Very quick and easy payment calculator

[IcePick06]

Yea 7% isn't ludicrous IMHO. Sometimes banks charge higher rates for performance cars too for whatever stupid reason. Still, if you can afford it go for it. 2%, 4%, 7%, whatever, as long as your monthly payments aren't more than 20% of your net income then buy the car if you wish.

[SlingShot]

Originally Posted by The IOM Ninja

Word I'm 19 and that interest rate is twice what I'm paying on my mortgage, you might want to consider getting a few credit cards and putting them away......

.....provided you can even qualify for one. Of course if you were just using 7% as an example then this is different.

Originally Posted by The IOM Ninja

True but bad credit is bad credit, I got my Camaro financed at 3.9% when I got it I was the main signer.

Originally Posted by The IOM Ninja

Yes, at 17 you require a cosigner to buy a $50,000 Performance Car lol, but (and I don't know the OP's age) it's insane that I have better credit at 19 than most people do by the time they are 25 if it's higher than that even more so.

Of course this is getting off topic. I think that we can all agree that anyone who qualifies at 7% should not be buying or financing for that matter, a Camaro ZL1, GT500 392 Challenger ETC. ETC.

Not to bust your chops or start anything, but what type of long term work history do you have to be able to pull off a house and a $50k car at the age of 19 ?

[The IOM Ninja]

Originally Posted by SlingShot

Not to bust your chops or start anything, but what type of long term work history do you have to be able to pull off a house and a $50k car at the age of 19 ?

Renovation sales makes you a lot of money when you get 15% commission on a $200,000 job, My credit is in the 700 Range

[mousemotor]

at my credit union i can get a sixty month loan for 2.49%, too bad my dealer has zero allocation, waiting to order a 2013

[SlingShot]

Originally Posted by The IOM Ninja

Renovation sales makes you a lot of money when you get 15% commission on a $200,000 job, My credit is in the 700 Range

How much you guys marking up a job ? Never heard of a sales guy getting 15% for anything ... That's $30k on a $200k job

[hognutz]

7% is retarded IMO. my credit cards will give me unsecured money at 4-5% with a phone call.

On new cars you can even get 4% over 84 months. I am hoping to not have to finance this time around but when I bought my Z06 in 2009 interests rates were higher than right now and I got 5.5% over 84months and the car was used.

[Hellfighter]

This is funny because my car 2012 2LT/RS for 32000$ D.O @ a 12.2 APR, 64 months, i think 546$ monthly :P and its a V6..

[snapp32e]

Originally Posted by The IOM Ninja

Renovation sales makes you a lot of money when you get 15% commission on a $200,000 job, My credit is in the 700 Range

If your so proud of your income then why are you in a position where you even need a loan to buy a car? Typical Alberta resident, make a dollar, spend 2. When the time comes for the ZL1, I'm going down to the dealership with my cheque book and writing one for the full amount. Screw the loan. The only thing better than a ZL1 is the "Paid In Full" statement at the bottom of the sales receipt.

[69NMYSS]

YIKES!!! 7%

[2012ZL1]

7% is about normal rate for good credit on a vehicle loan in these parts. Seems reasonable to me. Credit card interest is more on the order of 16%, so thats even higher. Mortgage money is definately cheaper, 2.5 to 3.5 % on equity backed mortgage money.

and nobody is getting 1.9% on a ZL1 car loan...dream on..

[Hellfighter]

Originally Posted by snapp32e

If your so proud of your income then why are you in a position where you even need a loan to buy a car? Typical Alberta resident, make a dollar, spend 2. When the time comes for the ZL1, I'm going down to the dealership with my cheque book and writing one for the full amount. Screw the loan. The only thing better than a ZL1 is the "Paid In Full" statement at the bottom of the sales receipt.

being rich is always nice.

to bad im out of the question :P

[daveagogo1]

Originally Posted by 2012ZL1

7% is about normal rate for good credit on a vehicle loan in these parts. Seems reasonable to me. Credit card interest is more on the order of 16%, so thats even higher. Mortgage money is definately cheaper, 2.5 to 3.5 % on equity backed mortgage money.

and nobody is getting 1.9% on a ZL1 car loan...dream on..

Maybe not in Canada but you sure can here. We bought my wife a 2010 Traverse last year at 0% for 60 months through GM And my 2011 SS at 1.99% for 60 months through my credit union since GM's best rate on Camaro was 3.99. I was approved two days ago for 1.99% on a ZL1 at 60 months also. (still undecided if i want to pull the trigger and have until Monday afternoon to decide at dealer)

Granted we have A+ credit. But, 7% here is not a good number at all. On the mortgage side NOBODY in the US is getting 2.5 or even 3.5 on a mortgage unless it is only a 15yr loan. The best rate one could hope for right now at super low rate on a 30yr fixed is right about 4 and that is very few people getting that rate. As for CC rates. Who in their right mind carries a CC balance? Might as well set your money on fire and roast marshmallows with it.

[MY2012RS]

I have a 6.4 APR on my Camaro and I have a great credit score but then again I live in the County with the nations highest property taxes so I'm spending more and carrying more debt to credit ratio...I LOVE NY..NOT!!!

[The IOM Ninja]

Originally Posted by snapp32e

If your so proud of your income then why are you in a position where you even need a loan to buy a car? Typical Alberta resident, make a dollar, spend 2. When the time comes for the ZL1, I'm going down to the dealership with my cheque book and writing one for the full amount. Screw the loan. The only thing better than a ZL1 is the "Paid In Full" statement at the bottom of the sales receipt.

That's like saying all Irish people are alcoholics. It's a completely uneducated comment and you're a huge douche for even saying that. Also there are plenty of things better than a ZL1 is a ZR1, a GT-R, a ZO6, Sex, the list goes on and on and on