay off the remaining balance?
Most Helpful Girl
You cannot pay the dealership directly unless you do the full 20k + taxes, etc.1
Most Helpful Guy
With that much down they SHOULD be able to find you a lender for like a 2-3 year loan. Banks don't really make that much of interest for car loans in the big picture. Go to www.bankrate.com and play with the calculator and interest rates to see what you're payment will be. Itll be pretty damn low.