View Full Version : How much are you Paying for a SS monthly?


bad_408_vert
09-04-2010, 11:22 PM
Hey guys,

I'm looking into getting a 5th gen soon.

Whats a typical monthly payment like based on the usual down payment.

I know lota factors like my job security, credit would come into play but for argument sake....

Chevy commercials have been saying that its $13.xx for per $1000 you loan.

So I was thinking about taking 25k on the loan and for a very rough calculation, (25 x 13.xx = 337) which equates to almost more than 6 years of a loan.

How are your payments like.

I'm a noob to buying a brand new car , so enlighten me:D

Lethal Z
09-05-2010, 01:13 PM
There are plenty of auto loan calculators out there to help you figure this. Just plug in your down pmt, cost of vehicle, interest rate, taxes etc. On a $35K dollar car for 6 years I would guess mid to low six hundred range. Don't forget insurance.

LT Malice
09-05-2010, 08:57 PM
I put 10k down, and financed 28k. i'm paying 475/mo.

Lethal Z is right though, you should use a payment calculator.

bad_408_vert
09-06-2010, 02:30 AM
okay thanks guys.

RestoRoc89
09-06-2010, 04:21 AM
I put zero down and financed my 2SS over 5 years with GMAC. $954/month...but then I'm in Canada where everything automotive is a rip.

JHL88
09-06-2010, 09:18 AM
financed $33.6 at 3.59% put 18k down. $332 a month for 60 months

blackls1ta00
09-07-2010, 07:14 PM
crazy peeps for a car

Luckymex_dallas
09-09-2010, 11:35 PM
0 Dollars and 0 cents

39000 $ COD:secret2:

1972_Z-28
09-10-2010, 12:13 AM
Lot of info needed but this should get you close. Ask to see the real invoice ad tell them you will pay $100 over. If they offer $150 over and it optioned just like you want it your're geting a good deal. Dealers cry about not making $$$ but they also get a "hold back" $$$ on the car. If you are serious speak with a loan rep at the bank you do business with and see what they will finance the car at before doing any serious searching.
That way at the dealer you essentailly negotiating a cash price.
Do not answer shit to the saleperson any ???s about what you to a pay a month. Negotiate price of the car and that is it.
Good luck and be prepared to wak out of the dealership regardless how much you like the car. There is another dealership down the street. Work the best deal you can get then call around to others in the area.
Good luck to you!!!

tuffluck
09-10-2010, 11:40 AM
IMO the best way to finance cars is to first come up with a total debt amount you are comfortable with owing based on your income and other expenses/debt. if you make 50k a year and own a home and have credit card debt, a car debt over 15k isn't a solid idea.

next figure out how much you can realistically put down on that car to get to the goaled debt you want to owe. if you can put down 10k and want no more than 20k in debt on a car, now your budget is 30k.

a lot of times people finance cars and sell them before they are paid off. that's fine if you want to do it that way, but financially speaking it's better to have a plan to repay your debt if you can.

i think my note is somewhere around $380/mo for 60 months but i pay anywhere from $500-1000 each month. i own a BMW though, please don't look at my sig and think i'm still paying off a 2000 camaro @ $1,000/mo :P

UltraZLS1
09-11-2010, 06:32 PM
Put 14,500 down. 4.9 % for 6 years. 298 a month. Ill have it paid off in about 2 years is the plan.

DaveX
09-12-2010, 09:34 PM
Go to a few banks and apply for a new car loan. Tell them what you want to buy and how much you are looking to finance. They will tell you how much you qualify for, the interest rate, length of loan etc... Once you have financing lined up, then go car shopping. Many dealers will gouge you on the interest rate just like they will on the price if you walk onto the lot unprepared.

tuffluck
09-14-2010, 06:02 PM
Go to a few banks and apply for a new car loan. Tell them what you want to buy and how much you are looking to finance. They will tell you how much you qualify for, the interest rate, length of loan etc... Once you have financing lined up, then go car shopping. Many dealers will gouge you on the interest rate just like they will on the price if you walk onto the lot unprepared.

that is absolutely not true. dealerships have some of the best rates...actually i guess it depends on what you are buying. my bmw was financed at 3.9%, while my own bank was offering 6%. GM may not be as good with all their financial woes and such.

UltraZLS1
09-14-2010, 07:38 PM
that is absolutely not true. dealerships have some of the best rates...actually i guess it depends on what you are buying. my bmw was financed at 3.9%, while my own bank was offering 6%. GM may not be as good with all their financial woes and such.

He didnt say they wouldn't offer good rates. You just have to go in knowing what rate to look for etc. and dont just accept whatever they offer initially.

sundaydriver
09-14-2010, 08:57 PM
My rule of thumb is if I can't pay a new car off in 3 years , I can't afford it!

DaveX
09-14-2010, 10:37 PM
that is absolutely not true. dealerships have some of the best rates...actually i guess it depends on what you are buying. my bmw was financed at 3.9%, while my own bank was offering 6%. GM may not be as good with all their financial woes and such.

It is absolutely true. I said MANY dealers. I didn't say ALL dealers. I have bought several GM vehicles and never used GMAC. The dealers always offered loans from other banks and they were not always the best rates I could get. He has never bought a new car before. It just makes sense to get the financing lined up in advance. This way he won't be in for any big surprises once the dealer has him on the hook and sees an opportunity to make a few extra bucks on the loan. So you recommend he walks on the lot having no idea what to expect?

robertbartsch
09-16-2010, 05:06 PM
CPA for 30 years here.

The interest rate charged by manufacturor financing companies (e.g., GMAC) also is based on the car you will be buying. If Camaros are selling well the interest rate will be higher than the rates offered on SUVs when SUV sales are slow. This is why the loan application asks you what car you will be buying....

It is always a good idea to have several financing options lined up before you go to the dealer. In most cases, however, the dealer financing will be better than you will be able to get from your bank, for example.

I got a 2% loan 60 months on a Honda about 1.5 years ago and it was a no-brainer even though I had the dough to buy it w/ cash.

hisjakeness
09-17-2010, 11:18 AM
http://www.bankrate.com/calculators/auto/auto-loan-calculator.aspx

easiest way to figure out auto loan payments.

Z Fury
09-17-2010, 01:08 PM
CPA for 30 years here.
I got a 2% loan 60 months on a Honda about 1.5 years ago and it was a no-brainer even though I had the dough to buy it w/ cash.

Wait, what? I'm surprised a CPA would think this way...

robertbartsch
09-17-2010, 05:30 PM
CPAs are generally conservative.

For example, I have never used financing (debt) to purchase an asset that declines in value (cars are the best example). This is just a dumb idea that will perpetuate indebtedness and impair the building of wealth now and in the future.

In this environment (declining home values and T-bills yielding 2%), it is OK to use debt if it is relatively low cost (say 4% interest) and your income source is fairly safe.

KevinR
09-17-2010, 06:13 PM
My rule of thumb is if I can't pay a new car off in 3 years , I can't afford it!

Really good concept here^^^

Z Fury
09-17-2010, 10:58 PM
CPAs are generally conservative.

For example, I have never used financing (debt) to purchase an asset that declines in value (cars are the best example). This is just a dumb idea that will perpetuate indebtedness and impair the building of wealth now and in the future.

In this environment (declining home values and T-bills yielding 2%), it is OK to use debt if it is relatively low cost (say 4% interest) and your income source is fairly safe.

I'll concede the argument as I always hated future value calculations, and there are too many variables to consider. I've recently settled into the mindset that if I have the money in the bank to pay for something, I pay it, unless the financing is 0%.

I completely agree that CPAs are conservative though. I am one also. ;)

Lethal Z
09-19-2010, 12:13 PM
My rule of thumb is if I can't pay a new car off in 3 years , I can't afford it!


In a world of mortgage pmts, credit cards, college tuition, insurance, property taxes and a slew of other house hold bills I don't see many being able to pay off a $38K dollar car in 3 years. With the price of vehicles soaring im starting to see more and more advertisements for 6 years. Buy hey if you got it like that, more power to you.

06 SS
09-19-2010, 05:17 PM
In a world of mortgage pmts, credit cards, college tuition, insurance, property taxes and a slew of other house hold bills I don't see many being able to pay off a $38K dollar car in 3 years. With the price of vehicles soaring im starting to see more and more advertisements for 6 years. Buy hey if you got it like that, more power to you.

Just because they offer the loans for that long (on a depreciating asset no less), does not mean they are a good deal for those buying it. My own rule of thumb is a four year loan, not that it matters to anyone else. Perhaps a buyer might want to explore the idea that a 72 month loan does mean that they cannot afford that particular car. Probably upside down on it for over four years, stolen, wrecked, tired of it, whatever, you end up owing more than it is worth for a very, very long time.

Lethal Z
09-19-2010, 06:56 PM
Just because they offer the loans for that long (on a depreciating asset no less), does not mean they are a good deal for those buying it. My own rule of thumb is a four year loan, not that it matters to anyone else. Perhaps a buyer might want to explore the idea that a 72 month loan does mean that they cannot afford that particular car. Probably upside down on it for over four years, stolen, wrecked, tired of it, whatever, you end up owing more than it is worth for a very, very long time.

I agree with you completely, a smart shopper (that has the money) and can afford to make a nice down pmt and or double up on pmts to get paid off in 4 years or less is definately the way to go. With that being said there is a reason 72 month car loans exist. They may not be the smartest way to buy a vehicle but there are those that don't care. They want what they want when they want it and will pay the extra interest to get it. Smart? No but it is an option.

I think its crazy to buy any car brand new IMO. Buy it used and let someone else take the hit.

silver2010
10-08-2010, 10:11 PM
CASH! But you are to old when you can afford it to enjoy it like you would have as a young guy.