Do I have to take out a loan to Finance a car or are there other options for paying the left over cost? | All About Money Online

Hello,

I have several questions about purchasing my first vehicle. I have been eyeing a gently used 07 Ford Fusion that is around $16,000. I plan on making a down payment of $5,000. And I have a steady job. I was wondering, do I have to take out a loan to finance a car? Is this the only way that I can pay for the remaining amount of the car after my down payment? I will be buying from a dealership, not a private lot. Also, I’m a junior in college and I have student loans. Please help me because I seriously need a car and I’m planning on purchasing in August. I will have to travel 8 hours from home and school. twice a year so it’s important for me to get a reliable car. Please help me understand what will happen as far as financing is concerned, because i have the down payment. I just need to know what are the options for paying the remaining amount of the car after the down payment.

Thanks

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