C7 down payment
Team Owner
Joined: Aug 2007
Posts: 136,140
Likes: 2,432
From: I live my life by 2 rules. 1) Never share everything you know. 2)
St. Jude Donor '11-'12-'13, '16-'17-'18
That totally depends on both the lender (although most will do 100% financing on a new car) and your own (credit & income) circumstance
Pro
Joined: Jan 2013
Posts: 639
Likes: 17
From: DFW TX
Depends on the lender and your credit. There is no 1 answer.
1 example:
The credit union I will be using will finance 90% of the MSRP. So if you get a $5k discount on a $55,000 car you can finance 100% of it.
1 example:
The credit union I will be using will finance 90% of the MSRP. So if you get a $5k discount on a $55,000 car you can finance 100% of it.
Le Mans Master
Joined: Jul 2009
Posts: 9,526
Likes: 12
From: Los Angeles California
I put down $12.5K. I was expecting to put down $20K, but the car came in way earlier than I'd expected and had some things to take care of before hand.
Seems that 10% is the absolute minimum that most banks will take unless you have stellar credit and you've had big loans before.
Seems that 10% is the absolute minimum that most banks will take unless you have stellar credit and you've had big loans before.
Drifting
Joined: Sep 2012
Posts: 1,665
Likes: 789
From: Hernando MS
When I buy new I've always wanted to put a minimum of 25% down. I can't stand the thought of financing the off the lot depreciation amount, and paying interest on my taxes.. just a psychological thing for me 
Team Owner
Joined: Aug 2007
Posts: 136,140
Likes: 2,432
From: I live my life by 2 rules. 1) Never share everything you know. 2)
St. Jude Donor '11-'12-'13, '16-'17-'18
I'm putting $25K down on mine (well actually, 26 with my deposit).
Helps keep the monthly down
Helps keep the monthly down
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Melting Slicks
Joined: May 2007
Posts: 3,269
Likes: 25
From: Simi Valley Ca
Since I just sold my C6 Z06, I will be using the equity from that and a little bit more if need be. I will be putting a minimum of $20K down and up to $30K if I sell my Yukon XL before my C7 arrives. I want my payments as low as possible, thus my large down payment.
Race Director
Joined: Mar 2002
Posts: 14,611
Likes: 3
From: Retired Suffolk County Police Dept NY South Carolina
I put down $500 to place an order. I would like to lease the car if there are good lease deals available.
I called the credit union and they are willing to loan 100% of the list price. If anyone paid over list they would be out of luck.
My car lists for over $70,000 and I am paying $2,200 under list. If I can't get a good lease deal I will either pay cash or put down at least $35,000
I called the credit union and they are willing to loan 100% of the list price. If anyone paid over list they would be out of luck.
My car lists for over $70,000 and I am paying $2,200 under list. If I can't get a good lease deal I will either pay cash or put down at least $35,000
Drifting
Joined: Sep 2000
Posts: 1,888
Likes: 230
From: Livingston County, Michigan
With my previous two Z06s ('03 and '09), I tried to put down as little as possible, because I was fairly confident that I could earn more on investing the money than the interest I was incurring. That strategy does require discipline that the money you were going to put down gets properly invested.
Given that the stock market is at historically high levels, I'm not sure that I will do the same on a C7. But I won't be in the market for a C7 for another six to nine months. We'll see how what the sentiment is, regarding investment, at that time.
Given that the stock market is at historically high levels, I'm not sure that I will do the same on a C7. But I won't be in the market for a C7 for another six to nine months. We'll see how what the sentiment is, regarding investment, at that time.
Instructor
Joined: May 2010
Posts: 223
Likes: 5
From: New Palestine IN
Absolutely!!!
Although I paid cash for my C7, when I was in my 30's had a rule that I would always put enough down (usually around 25-30%) so I would always be right side up. In the corporate world ANYTHING can happen.
Have bought 5 new corvettes, several M3's and M5's, 911, several muscle cars, and a C1 and C2 corvette over the years.
Never lost sleep over any of the purchases,,,,,,,,,,,,
Although I paid cash for my C7, when I was in my 30's had a rule that I would always put enough down (usually around 25-30%) so I would always be right side up. In the corporate world ANYTHING can happen.
Have bought 5 new corvettes, several M3's and M5's, 911, several muscle cars, and a C1 and C2 corvette over the years.
Never lost sleep over any of the purchases,,,,,,,,,,,,
