i have a friend who is interested in a 05 2.5s

[tmede212]

i have a friend who is interested in a 05 2.5s. The car has 47,812 miles and there asking $11,942. What can My friend do to work it down to have his payments at about 200-220 a month. He has 97 Audi A4 all wheel drive 5spd with 165K miles and owes $3,000 still. Any help or suggestion would be greatly appreciative.

Here is a link of the 05 altima

http://www.autotrader.com/fyc/...false

[EOrdonez3229]

This has nothing to do with the Altima lol . It has to do with expense management.

In order to get him to those payments (figure $20 per $1000 on the loan), he'd have to fall into a five year loan and come to about $250 a month.

Figure he puts nothing down, he'll need a loan for $14,942 (with the $3k carryover from his current loan). If he gets a 5 year loan, those payments will be around $250 a month, with no extended warranty, no GAP Insurance, 0% interest (not likely on a used car, usually the interest rate increases with used vehicles) etc.

Safest thing to do - make sure he's financially sound enough to take on a new loan, and have $$$ to put down. With no $$$ to put down, he may not even be gauranteed a loan approval, unless he has already taken care of this. Sometimes, the smartest thing to do it sit down with someone at the bank he uses, and get a loan through them. He can communicate directly with the bank about interest rates, the length of the loan, and exactly what he can be approved for. Then he can go to the dealership and name the price he can spend, and that's it. PLUS, if he comes into a dealership with a pre-approved loan and cashier check, he can more than likely talk off a few thousand dollars (which he can easily do with the recession anyway, but it's more difficult with pre-owned).

Another options is joining a credit union and getting a loan through them.

Good luck to your friend.