mst1969 said:Very simple, most plans are for 5 years.....so unless you get 0% interest rates, you can figure right around $20 per $1000 borrowed, and in most cases that'll be almost right on, and thats after taxes, etc....
66Satellite said:Yep, and there's that old line, "if you have to ask, you can't afford it..."
Punchy said:As a tip if you do end up at a dealership ready to purchase, DO NOT negotiate according to the monthly payment. Always negotiate on the total price of the car and figure your monthly payment out from there. Run the numbers through a payment calculator such as the one mentioned above. (I like to use the one on edmunds) The cost of the car can skyrocket very quickly if you don't have a strong grasp on what you are doing.
For instance if you are negotiating on monthly payment price consider this. You and your dealer are close to meeting on a price. He is pushing you for a little extra. "What is an extra $15/mo." he may ask. Say hypothetically you are financing your car at 0% interest over 60 months. That extra $15 just added $900 to the price of the car. Don't like that, lets go the other way with it. "Good news, I just found out we can get you into this car for $30 less per month." (What he isn't telling you is that he has upped the term of the loan from 60 months to 72 months) Now, even though you are paying less per month, on a $25,000 car you are now paying an extra $2840.
DaTT(1sK) said:I'm a Strong disbeliever in that line.
66Satellite said:Are you carrying a lot of debt?
kizersoze said:Great points here. Also remember that if talk monthly payments with you then they will tell you they can get it way down, and they can, but, you'll face a rather large balloon payment at the end of the loan...this is a big NO NO and can really hurt.
What I would suggest doing is look at your budget and determine what kind of monthly payment you can afford. Lets say hypothetically 300 a month....thats puts your loan at about 16K for a 60month at 4.5%. So lets say your walk out price on the Stang was around 27000 (by walk out i'm including TTL).....this would leave you to come up with about 10K in tradein and down payment to get your 300 a month payment.
If you do a full finance then obviously the monthly is gonna go up, probably around 500 i would imagine.
The best thing to do is figure out what monthly you can afford, then goto one of the auto loan calculators on the net that allow you to enter your monthly and pay term & percent and it will tell you what the finance would be...kinda reverse engineering your monthly.
Lastly, you probably need to identify what the difference is going to be on your insurance as well and figure that into your budget. Sounds like a lot to do but in the end it will give you the best idea.
Also, if you use excel there are excel templates on the microsoft templates site that you can use to see your monthly payments and it will also create the amortization sheet for you.
Good luck.
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