Tips on Buying Cars: installment on car, purchasing a used vehicle, regional banks

Question
Hi there

I am seriously considering purchasing a used vehicle from a well known dealership.  Finance has been approved, all thats left is to sign contract.

My question is should i take delivery now (being the 8th of the month) when will the first installment be due?

Answer
Hi Canden,

Most banks will set the due date for your first payment 45 days from the date of the contract. If you are leasing the car then the first payment is due at lease inception ...or the day you sign the contract and there are a few of the smaller regional banks and credit unions who will only go 30 days out ...if I were in Las Vegas I would be 'all in" on the 45 day date ... or around August 23rd ish ...Hope that helps!