Typical down payment and monthly payments on a used truck?
My fiance doesn’t have sufficient credit to be approved for financing at a dealership. He doesn’t have anyone to cosign with him either. He doesn’t have BAD credit, but he doesn’t have much of a credit history…which is apparently worse. He’s 22 and brings home about $3200 a month at the job he’s had for about a year.
Since dealerships will reject him, we’re unfortunately probably going to have to go to one of those buy here pay here places. I know it won’t affect his credit like we’d like it to and we’ll end up paying more for the car than it’s worth in the end, but we’re out of options. His current truck is a ticking time bomb and he needs to get out of it, but he can’t afford even a cheap truck out of pocket right now.
We’re looking for a truck that’s around $10,000. His insurance will have to go up to full coverage, which will make it increase by about $100, so we’re trying to figure out if this is possible for him.
For a $10,000 truck—
1.) Is a $1,000 down payment sufficient?
2.) How much would the monthly payment probably end up being?
This question is in the General Section. Responses must be helpful and on-topic.