getting a car loan

[mary1]

I want to buy a car and I'm thinking of applying for a car loan. How should i go about this? Do I need to have a stable job? Is having a down payment enough to get a car loan?

[Steven]

First, ask yourself do you really need a car? If the answer is yes, then ask yourself, what kind of a car can you afford?

I always buy my cars paying cash, and it works out way cheaper than financing or leasing. Of course I buy second-hand cars, but if you buy a reliable brand like Toyota for example, this is a relatively safe bet.

Most people finance their cars nowadays, because they would never be able to afford the vehicle they finance if they have to buy it using their savings. This simply means that most people spend way too much on their cars and OVERSPENDING = FINANCIAL TROUBLE.

[trent]

You'll be better off buying a decent used car. A car is a rapidly depreciating asset, and in the case of financing/leasing it's simply a liability. On the other hand with car sales sagging in Canada and North America in general, you might be able to find a great deal on a new car.

[Canadian]

What car are you planning to buy? Are you going to finance it or lease it?

[sunshine]

I'm thinking of buying a new car as well. My old one won't last this winter and there are bargains right now. I will finance my new car, I have some money for down payment. I was thinking Toyota Corolla or Honda Civic. what do you say?

[trent]

I'm thinking of buying a new car as well. My old one won't last this winter and there are bargains right now. I will finance my new car, I have some money for down payment. I was thinking Toyota Corolla or Honda Civic. what do you say?

I would go for the Honda of the 2, but if you want to save money you will be better off with the Toyota. Whatever you do, do not buy American car, as it looks like the Big 3 are headed for bankruptcy.