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Old 12-23-2008, 08:54 PM   #1
Numero_uno
 
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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.
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Old 12-23-2008, 09:01 PM   #2
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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.
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Old 12-23-2008, 09:37 PM   #3
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Originally Posted by camaropete View Post
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.
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Old 12-24-2008, 12:09 AM   #4
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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!
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Old 12-24-2008, 10:43 AM   #5
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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!
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Old 12-24-2008, 12:14 PM   #6
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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.
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Old 12-24-2008, 02:19 PM   #7
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Can't lease American anymore anyway.
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Old 12-24-2008, 02:36 PM   #8
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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.
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Old 12-25-2008, 09:27 AM   #9
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Originally Posted by Speedy1975 View Post
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!

Last edited by Numero_uno; 12-25-2008 at 10:02 AM.
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Old 12-25-2008, 12:42 PM   #10
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Didn't check the sites, but don't forget tag/tax/title and insurance.
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Old 12-25-2008, 03:19 PM   #11
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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.
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Old 12-25-2008, 11:43 PM   #12
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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.
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Old 12-26-2008, 08:42 AM   #13
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Agree. The reason I brought it up, young folks that have never purchased don't take T/T/L cost into consideration.
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Old 12-26-2008, 10:00 AM   #14
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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
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Old 12-26-2008, 12:26 PM   #15
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Originally Posted by camaropete View Post
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.
That's a great calculator Pete.
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Old 12-26-2008, 03:28 PM   #16
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Yeah insurance is something i'm concerned about. Being male, young, and driving a new sports car. I'm pretty nervous about trying to get quotes right now, i've got enough bad news coming my way as it is.
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Old 09-11-2009, 04:58 AM   #17
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Don't lease. You're throwing your money away. BUY.
Don't buy. You're throwing your money away. LEASE.
Well, if you could.
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