monthly payments
- Thread starter Prospeed 3
- Start date
blh_wakeboard
Member
- :
- 2008 MS3
Traded in a POS 08' Corolla S that had been a loaner car that I owed 25k on(looong story 
)... They gave me 19k for the Corolla and sold me my 08' GT for 25k, so add 6k of negative equity and 1k for license, taxes dealer bs and I owed around 32k which at 6 years and 7.7% put me at $578 month, I was paying $525 for the Corolla. Figured if I was going to pay that much a month on the car might as well be on a nice one. My insurance went down even coming from the Corolla making no changes to the policy. My insurance with two tickets at the age of 21 is $140 a month full coverage...
)... They gave me 19k for the Corolla and sold me my 08' GT for 25k, so add 6k of negative equity and 1k for license, taxes dealer bs and I owed around 32k which at 6 years and 7.7% put me at $578 month, I was paying $525 for the Corolla. Figured if I was going to pay that much a month on the car might as well be on a nice one. My insurance went down even coming from the Corolla making no changes to the policy. My insurance with two tickets at the age of 21 is $140 a month full coverage...See if you can become a member of a credit union. I became a credit union member after my original loan, but I was able to refinance at 3.99% (lowest rate possible) for 3 yrs at 550/mo.
Try to plan on some extra payments over the life of the loan, you'll be surprised how much in interest you can save (especially at higher interest rates). Search the internet for loan amortization spreadsheets and plug in the numbers. Then plug in extra payments and you'll see just how much you can save.
Try to plan on some extra payments over the life of the loan, you'll be surprised how much in interest you can save (especially at higher interest rates). Search the internet for loan amortization spreadsheets and plug in the numbers. Then plug in extra payments and you'll see just how much you can save.
good thing you traded that
bradboyd80
Member
- :
- '12 Velocity Red MS3
There are a ton of variables that play into what you are looking for. Loan payments will depend on how much you put down, your parents credit rating, type of bank you go through (credit unions tend to give better interest rates...at least in my experience), etc; insurance will depend on your age, sex, location, and driving history, and how long you've been driving (some people dont get their license right at 16). Its really hard to give you an idea of what you will pay as your conditions could be extremely different than anyone else in here. I'd hate to tell you I make $300 payments, and then you find out the best you can get is $400/mo. If you want a real idea of what to pay, try going to www.edmunds.com, then click on the auto loans tab, then you'll see a link for a loan calculator. i love using edmunds because it automatically calculates sales tax, tags, title, etc. So it gives you a very close estimate. Then, as its already been mentioned, simply call your insurance agency, give them the vin for the car you want and voila, they give you the 6 month premium amount.
Traded in a POS 08' Corolla S that had been a loaner car that I owed 25k on(looong story
Ouch....
i agree but we gotta learn the hard way!!!
after refinancing my payment went down to 503!
7
79535
/me jealous of everyone with down payments. I wish I had waited to buy a new car until I had saved some cash up. Thats what happens when a 22 year old gets out of college and starts making money.... It's only $600/month.... That mindset has changed drastically lol.
slashsnake
Member
5k down, 2k trade in on an 01 grand am with 100k miles. 4.4% interest, paying $300 a month for 5 years for my 2010. Insurance for switching from the grand am to the MS3 went up 18 bucks every 6 months (no tickets in over 10 years, 1 warning my 2nd day with the car...lol)
