About how much would I have to pay a month?

Question

Ok so I plan on buying a car that's like 9,000 but how much would it cost a month? I don't really know about that kind of stuff!

Answer 1

Um - the payments above are not correct. It looks like he divided the loan amount by number of months and then added 10%. That is not the way to calculate interest. My auto finance program shows :
A $8500 loan at 10% is 60 months at $180.60 with $2,336.00 in total interest over the five years
A $9000 loan at 10% is 60 @ $191.22 with $2,473.20 in total interest.
Your payment goes up/down around $5 for each percent higher/lower interest
ex. same $9000 loan at 20% is $238.45.
Many banks base the term (number of months) on the year and/or mileage of the vehicle, so since not too many very late model vehicles are in that price range, a $9k vehicle would normally have a 36-48 month term (depends on the car of course) - even though the 60 month is possible depending on credit.
$9k at 10% for 48 months is $228.26, and at 36 months is $290.40
Good luck.

Answer 2

Seeing that you are looking at a car for 9k,i am guessing that the down payment will be small or even none.Lets say you get a flat rate of 10% and your loan is for 5 years/60 months plus a down payment of $500.

9000-500=8500/60 mths=141.67*10%=155.84
Lets try a no down payment if you can get one.
9000/60 mths=150*10%=165.00

use these examples for your own #'s.

Answer 3

Why not get a $1000 car that runs well instead and have the $250 a month to go somewhere?

Answer 4

About $250 per month, depending of course on the amount of deposit you put down and the number of years the loan is to run. My rough calculation is no deposit over five years..............

Answer 5

200.00