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re: Anyone with big car notes, check in...

Posted on 8/2/14 at 9:29 pm to
Posted by 911Moto
Member since Sep 2013
5491 posts
Posted on 8/2/14 at 9:29 pm to
$850/mo. on my 911.
Posted by lsu xman
Member since Oct 2006
16685 posts
Posted on 8/2/14 at 9:30 pm to
Here's a sample:

$50K car with TTL.
20K down
30K loan amount

3.0% interest
5yr loan term $539/month
4yr loan term $664/month
Posted by lsu xman
Member since Oct 2006
16685 posts
Posted on 8/2/14 at 9:31 pm to
quote:

$850/mo. on my 911


how many years?
Posted by Johnny3tears
Somewhere in La
Member since Jan 2012
2822 posts
Posted on 8/2/14 at 9:33 pm to
My car note is 400 a month and I think that's a lot. frick something more than that
Posted by TheIndulger
Member since Sep 2011
19303 posts
Posted on 8/2/14 at 9:36 pm to
$789, 12%APR, annual salary 58k(before tax, after bonus), age 34with only 2 kids.. Life is good
Posted by BallCoachinFool
Member since Dec 2012
2133 posts
Posted on 8/2/14 at 9:37 pm to
The car payment is what keeps Americans in the middle class.
Posted by N2cars
Close by
Member since Feb 2008
37882 posts
Posted on 8/2/14 at 9:39 pm to



Financing a car almost never makes a lick of sense, even at 0%. Write the check and move on. The absolute worst decision is leasing, but anyone that can do math knows this.


If you can write a check for a new car, financing it to improve your score is meaningless.
Posted by TigerHam85
59-024 Kamehameha Highway
Member since Nov 2009
31493 posts
Posted on 8/2/14 at 9:39 pm to
Posted by Rox
Member since Oct 2010
33333 posts
Posted on 8/2/14 at 9:40 pm to
I'm the same way. I would rather keep my note lower and spend my money on other things.
Posted by southernelite
Houston, TX
Member since Sep 2009
53561 posts
Posted on 8/2/14 at 9:40 pm to
I hope that's a troll.
Posted by Rox
Member since Oct 2010
33333 posts
Posted on 8/2/14 at 9:41 pm to
I don't think it's a 36 month loan.
Posted by mattloc
Alabama
Member since Sep 2012
4464 posts
Posted on 8/2/14 at 9:41 pm to
Got a friend with a new loaded up escalade, he made a passing remark that his payment was over 1300 per month, what a fool if true.....but he is stylin......A true OT'er
Posted by Wally Sparks
Atlanta
Member since Feb 2013
32407 posts
Posted on 8/2/14 at 9:43 pm to
quote:

$850 a month
quote:

Toyota


ETA: Unless it's a 24/36 month deal
This post was edited on 8/2/14 at 9:44 pm
Posted by FishQuiz
Denham Springs
Member since Apr 2011
482 posts
Posted on 8/2/14 at 9:45 pm to
My note is 799 a month. For 60 months at 0.0. Just made the first payment. First note in a while my last Tahoe had 200k miles when I sold it.
Posted by Hogtastic Voyage
Fayetteville
Member since Dec 2010
1357 posts
Posted on 8/2/14 at 9:47 pm to
501
72 months
0%
Posted by DownshiftAndFloorIt
Here
Member since Jan 2011
70922 posts
Posted on 8/2/14 at 9:48 pm to
I'm paying well over $500 a month, but a whole lot is chopping down principal.
Posted by N2cars
Close by
Member since Feb 2008
37882 posts
Posted on 8/2/14 at 9:49 pm to
Meh, that may not be that much relative it his income.


Never, ever finance a car more than 48 months. If you can't afford the car you want at 48 months, move downmarket. Obviously, never lease.

If it's a used car (even a 911) never go more than 36 months. Never finance any used vehicle that is more than 3 years older the newest model year available.

Now we'll wait for all the car salesmen to tell me how wrong I am.
Posted by geauxtigers6492
Admin in Waiting
Member since Jun 2008
3981 posts
Posted on 8/2/14 at 9:51 pm to
I am about to put 10k down on a car and pay about $310 a month. My last note was $250. I pay it over 5 years though.
Posted by N2cars
Close by
Member since Feb 2008
37882 posts
Posted on 8/2/14 at 9:53 pm to
That's a good downstroke. You oughta run the #'s on 48 months..
Posted by foshizzle
Washington DC metro
Member since Mar 2008
40599 posts
Posted on 8/2/14 at 9:54 pm to
quote:

I don't have a big car note because I am not poor. I buy all of my vehicles with cash.


Current rates for the best-qualified borrowers is below the rate of inflation, so a car note is better than paying up-front in cash.

Assuming you can get the same price, that is. That's a different topic though.
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