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Should I finance all or some of a new car?
"Is it better to pay cash for a used car? I am planning on buying a used car and have negotiated a price. At $30k I can pay for most of the car out of pocket."
Johnny Puckett · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
If you can pay cash, you should pay cash unless it will eat up all of your savings.
A good rule of thumb when it comes to financing a car is to pay at least 20% for a
down payment
on the car. From there, you should be paying as much extra every month as you possibly can. This will ensure you are never
upside down
on the car and you will likely make money on it when you go to sell it.View full answer
- Gregory R.
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