: Down Payment for an Escalade?



mikeygaga2006
01-01-07, 12:59 PM
I plan on purchasing an 08 Escalade this summer and was wondering what would be a good down payment? I plan on doing a 7-year finance, would 25 or 30 k down be good? I dont want my monthly payments to be too high.

253caddy
01-01-07, 04:04 PM
As far as 7 year financing that can work out to a lower payment BUT alot more in total cost. With say 25K down and say you buy the lade for 61000 out the door I would say your payment will still be from 500-650 monthly with a 650 or higher credit score.

What I would do is keep the 25K in the bank and lease the lade for there special price they put on that month most of the time it is 550-599 monthly. Just a thought though!

mikeygaga2006
01-01-07, 06:59 PM
Well, I Know that I dont want to lease, I want to buy it but I know I wont be keeping it for 7 years, I will probaly on keep it for like 4 years and than sell it, I only want to do a 7 year finance for the low monthly payments, so what should I do in my situation? I know that I wont be able to put a bigger down payment than 30k.

253caddy
01-01-07, 07:05 PM
the best way to figure it out is check edmunds.com it will show you the breakdown after tax and everything I would think you are still going to be around 600 monthly and if you do sell in 4 yrs you have the possiblity of neg equity!

This all really depends on your credit scores as well. If you have a hi score say over 740 then this all would change alot!

Boombotz
01-01-07, 07:06 PM
I don't know if I would put that much down and take a 7 year loan. Hold onto the money and use it towards the payment and take a shorter loan. You will whined up paying less for the truck in the long run.

mikeygaga2006
01-01-07, 07:13 PM
So how much would be a good amount to put down then?

caddycruiser
01-02-07, 11:54 AM
So how much would be a good amount to put down then?

Not to call out the obvious here, but look around for a general purchase price of an Escalade like you'd want, then take that figure and just play around with it in on of the millions of payment calculators on the net--also plugging in different down payment and interest rate amounts.

If you're going to have that much of a down payment, a 7 year loan for any vehicle is ludicrous and will just be a lot more interest paying than even a typical 5 year, so consider that too. And like you said, you'll likely want something new before it's paid off anyway, so the longer the loan, the more you'll have left to pay at that point and then less value to work with on your next car.

But, like I said, just find an online payment calculator and play around with it--no one here can tell you what $$ will work except for you and your own bank account. Try this for a start:

http://www.gmacfintools.com/fintools/pe/SelectVehicle.do?websiteid=USBP&cntrycd=US&langcd=EN&make_desc=chevrolet&year=2007&brand=divisional