Quick question re monthly payments - Camaro5 Chevy Camaro Forum / Camaro ZL1, SS and V6 Forums

premonition · 05-06-2009, 01:21 PM

Im gonna be a first time buyer meaning this will be the first car i actually buy at a dealer. Will the taxes effect the monthly payment, for example the MSRP came out to $28,430, and im hope to put down 14,000 downpayment and then it says monthly payment should be around 205-300 for 60 months. So im wondering when the taxes are factored in and whatnot will that increase the monthly payment by much or will it stay around that ballpark?

camaro_nut · 05-06-2009, 01:24 PM

If you finance the tax yes, monthly payment will go up as you are borrowing more money. If you pay the tax at the DMV without financing then no, it won't affect monthly payments.

Camaro's from Dave · 05-06-2009, 01:28 PM

example:
Sale price $28,430
3% NC Sales tax $852.90
Doc Fee 398
New NC tag $74
Total out the door $29,754.90
Down payment $14,000
Finance amount $15,754.90
Payments over 60 months at 6.5% =$308.26

I am sure FL's tax is higher though and I am not sure what they charge for a tag either... this example works in NC at least

IROCanSS · 05-06-2009, 01:29 PM

Quote:

Originally Posted by camaro_nut

If you finance the tax yes, monthly payment will go up as you are borrowing more money. If you pay the tax at the DMV without financing then no, it won't affect monthly payments.

Since he is financing he probablt won't be able to do tax at BMV. The tax will be handled at the dealer along with title work and he will get a copy of the title. Bank gets actual title.

and like dave said

premonition · 05-06-2009, 01:31 PM

Ya florida is higher by 3% so thats 6% on taxes :(

wullger · 05-06-2009, 01:52 PM

With that good sized down payment you're putting down, even if you roll the taxes and fees into the note, you should still be looking at a nice low payment each month.

Camaro's from Dave · 05-06-2009, 01:54 PM

So you will add another $850 or so to the bottom line number that will increase your payments approx $16-$18 a month. You could always reduce those with more cash or a longer term 63, 66, or 72 months

premonition · 05-06-2009, 04:07 PM

ya 72 seems nice, and with this new job interview i have tomorrow, if everything thing goes well and i start this job then this car is gonna be in my drive way earlier this year.

texasbill · 05-06-2009, 04:12 PM

Check out this calculator. You can enter MSRP, Tax Rate, Title, Down Payment and Trade in Value. Hopefully this will help you with try out different scenarios.

http://www.edmunds.com/apps/calc/CalculatorController

premonition · 05-06-2009, 04:15 PM

Quote:

Originally Posted by texasbill

Check out this calculator. You can enter MSRP, Tax Rate, Title, Down Payment and Trade in Value. Hopefully this will help you with try out different scenarios.

http://www.edmunds.com/apps/calc/CalculatorController

Thanks.

05-06-2009, 01:21 PM	#1
premonition Drives: Toyota Corolla :( Join Date: May 2009 Location: Miami, FL Posts: 42	Quick question re monthly payments Im gonna be a first time buyer meaning this will be the first car i actually buy at a dealer. Will the taxes effect the monthly payment, for example the MSRP came out to $28,430, and im hope to put down 14,000 downpayment and then it says monthly payment should be around 205-300 for 60 months. So im wondering when the taxes are factored in and whatnot will that increase the monthly payment by much or will it stay around that ballpark?

05-06-2009, 01:24 PM	#2
camaro_nut AMMO Troop Drives: 2000 Dakota Join Date: Apr 2009 Location: Cabot, AR Posts: 4	If you finance the tax yes, monthly payment will go up as you are borrowing more money. If you pay the tax at the DMV without financing then no, it won't affect monthly payments. __________________ Camaro - pron. [kə-ˈmer-rō], noun, def. 1: A muscle car that is primarily used to smash Mustangs and Challengers. 2: My next vehicle.

05-06-2009, 04:12 PM	#9
texasbill Drives: 2005 Silverado LS 5.3 V8 Join Date: May 2009 Location: Austin, TX Posts: 56	Check out this calculator. You can enter MSRP, Tax Rate, Title, Down Payment and Trade in Value. Hopefully this will help you with try out different scenarios. http://www.edmunds.com/apps/calc/CalculatorController __________________ Dreaming...

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05-06-2009, 01:28 PM	#3
Camaro's from Dave Drives: chevy Join Date: Mar 2009 Location: NC Posts: 28	example: Sale price $28,430 3% NC Sales tax $852.90 Doc Fee 398 New NC tag $74 Total out the door $29,754.90 Down payment $14,000 Finance amount $15,754.90 Payments over 60 months at 6.5% =$308.26 I am sure FL's tax is higher though and I am not sure what they charge for a tag either... this example works in NC at least

05-06-2009, 01:31 PM	#5
premonition Drives: Toyota Corolla :( Join Date: May 2009 Location: Miami, FL Posts: 42	Ya florida is higher by 3% so thats 6% on taxes :(

05-06-2009, 01:52 PM	#6
wullger Supercharged Drives: 2010 Camaro 2SS/RS Join Date: Apr 2009 Location: Tyler, Texas Posts: 1,575 View My Garage	With that good sized down payment you're putting down, even if you roll the taxes and fees into the note, you should still be looking at a nice low payment each month.

05-06-2009, 01:54 PM	#7
Camaro's from Dave Drives: chevy Join Date: Mar 2009 Location: NC Posts: 28	So you will add another $850 or so to the bottom line number that will increase your payments approx $16-$18 a month. You could always reduce those with more cash or a longer term 63, 66, or 72 months

05-06-2009, 04:07 PM	#8
premonition Drives: Toyota Corolla :( Join Date: May 2009 Location: Miami, FL Posts: 42	ya 72 seems nice, and with this new job interview i have tomorrow, if everything thing goes well and i start this job then this car is gonna be in my drive way earlier this year.