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Old 06-19-2010, 08:17 AM   #1
Agent Iroquois
 
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question about financing for a dealer

When one applies for financing, what is the total amount requested?
if the car is going to be say 45k, and with interest it will be 55k, what is the amount of the loan?

it looks to me that they want to ask for the total amount (55k with his example).

sorry...its my first time with this.

thanks
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Old 06-19-2010, 08:28 AM   #2
bi11ymc
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They will take the amount you agreed to (after trade and/or money down), plus tax/title/registration fees and finance it for that amount. The interest will be determined over the amount of months the loan is and added to the monthly payment and not reflected in the actual amount you are financing. That way, if you financed it today, won the lottery tomorrow and paid the car off before your first payment, you will actually only pay the original amount plus a few days interest. In your example, it would be financed for 45K

I believe this is correct information.
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Old 06-19-2010, 08:29 AM   #3
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Quote:
Originally Posted by Agent Iroquois View Post
When one applies for financing, what is the total amount requested?
if the car is going to be say 45k, and with interest it will be 55k, what is the amount of the loan?

it looks to me that they want to ask for the total amount (55k with his example).

sorry...its my first time with this.

thanks
The amount of the financing agreement will be for the price of the car plus any upside down you have with a trade-in...that is all. There will be a section that says "total cost of financing"...this is the disclosure box that tells you how much financing the car is financing you. There should also be a box that says amount financed...that is the example I provided above.

I'm not trying to belittle you, so please don't take it that way-There are plenty of people out there that are willing to take advantage of a first-timer like you. Please Please Please have someone you trust look over the papers. If they can't go with you, ask the dealership for a copy of the financing contract and the purchase contract so that you can have someone look over them BEFORE you sign and take delivery. If the dealer is not comfortable letting you do this...find a new dealer. Any honest dealer will let you do this as they have nothing to hide.

Also, don't fall for paint protection, paint protection or additional undercoating as these items can even potentially cause more harm than good.

Good luck in your purchase.
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Old 06-19-2010, 09:57 AM   #4
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i wonder if i should scan my contract and show you guys? it looks to me that they are asking to finance the total amount!
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Old 06-19-2010, 10:04 AM   #5
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Unless you are way upside down on a trade in the finance amount should not be much more than the cost of the car + TTL. (not more than a few k over purchase price at most)
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Old 06-19-2010, 10:07 AM   #6
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the loan amount is the money that you ask to the bank to pay for the car [in your case] , the total that you will pay to the bank will be the amount that you ask plus the interest that you will pay over time . PLEASE GO TO EDUMDS.COM THEY DO HAVE A TABLE THAT IS VERY CLEAR TO DO AND GOOD LUCK
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Old 06-19-2010, 10:08 AM   #7
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Quote:
Originally Posted by Agent Iroquois View Post
i wonder if i should scan my contract and show you guys? it looks to me that they are asking to finance the total amount!
Go ahead and post it...we'll help you.
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