xxh

Lets just go by an example. A "base" 2009 TSX, with 24,000 miles. How much would I have to pay per month including taxes? I have $9,000 to put down for it at signing if that helps lower the interest rates at all....

Incase "it depends on your credit":

I am 20 years old. I have had a checking account for 2.5 years. Thats the only source of credit that I established. Not much, but atleast I never had bad credit...


What do you think I would have to pay per month including taxes? Thank you so much!

Aruca Xst

A base 2009 TSX with 24,000 miles will probably run you around roughly 23,000. I don't know where you live so lets say your county sales tax is 7 percent. Tax would cost you around 1,600 dollars. Now your auto loan will vary from 4.5 to 5 percent and this only depends on your credit. Now if you plan on getting a CPO vehicle from a Acura dealership, you can apply for their special APR rate of 2.49 percent. After a 9,000 dollar down payment, you are looking at a remaining 15,610. Say you enroll in a 36 month plan, you are looking around 433 dollars before interest. your interest for the first year would be around 800 dollars, second year around 500 and last year around 260 dollars. Interest will run you over 1500 dollars in 3 years with a 9000 dollar down. So your looking at a grand total of 26110. Now I purchased a BRAND NEW base TSX for 28800 out the door( meaning taxes, documents, interest and everyting accounted for). I would shell out a extra 2 thousand dollars for a brand new TSX with no miles. Acura currently offers a .9 percent apr for 24-36 months and a 1.9 percent apr for up to 60 months on the 2010 TSX.

For the credit situation, if you can't qualify for a decent auto loan, propose a joint ownership with your one of your parents or relatives. Their credit score can better your chances on achieving a fair auto loan.

P.S. Your monthly payments will probably be around 450 to 500 dollars a month after a 9000 thousand dollar down. By putting down 9000 dollars, your saving yourself about 2000 dollars in interest. Just a quick calculation, nothing more.

xxh

Thank you so much! Very helpful, great advice. Yeah, I go for a new one!

namssab

xxh, I just recently purchased a cpo 09 TSX and was able to talk the acura dealership down a little by getting a manual. I ended up getting a grigio 6MT w/Tech and 19k miles for $23,500, it was originally listed for 25,000 on their website. My price out the door (NY Taxes) was about $29k, including a 7 year, 100k extended warranty. For 23,500, I made sure I was going to get a TSX w/Tech or I would have bought a new base model as Aruca suggested.

Also, If you are able to get Acura's 3.49 interest rate or lower and can afford higher monthly payments, you might want to save some of that 9,000 instead of using it all for a down payment. Just a suggestion from a long term financial pov. For example, if you get a new base for 30,000 OTD @ 1.9% for 5 years, you would only end up paying about $400-500 extra in interest over 5 years if you put $1000 down instead of $9000. Your monthly payments would be about $500 instead of $370 though.

justnspace

iTrader: (1)

I think you should talk to a local credit union.
determine how much they are willing to loan you, and the APR.

After you figure these out then search for a car.

DerwoodEE

Do you live in Canada or the US?

Because Canada has 3 trim levels (base, premium, tech) while the US only has 2 trim levels (premium & tech). The base model in Canada is a few thousand cheaper than the premium.

Tannis

I got mine OTD (everything) for $28,650 (environmental protection package included. $700 option). I only put $5K down and locked into a 2.9% interest rate. Payments are around $433/m @ 60 months. And yes, go new. The way these cars retain value, especially newer models, it's like getting the value meal for only 39 cents more. Just go new. Your warranty will last longer because it goes into effect when you buy it. Not the remainder of some other warranty. You'll be the first owner which is better for resale as well. And you won't have to wonder about the mysteries of it's previous life. Good luck.

Simba91102

Not a bad idea. If an 09 base TSX will go for around $23K (with 24K miles), well..... wow, that seems like a ton of money for a basically 2 year old car.

Tannis

Goin on three now! Lol!

I mean, its great they keep their value but the sucky part about that is the only people who want to buy your used acura are always in the mindset of trying to get a deal. Hard to buy a used car when new doesn't go for much more. I mean really. It's a no-brainer in the end. After you really look at what your getting. This is what I struggled with when I was looking at getting a 1G TSX or 3G TL. But the warranty was a big issue to me. And I was only seeing a $4-6k difference between new and used. New it is.

kristy7911

I work in the financing dept at a credit union, and even though you haven't had bad credit, having no credit (a checking account is not credit), makes you a risk also. The reason is, though you have not shown that you won't make your payments, you also have not shown that you WILL. I personally agree that if you can't get a loan (or at least a decent one), you may want to check and see if your parents will do it with you. They are more likely to have established credit. Just remember if something happens and you default on the loan, not only do you mess with your own credit, you mess with theirs too. Does this make sense?

bruistopher

hey dude, just today i realized myself i haven't touch my credit at all. my first car was bought out of the wallet and not financing.

by your age since your 23 just like me, you don't have establish credit like me too.

my advice would be to have someone co-sign if your anxious and want this car or i would find something much cheaper around that range for a used car without payments.

the principle of it is that you need establish credit and i recommend you to get a secure credit card where you put down $500 or so and for a year use that card to establish credit history.

that's what i'm about to do and it works and there is no need for credit checks or anything.