I have a question about the interest rate thingy, is it better to finance it 60 month? will the interest rate be higher if I want to do it in 24 month? is it possible to take 24 month instead of 60??
Also the finance charge would be lower of i choose 24 month instead of 60 right??

 

No actually its the otherway around.

Shorter the term lower the charging interest rate is. Since auto loan is simple interest loan, shorter term should lower your interest rate.

But you are looking at well over $1,350 payment even if 24month interest rate is at 2.99% assuming the out the door price is same as mine, in this case $31,500.00

 

hehe i wish i can get it at your out-the-door price....um...doesn't how much you pay a month depends on how much you put down as down payment?

 

Monthly payment can change depending on following factors.

1. Purchase Price
2. Interest Rate
3. Downpayment

I advise you to learn how to use one of those finance calculator and use it for your benefit.
Hewlett Packard 10B Business calculator is a good tool to have.


Dealerships trick uneducated consumers into payments and interest rates all the time. Be prepare to fight them. Do your do dilegence! Or else be prepare to pay!

 

Soundzero, this is a great thread. Thanks for posting it.

I almost skipped it because I usually make it a habit of skipping any thread with an uninformative subject line such as "Please Help." or "What the F..." or "I have a question" or "What do you think?"

If I were starting this thread, the subject line would have been, "Is $31.5K a fair price?"

I'm glad I poked into this one though.

 

Ok, So as I expected I got a call from my dealership today.
5.39% for 5year finance is all they would do for now.