Need help estimating payments - Camaro5 Chevy Camaro Forum / Camaro ZL1, SS and V6 Forums

blink · 10-29-2013, 09:58 AM

The car I want has a internet special price of $25,000. Currently my car is being paid off and has $20,600 left on the loan. I'd be putting down about $1500 on the car. I'd be paying it off over 72 months. I got my Camaro now with a interest rate of 6%.

Can anybody help me out?

nyrfan · 10-29-2013, 10:30 AM

Need more info.

How much are you planning to finance? 25K-1.5K +TTL (What is your tax rate). Also is any of the other car being rolled into the financing? What is the new interest rate they are offering?

blink · 10-31-2013, 09:07 AM

Quote:

Originally Posted by nyrfan

Need more info.

How much are you planning to finance? 25K-1.5K +TTL (What is your tax rate). Also is any of the other car being rolled into the financing? What is the new interest rate they are offering?

TTL is about $1800. My entire other car will be rolled into the financing. Whatever they give me for the trade. I'm thinking it would be about 18/19k. I haven't gone to the dealer yet, it is 6 hours away. That's why I'm trying to get some numbers now. My interest rate should stay the same at 6% unless something drastically changed in the last year.

nyrfan · 10-31-2013, 09:12 AM

Quote:

Originally Posted by blink

TTL is about $1800. My entire other car will be rolled into the financing. Whatever they give me for the trade. I'm thinking it would be about 18/19k. I haven't gone to the dealer yet, it is 6 hours away. That's why I'm trying to get some numbers now. My interest rate should stay the same at 6% unless something drastically changed in the last year.

Go here:

http://www.bankrate.com/calculators/...alculator.aspx

JimE · 10-31-2013, 08:24 PM

Numerous calculators available for this (any bank site, chevrolet site, etc.).

loan amount will = new car price + TTL + rollover from 1st loan (current payoff - trade in value) - down payment - incentives

kevin1106 · 10-31-2013, 08:34 PM

Realistically buying a car you should pay all TTL, plus any other dealer fees, put at least 10% down and finance for no more than 48 months... Interest rates today are very low... I got 1.9 on both my vehicles.... 6% is high. But then again it depends on your credit....

Bulldog3071 · 10-31-2013, 09:34 PM

6% interest rate that is very high unless oh have some credit issues oh need to shop around I just got 1.75% but I have excellent credit. TTL can vary, doc fees can as well and they are negotiated
. Google a payment calculator once you have all your numbers.

Egon · 11-01-2013, 12:13 AM

I know this is not what you are asking for but this sounds like a pretty bad idea to trade in for a different car especially at the interest rate you are estimating. First off how many miles does the car you are buying have and how many does your vehicle you will be trading in have? (this can give us an idea on what you might get for your trade in) If you assume that you get exactly enough for your trade in to pay it off in full with nothing left over you will be financing something like $25,300 @ 6%. (not an unlikely scenario assuming 24k miles on your trade in KBB is very close to exactly $20,000 for a trade in) Your monthly payment will be approximately $420 for 72 months. The extra interest you will pay over the life of the loan is $4,959. It effectively makes that car $30,000+ and a lot of payments.

Assuming you purchased your 2011 2LT/RS new you have probably been paying on it for 2-3 years which means you have already paid approximately $3,000 in interest on your current vehicle and if you add that to the interest on the new loan that will be damn close to $8,000 in interest alone. That is really serious money. The only reason I can see you trading in a 2LT/RS is for an SS possibly a year older with 40-50,000 miles on it correct? You will also be spending more each month on gas with the V8.

Just providing the other side of the argument if you haven’t already thought of these things yourself.

376LS3 · 11-01-2013, 02:43 AM

Your taxes would vary also since you are only paying taxes on the difference between the cars. If you get 18k for your car and the new car is 25k, you're only going to pay taxes on the 7k.

LStick · 11-01-2013, 10:28 AM

Isn't Delaware a "No Sales Tax" state?

blink · 11-11-2013, 02:12 AM

Quote:

Originally Posted by LStick

Isn't Delaware a "No Sales Tax" state?

It is, but from what I've seen the cost they sell cars for here are higher than the cost you can get a car for in other states. I've found it cheaper to pay the taxes in other states than to buy here. This is just judging by what I bought my car for, and the current prices that I am shopping around for.

To answer some of the questions. I got my car used a year ago with 3,000 miles on it and have a 72 month loan. It now has roughly 23,000. The camaro I am looking at has 20,000 miles. I'll have to shop around with the credit, I haven't had them run my credit yet, I was just assuming it would still be around 6%. My buddy got 0% financing for 72 months so now I'm curious if I can get lower since everybody is saying 6% is high. My credit is good, not perfect, but not bad/ok.

blink · 11-11-2013, 02:13 AM

I'd like to keep my payments under $415 a month. Otherwise, I'll just keep my 2LT RS.

attymf · 11-11-2013, 08:50 AM

Should be about $475 ish

JTruck · 11-11-2013, 10:17 AM

I'm figuring around $450 give or take some things... You can estimate all day what the numbers will be, but no matter what, somehow they become higher when you get into financing. I went estimating my payment for 5 years to be $275, ended up just below $300, after a lot of talking and back-and-forth bullsh**.

10-29-2013, 09:58 AM	#1
blink dave Drives: 2011 2LT/RS Join Date: Nov 2012 Location: Dewey Beach, Delaware Posts: 292	Need help estimating payments The car I want has a internet special price of $25,000. Currently my car is being paid off and has $20,600 left on the loan. I'd be putting down about $1500 on the car. I'd be paying it off over 72 months. I got my Camaro now with a interest rate of 6%. Can anybody help me out? __________________

10-29-2013, 10:30 AM	#2
nyrfan Let's go Rangers! Drives: 13' AGM 2SS/RS L99 Join Date: Jun 2011 Location: Orlando, FL Posts: 10,742 View My Garage	Need more info. How much are you planning to finance? 25K-1.5K +TTL (What is your tax rate). Also is any of the other car being rolled into the financing? What is the new interest rate they are offering? __________________ Soprano 4/1/00-6/14/11, Gone but NEVER forgotten! FSP tuned: 377/389

11-01-2013, 02:43 AM	#9
376LS3 Eh, that'll happen Drives: 2010 2SS Join Date: Apr 2012 Location: Mesa, Arizona Posts: 1,841	Your taxes would vary also since you are only paying taxes on the difference between the cars. If you get 18k for your car and the new car is 25k, you're only going to pay taxes on the 7k. __________________ 2010 Camaro SS LS3 - No Modz

11-11-2013, 02:13 AM	#12
blink dave Drives: 2011 2LT/RS Join Date: Nov 2012 Location: Dewey Beach, Delaware Posts: 292	I'd like to keep my payments under $415 a month. Otherwise, I'll just keep my 2LT RS. __________________

11-11-2013, 08:50 AM	#13
attymf Drives: 2017 SS Join Date: Nov 2008 Location: LI, NY Posts: 755 View My Garage	Should be about $475 ish __________________ SS, A8, Procharger, M&T's and stuff...

10-31-2013, 08:24 PM	#5
JimE Drives: 2013 2SS/RS/1LE Join Date: Apr 2010 Location: St Louis, MO Posts: 3,087	Numerous calculators available for this (any bank site, chevrolet site, etc.). loan amount will = new car price + TTL + rollover from 1st loan (current payoff - trade in value) - down payment - incentives

10-31-2013, 08:34 PM	#6
kevin1106 Drives: 2015 ZO6 3LZ Stage 2 A8 Join Date: Nov 2010 Location: La plata MD Posts: 2,299 View My Garage	Realistically buying a car you should pay all TTL, plus any other dealer fees, put at least 10% down and finance for no more than 48 months... Interest rates today are very low... I got 1.9 on both my vehicles.... 6% is high. But then again it depends on your credit....

10-31-2013, 09:34 PM	#7
Bulldog3071 Drives: 2010 Camaro 2SS/RS LS3 Join Date: Oct 2013 Location: Kernersville, NC Posts: 931 View My Garage	6% interest rate that is very high unless oh have some credit issues oh need to shop around I just got 1.75% but I have excellent credit. TTL can vary, doc fees can as well and they are negotiated . Google a payment calculator once you have all your numbers.

11-01-2013, 12:13 AM	#8
Egon Drives: 2014 2SS/RS 1LE Join Date: May 2013 Location: Charlotte NC Posts: 977	I know this is not what you are asking for but this sounds like a pretty bad idea to trade in for a different car especially at the interest rate you are estimating. First off how many miles does the car you are buying have and how many does your vehicle you will be trading in have? (this can give us an idea on what you might get for your trade in) If you assume that you get exactly enough for your trade in to pay it off in full with nothing left over you will be financing something like $25,300 @ 6%. (not an unlikely scenario assuming 24k miles on your trade in KBB is very close to exactly $20,000 for a trade in) Your monthly payment will be approximately $420 for 72 months. The extra interest you will pay over the life of the loan is $4,959. It effectively makes that car $30,000+ and a lot of payments. Assuming you purchased your 2011 2LT/RS new you have probably been paying on it for 2-3 years which means you have already paid approximately $3,000 in interest on your current vehicle and if you add that to the interest on the new loan that will be damn close to $8,000 in interest alone. That is really serious money. The only reason I can see you trading in a 2LT/RS is for an SS possibly a year older with 40-50,000 miles on it correct? You will also be spending more each month on gas with the V8. Just providing the other side of the argument if you haven’t already thought of these things yourself.

11-01-2013, 10:28 AM	#10
LStick Drives: 2021 Shadow Gray 1LS Join Date: Oct 2011 Location: Streetsboro Ohio Posts: 1,371	Isn't Delaware a "No Sales Tax" state?

11-11-2013, 10:17 AM	#14
JTruck Drives: 2014 Camaro 1LT/RS Join Date: Sep 2013 Location: Arizona Posts: 1,693	I'm figuring around $450 give or take some things... You can estimate all day what the numbers will be, but no matter what, somehow they become higher when you get into financing. I went estimating my payment for 5 years to be $275, ended up just below $300, after a lot of talking and back-and-forth bullsh**. __________________ Detailing is an involuntary obsession.