bad_408_vert

iTrader: (6)

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

Lethal Z

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

iTrader: (3)

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

iTrader: (6)

okay thanks guys.

RestoRoc89

iTrader: (1)

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

financed $33.6 at 3.59% put 18k down. $332 a month for 60 months

blackls1ta00

iTrader: (27)

crazy peeps for a car

Luckymex_dallas

0 Dollars and 0 cents

39000 $ COD

1972_Z-28

iTrader: (16)

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 **** 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

iTrader: (4)

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

UltraZLS1

iTrader: (13)

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

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

iTrader: (4)

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

iTrader: (13)

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

My rule of thumb is if I can't pay a new car off in 3 years , I can't afford it!

DaveX

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

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

iTrader: (3)

http://www.bankrate.com/calculators/...alculator.aspx

easiest way to figure out auto loan payments.

Z Fury

iTrader: (1)

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

robertbartsch

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.