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Discussion Starter · #1 ·
May I ask approx what everyone has put down on their Limited Gas Hyundai’s to make the payment affordable? I know it had a lot to do with credit, what kind of loan, how many months, etc…. Just curious. Mine comes in July and I’m saving more for a down but want a goal and I have no idea. I don’t want them to run things yet because it would be a hard inquiry and with it coming in July they would need to do another one, which brings your score down. I’ve been building my score and credit for the last year and I don’t want to mess it up. Any info would be helpful. Thank you!
 

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2022 Tucson Hybrid Limited USA Market, Amazon Grey/Black With full OEM compact Spare
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May I ask approx what everyone has put down on their Limited Gas Hyundai’s to make the payment affordable? I know it had a lot to do with credit, what kind of loan, how many months, etc…. Just curious. Mine comes in July and I’m saving more for a down but want a goal and I have no idea. I don’t want them to run things yet because it would be a hard inquiry and with it coming in July they would need to do another one, which brings your score down. I’ve been building my score and credit for the last year and I don’t want to mess it up. Any info would be helpful. Thank you!
That's not a question anyone could help with a answer.

Affordable to you?

Making a payment affordable doesn't really make sense on a purchase when asking how much money put down.

So taking assumptions on a purchase, not a lease.

Assuming paying taxes into final cost.

Assuming you don't have cash to purchase full total.

Assuming you will secure a loan from a financial institution that charges fees and interest.

The list goes on.

Assuming total cost is 42k with added tax and delivery fee.

What is affordable?
It's still 42K
If payments are 500/mo and down payment is 20k
Or 700/mo down payment 10k

How long loan term and interest rate plays a huge part, longer loans typically have higher rate.
Are you really saving money then?

Looking for a specific monthly payment amount to be at, doesn't make the car any more or less affordable.

Getting to a monthly dollar number and term length you want can be costly.

Remember this, if you add the money amount needed to reduce your monthly payments as a down payment, that money is lost if your car gets totaled. Same as if you pay taxes up front.
 

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There are lots of online calculators where you can fiddle with purchase price (including taxes & fees), down payment, interest rate, term and monthly payment. Here is one:


There are also good articles about car financing on Nerdwallet, BankRate, etc.


Avoid financing for over 60 months. With a longer term you can end up "underwater", owing more than the car is worth if it is totaled in an accident.

The best sources for auto financing are usually the manufacturer (Hyundai Finance) or a local credit union. In some months Hyundai Finance runs 0%/48 month promotional financing. The dealer gets a (small) commission on loans from Hyundai Finance, so they are somewhat incented to help you get the loan. Look at the "Offers" page on the HyundaiUSA web site. (Offers sometimes don't update until the second or third day of a month.)
 

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Discussion Starter · #4 ·
There are lots of online calculators where you can fiddle with purchase price (including taxes & fees), down payment, interest rate, term and monthly payment. Here is one:


There are also good articles about car financing on Nerdwallet, BankRate, etc.


Avoid financing for over 60 months. With a longer term you can end up "underwater", owing more than the car is worth if it is totaled in an accident.

The best sources for auto financing are usually the manufacturer (Hyundai Finance) or a local credit union. In some months Hyundai Finance runs 0%/48 month promotional financing. The dealer gets a (small) commission on loans from Hyundai Finance, so they are somewhat incented to help you get the loan. Look at the "Offers" page on the HyundaiUSA web site. (Offers sometimes don't update until the second or third day of a month.)
Thank you for your response Captain. I truly appreciate the tools that you gave me instead of talking down to me. I hope you have a great day!!!!
 
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