Monthly payments - Camaro5 Chevy Camaro Forum / Camaro ZL1, SS and V6 Forums

Numero_uno · 12-23-2008, 08:54 PM

This will have been my first purchase of a new car, so bear with me. I don't know too much about financing and stuff so if anybody can help me out it would be greatly appreciated. I am planning on ordering a 2LT once production starts up and we know exactly what is and what's not going into the car. What might the monthly payments be on that with only minimal options, an average interest rate, say a 60 month payment plan, and about 10k down? I would do the math myself but I don't know if I know all the factors involved. Thanks

Inspector 17 · 12-23-2008, 09:01 PM

Uno, check out this site - http://www.bankrate.com/brm/auto-loan-calculator.asp. You can plug in any values you want and play with all the options. And you don't have to do the math.

Sizzox · 12-23-2008, 09:37 PM

Quote:

Originally Posted by camaropete

Uno, check out this site - http://www.bankrate.com/brm/auto-loan-calculator.asp. You can plug in any values you want and play with all the options. And you don't have to do the math.

Nice choice that is also my fav. site for figuering out how much ill pay and when it will be paid off if i pay extra.

Ry4nVan · 12-24-2008, 12:09 AM

I highly suggest you come up with some sort of excel spreadsheet. I originaly didn't know what I wanted, so I created a simple spreadsheet with the four options that I considered. My life is busy enough, so I figured if I input my info for the camaro, it will help organize things a bit more.

Once I've inputted my options, I just added everything together, then I put my total price into a credit union calculator that I used from:
http://www.firsttechcu.com/Calculato...tors_auto.html

This website helps me figure out my payment options by plugging in different length of terms, different interest rates etc.

Hope this helps!

Numero_uno · 12-24-2008, 10:43 AM

Thanks! I'll check out that website. That sounds great. A spreadsheet sounds good too, If i can just get excel on my computer. lol. Now I just need to decide exactly what I want in the car and I'm set. U guys rock!

Speedy1975 · 12-24-2008, 12:14 PM

For just a simple number, it's typically $25 for every $1000 financed. So if you finance $10,000 your payment is $250. $20,000 your payment is $500, etc.

Now that assumes avg credit, etc.

Don't lease. You're throwing your money away. BUY.

Know how much the car is before you go to the dealer by looking online. Get the dealer's invoice and the MSRP, as well as the fair market value. Edmunds will give you all of this info.

Know how much you're putting down and a good idea of what your payment will be before you go to the dealer. Once you get there and get excited all the numbers will get fuzzy, so do your math ahead of time.

Be careful in the finance office when you close the deal. This is where add ons that you may not want will get "magically" thrown in raising your monthly payment $10, 20, etc. Things like clear coat protector (BS) or interior guard (BS), or gap insurance that you didn't ask for.

MerF · 12-24-2008, 02:19 PM

Can't lease American anymore anyway.

stovt001 · 12-24-2008, 02:36 PM

Wow, that website is great. I realized that for car payments, I can afford this car a lot sooner than I originally thought. The main problem is insurance. I'll probably still wait until I'm 25 so the insurance doesn't doesn't kill me.

Numero_uno · 12-25-2008, 09:27 AM

Quote:

Originally Posted by Speedy1975

For just a simple number, it's typically $25 for every $1000 financed. So if you finance $10,000 your payment is $250. $20,000 your payment is $500, etc.

Now that assumes avg credit, etc.

Don't lease. You're throwing your money away. BUY.

Know how much the car is before you go to the dealer by looking online. Get the dealer's invoice and the MSRP, as well as the fair market value. Edmunds will give you all of this info.

Know how much you're putting down and a good idea of what your payment will be before you go to the dealer. Once you get there and get excited all the numbers will get fuzzy, so do your math ahead of time.

Be careful in the finance office when you close the deal. This is where add ons that you may not want will get "magically" thrown in raising your monthly payment $10, 20, etc. Things like clear coat protector (BS) or interior guard (BS), or gap insurance that you didn't ask for.

Snap, I didn't even realise I said "lease" I meant just a sixty month payment plan. You're right it is just throwing money away, especially if I kept it for sixty months. *EDIT* lol My Bad. I think everyone got the idea anyway. Thanks for that.

I checked out Bankrate.com. What a wonderful site, thank you Camaropete!

Mr Twisty · 12-25-2008, 12:42 PM

Didn't check the sites, but don't forget tag/tax/title and insurance.

Sean_W · 12-25-2008, 03:19 PM

Quote:

Originally Posted by MisterCamaro69

Didn't check the sites, but don't forget tag/tax/title and insurance.

If it's possible for anyone, I would reccommend paying these seperate from the loan. Usually down at your local DMV. I believe you have 30 days to do this after buying the car. No need to pay interest on something that's already extra on top of the price of the car.

EllwynX · 12-25-2008, 11:43 PM

Quote:

Originally Posted by Sean_W

If it's possible for anyone, I would reccommend paying these seperate from the loan. Usually down at your local DMV. I believe you have 30 days to do this after buying the car. No need to pay interest on something that's already extra on top of the price of the car.

I would just consider part of the downpayment as going toward these things.

Mr Twisty · 12-26-2008, 08:42 AM

Agree. The reason I brought it up, young folks that have never purchased don't take T/T/L cost into consideration.

EllwynX · 12-26-2008, 10:00 AM

Quote:

Originally Posted by MisterCamaro69

Agree. The reason I brought it up, young folks that have never purchased don't take T/T/L cost into consideration.

I'll admit that my last 3 vehicles I've purchased with very little money down myself. The amount of money I plan on putting down on the Camaro is more than I've EVER been able to save before.

Just goes to show how badly I want it. LOL

12-23-2008, 08:54 PM	#1
Numero_uno Drives: Nissan Altima Join Date: May 2008 Location: Texas Posts: 39	Monthly payments This will have been my first purchase of a new car, so bear with me. I don't know too much about financing and stuff so if anybody can help me out it would be greatly appreciated. I am planning on ordering a 2LT once production starts up and we know exactly what is and what's not going into the car. What might the monthly payments be on that with only minimal options, an average interest rate, say a 60 month payment plan, and about 10k down? I would do the math myself but I don't know if I know all the factors involved. Thanks Last edited by Numero_uno; 12-25-2008 at 09:28 AM.

12-24-2008, 12:14 PM	#6
Speedy1975 FASTER! Drives: Challenger Hellcat, 2SS Camaro Join Date: Apr 2008 Location: Middle Tennessee Posts: 2,245	For just a simple number, it's typically $25 for every $1000 financed. So if you finance $10,000 your payment is $250. $20,000 your payment is $500, etc. Now that assumes avg credit, etc. Don't lease. You're throwing your money away. BUY. Know how much the car is before you go to the dealer by looking online. Get the dealer's invoice and the MSRP, as well as the fair market value. Edmunds will give you all of this info. Know how much you're putting down and a good idea of what your payment will be before you go to the dealer. Once you get there and get excited all the numbers will get fuzzy, so do your math ahead of time. Be careful in the finance office when you close the deal. This is where add ons that you may not want will get "magically" thrown in raising your monthly payment $10, 20, etc. Things like clear coat protector (BS) or interior guard (BS), or gap insurance that you didn't ask for. __________________ -Speedy 2016 Go Mango Challenger Hellcat (PB E.T. in 1/4 Mile 9.83 @ 140MPH)

12-24-2008, 02:36 PM	#8
stovt001 Drives: 2006 Cobalt, 2004 Taurus wagon Join Date: Oct 2007 Location: California Posts: 3,812	Wow, that website is great. I realized that for car payments, I can afford this car a lot sooner than I originally thought. The main problem is insurance. I'll probably still wait until I'm 25 so the insurance doesn't doesn't kill me. __________________ "It's kind of fun to do the impossible" - Walt Disney There's a great big beautiful tomorrow shining at the end of every day There's a great big beautiful tomorrow Just a dream away

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12-23-2008, 09:01 PM	#2
Inspector 17 I love crepes Drives: 2017 ZL1 NGM A10 Join Date: Oct 2008 Location: Maryland Posts: 4,955 View My Garage	Uno, check out this site - http://www.bankrate.com/brm/auto-loan-calculator.asp. You can plug in any values you want and play with all the options. And you don't have to do the math.

12-24-2008, 12:09 AM	#4
Ry4nVan Drives: Currently (Toyota Tacoma) Join Date: Sep 2008 Location: Phoenix, AZ Posts: 288	I highly suggest you come up with some sort of excel spreadsheet. I originaly didn't know what I wanted, so I created a simple spreadsheet with the four options that I considered. My life is busy enough, so I figured if I input my info for the camaro, it will help organize things a bit more. Once I've inputted my options, I just added everything together, then I put my total price into a credit union calculator that I used from: http://www.firsttechcu.com/Calculato...tors_auto.html This website helps me figure out my payment options by plugging in different length of terms, different interest rates etc. Hope this helps!

12-24-2008, 10:43 AM	#5
Numero_uno Drives: Nissan Altima Join Date: May 2008 Location: Texas Posts: 39	Thanks! I'll check out that website. That sounds great. A spreadsheet sounds good too, If i can just get excel on my computer. lol. Now I just need to decide exactly what I want in the car and I'm set. U guys rock!

12-24-2008, 02:19 PM	#7
MerF Go Rays! Drives: 03 Trailblazer Join Date: May 2007 Location: St Pete, Florida Posts: 2,533	Can't lease American anymore anyway.

12-25-2008, 12:42 PM	#10
Mr Twisty Drives: the 2nd amendment home Join Date: May 2008 Location: OK Posts: 14,707	Didn't check the sites, but don't forget tag/tax/title and insurance.

12-26-2008, 08:42 AM	#13
Mr Twisty Drives: the 2nd amendment home Join Date: May 2008 Location: OK Posts: 14,707	Agree. The reason I brought it up, young folks that have never purchased don't take T/T/L cost into consideration.