Calculating Car Payments
- Thread starter URDONE
- Start date
Blown 318 is correct, it depends on how much you are financing, how long you are financing it for and at what interest rate.
Hop onto google and type in auto payment calculator, there are a ton out there that make it real easy for you. OR you can call your bank and get pre-approved for a loan so you will know EXACTLY what you will be getting.
-Mike
Hop onto google and type in auto payment calculator, there are a ton out there that make it real easy for you. OR you can call your bank and get pre-approved for a loan so you will know EXACTLY what you will be getting.
-Mike
cobraracer46
Banned
I've always been a fan of the 100% down payment, one time payment also known as paying cash. Why put your hard earned money every month into an asset like a car that goes down the toilet in value? 
oke:
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cobraracer46 said:I've always been a fan of the 100% down payment, one time payment also known as paying cash. Why put your hard earned money every month into an asset like a car that goes down the toilet in value?
:uh oh: Thanks not the American way, how dare you say such things.
If I had $30K, I would put it all down and not worry about it anymore. But more many of us, thats not the case. I know about all the payment calculators, but wasn't sure how accurate they are. I also know that EVERYTHING is based on your credit score, I just thought that there was some sort of forumula to try and figure payments out. Of course I would change the variables to see what my payment could be a different interest rates.
The way I always did it was (If you have decent credit)....
For every $10k the car is, your payment is $200 on a 4yr note.
For a better example, I financed my $26k car for 3-4% for 48 months and my payments are $484 a month.
Your interest rates won't alter your payments all that much. You may have a few extra payments here or there depending on the rate you get. It'll just put more on the bottom line.
For every $10k the car is, your payment is $200 on a 4yr note.
For a better example, I financed my $26k car for 3-4% for 48 months and my payments are $484 a month.
Your interest rates won't alter your payments all that much. You may have a few extra payments here or there depending on the rate you get. It'll just put more on the bottom line.
Lets say I call up a bank and look to get pre approved for a loan. I understand that they have to pull my credit and so forth, but I decide that I don't want the loan for whatever reason. Does that effect my credit score?
URDONE said:
It may or may not, it will basically show up as an "Inquiry". But it will not hurt it enough to keep you from getting as good of a rate as you would have, and in a few month's it will be fine a gain. A few points, no more, and sometimes it may do nothing to the score. I just checked mine, and I have a 796
Damn it is nice to have the cards paid off.Rdnckhoops
New Member
I have a Excel financial calc. that you can have if you want it. I made it myself and is 100% accurate. Does amortization schedules and everything. Just plug in the total amount financed, interest rate, and years financed and whala.
You will just need to change the rates/amounts in the correct columns, and it will calculate everything out to the year. It will show you the total principle, and interest paid. You can also adjust the amount that you pay every month incase you make more than the monthly minimum payment, and it will recalculate your overall interest. Very handy tool.
Rdnckhoops
New Member
That spreadsheet will make you sick if you look at the total interest paid on a $180,000 home for 15 yrs. at 4.9% interest. What is it like 70 some thousand dollars :xpl:
Rdnckhoops
New Member
URDONE said:
Your very welcome.
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