Hi guys, quick question a local Honda dealer is selling a 03 S2000 for MSRP is it possible for me to get the car at 350 a month for 60 months with a 15,000 down payment at 6% interest rate? If not what should the price range be with a 15,000 down payment? All replies are greatly appreciated. Thanx in advance

 

No, that's not correct. Your payment should be $404.74 per month provided you gave me all the info.
If you went with 72 months at 6.5%, your payment would be $351.92 based on the tax in your area.
I can get you an 03 black below sticker TODAY!!!!

 

Slick Rick im interested where ? can u email me info to Jasonx82@aol.com

 

My calculations show that if you get the S2000 for $33,000 and put down 15,000, your payments on a 60 month loan at 6% interest would be $347.99. Tax will add onto that, but I'm not sure how Slick Rick got his numbers so high.

Also, try looking around and you can probably get a better interest rate than 6%. I got my car at 4.95% in July and now the same credit union is offering new car loans at 3.95%.

 

[QUOTE]Originally posted by wickerbill
[B]$347.99.

 

Jason,

You are shopping for two different things: a car at the best price and a loan at the best rate. Don't combine the two and risk getting ripped off by simply finding out what the payment will be. Someone can always lower the payment by extending the number of payments that you have.

As for the price of the car, you need to find out what all the taxes, title, any fees, etc. will be so that you can determine an out the door price. Because they vary by state, our members from California can help you determine all the exact figures. If you bought in Georgia at MSRP, the out the door price would be over $35,000.

As for the loan, it is important that you understand how to do the calculations yourself. I can send you an easy to use Microsoft Excel worksheet if you would like. You can change the rate, term, and amounts to see what effects they will have. If your out the door price is $35k, at 6% your payment would be $386.66 for 60 months if you put $15k down. You would pay a total of $3,199.36 in interest on this loan. If you don't feel comfortable enough to do the calculations yourself, get someone you trust to help you.

There's no shame in not having a complete understanding off all this. The dealerships do it for a living. Don't let them take advantage of you. Knowledge is power!

Also, don't worry about being in a hurry to get the car. This time of year the dealerships are getting in more than they are selling. That will probably change in the spring time.

 

Key is to get the lowest APR possible and not pay anything over msrp, preferrably lower. Also you must take into effect that if you are paying payments to a bank the car must also be insurred with a full coverage plan even if there are deductables, personally I will not pay for more than 4 years on any vehicle, not worth it.

 

try and wait for a 0% apr special

 

That seems kinda odd....i got my car 2 weeks ago....

its a lease....but, i pay 330 a month for 48 months with a 17,982 buyout.
I know its a lease....and im in NY, but i think my option is better than yours....
youre gonna drop 15 grand and pay 350...maaybee....that seems weird. I guess you Cali guys get raped left and right over there...

 

[QUOTE]Originally posted by NFRs2000NYC
[B]That seems kinda odd....i got my car 2 weeks ago....

its a lease....but, i pay 330 a month for 48 months with a 17,982 buyout.
I know its a lease....and im in NY, but i think my option is better than yours....
youre gonna drop 15 grand and pay 350...maaybee....that seems weird.