How much do you pay a month?
Member
Joined: Aug 2006
Posts: 46
From: Chapel Hill, NC
Originally Posted by Aik
of course, but not everyone has the available cash for a large down payment. the more of the total lump sum you can afford not to finance, the more money you're going to save in the long run.
Senior Member
SL Member
Joined: Mar 2007
Posts: 101
From: Miami, FL
I used to pay $336 a month for 6 years with $1000 down.
Then, I traded my TC for an SRT4 and got $13,500 for my car and ended up upside down $3,500.
Now i'm paying $353 a month for 6 years for the srt4
Then, I traded my TC for an SRT4 and got $13,500 for my car and ended up upside down $3,500.
Now i'm paying $353 a month for 6 years for the srt4
Member
Joined: May 2007
Posts: 26
From: Atlanta, GA
Originally Posted by gatlin86
I agree with UNLTD
You end up paying so much more just because of interest.
Let's say, hypothetically speaking, you take out a 20k loan for 5 years at 6.25% (6.25 because that's the rate I got).
According to the online loan calculator I used, that's a 388.99 monthly payment.
Multiplied by 60 months, you get a total of 23,339.40.
Do the subtraction, and you're paying an extra 3,339.40 in just interest.
You end up paying so much more just because of interest.
Let's say, hypothetically speaking, you take out a 20k loan for 5 years at 6.25% (6.25 because that's the rate I got).
According to the online loan calculator I used, that's a 388.99 monthly payment.
Multiplied by 60 months, you get a total of 23,339.40.
Do the subtraction, and you're paying an extra 3,339.40 in just interest.
Thats what i get for having bad credit and no co-signers.. i knew i was gonna suffer some high interest rate.. but i wanted the car anyway. Dam Toyota for making such an attractive car!!
Senior Member
SL Member
Joined: Mar 2007
Posts: 176
444 60months + 6k down. extended warrenty and whatever else they suckered me into... 
I totally got dinged on my credit score because I spend more than I make ;D... (my consulting co, reimburses me so I put up a lot of $$ up front) and I just returned a loan i didn't need since I was getting a new car instead of a used.. DOH.
I think that's at 9% ...
can I refinance -_-;
I totally got dinged on my credit score because I spend more than I make ;D... (my consulting co, reimburses me so I put up a lot of $$ up front) and I just returned a loan i didn't need since I was getting a new car instead of a used.. DOH.
I think that's at 9% ...
can I refinance -_-;
Senior Member
SL Member
Team ScioNRG
Joined: Jan 2007
Posts: 1,066
From: New London, Connecticut
Yep
I pay 449.59 for 5 years at 15 % interest. And 254 a month for insurance from AIG. I need to refinance cuz 450 a month is kinda pricey. I can afford it but man woman ask for alot and its putting a dent in my wallet.
Senior Member
Scikotics
SL Member
Joined: Apr 2007
Posts: 1,643
From: Clearwater, FL
$362.71 for 60 months.
0 down
5.99 apy
18719 for the car
1st actual payment is due on the 9th and the car is already down to $9211.94... i didnt want to pay cash for the car because i wanted to build some credit, and i wanted to have the money around mod the car
i will keep the loan for 6-12 months for credit purposes then pay off the car, and prolly try to sell it and buy something new :p
0 down
5.99 apy
18719 for the car
1st actual payment is due on the 9th and the car is already down to $9211.94... i didnt want to pay cash for the car because i wanted to build some credit, and i wanted to have the money around mod the car
i will keep the loan for 6-12 months for credit purposes then pay off the car, and prolly try to sell it and buy something new :p
Senior Member
SL Member
Joined: Apr 2007
Posts: 132
From: Florida
Originally Posted by gatlin86
Originally Posted by Aik
of course, but not everyone has the available cash for a large down payment. the more of the total lump sum you can afford not to finance, the more money you're going to save in the long run.
me personally, all i could manage was 10k down (8k from an insurance check + 2k tax refund) and i'm still going to be paying around $24k for this "$19k" car when it's all said and done, in 4.5yrs at 6.1%.
