Do I have to take out a loan to Finance a car or are there other options for paying the left over cost?

Hello,





I have several questions about purchasing my first vehicle. I have been eyeing a gently used 07 Ford Fusion that is around $16,000. I plan on making a down payment of $5,000. And I have a steady job. I was wondering, do I have to take out a loan to finance a car? Is this the only way that I can pay for the remaining amount of the car after my down payment? I will be buying from a dealership, not a private lot. Also, I'm a junior in college and I have student loans. Please help me because I seriously need a car and I'm planning on purchasing in August. I will have to travel 8 hours from home and school. twice a year so it's important for me to get a reliable car. Please help me understand what will happen as far as financing is concerned, because i have the down payment. I just need to know what are the options for paying the remaining amount of the car after the down payment.





Thanks

Do I have to take out a loan to Finance a car or are there other options for paying the left over cost?
yes you will need to finance the balance of around $11,000.00


you can use the dealership for financing-they use several banks depending on your credit score. also you can check with any credit unions for financing if your a member or join one. will have to have full coverage if you are borrowing money, of course you will want full coverage. also make sure since you are traveling and going to put miles on car. stay away from lease unless you plan on buying out lease. they will charge for over mileage..most leases are allowed 10,12,15 thousand miles per year. on financing 11,000.00 plus tax at 5 years should be around $220.00 to $235.00 per month. hope this helps. good luck.
Reply:The only way I know is to finance the 11K left over. Doubt the dealership will just let you pay them monthly as they have paid for the car and need their money back,
Reply:Do you have a checking account? Go to the bank or credit union where that account is, and ask about vehicle loans. If they can't, they can give you advice pointing you in the right direction. Alternately, do you have a relative that might be willing to help with a low or no interest loan? To take delivery of the vehicle you will have to have either cash, financing in place, or you are at the mercy of the dealer finding financing for you, which may have high interest rates.
Reply:on $11,000 you will need a loan if you go to a dealership. unless you come up with the rest of the money.
Reply:Financing would be your only option. If you're worried about another loan to pay back, find a cheaper car with a smaller payment, or even one you could buy with the $5,000. You could find a nice car around three or four years old for that amount.