A loan guess?

Question

I need a loan to buy the truck that I want. I have a job and will be able to repay the loan through a payment plan. I was just wondering, using an educated guess and disregarding the additional fees, interest, co-signing, and whatnot in this guess, the amount of money I will be able to be loaned while having to only pay $140 or less a month on a four or six year plan.

Answer 1

Take that $140 you're willing to pay every month and put it in savings for 10-12 months. This will give you about $1500. Use that to go buy a beat-up old pick-up with no payment. Keep saving that $140 every month and in another year, you'll be able to trade up (with your old truck and your savings) to a nicer used pickup. Keep saving and in just a few years, you'll have a nice, late model used vehicle with no payments.

Think of it this way - would you be willing to pay $140 per month on that same model truck, but 5 years older? Because that's where you'll be in five years, if you take out a six year loan.

BTW - Never EVER buy a new vehicle - they depreciate much too quickly.

Answer 2

FInd a loan calculator online. There are many free ones to choose from and enter the necessary information. It will tell you how much money you can borrow.

For the most part, a 0% loan requires @ $16.67 per $1,000 borrowed to repay it in a 5 year period. So if you want to borrow $10,000 at 0% interest your minimal payment would be: 10,000 x 16.67 = $166.70 payment. That's with no interest!

I hope you are talking about a "used" truck. If you are buying a new truck, You are not going to get a loan payment that low unless you lease or have a balloon payment. All those ads you see advertised require a large residual payment at the end of the loan peroid.

Answer 3

well 140 x the 6 years which is 72 makes it 72x140=10,080
so that would be the price of the vehicle, but adding the interest and such will get you less to spend on vehicle..also depending on down payment as well, if giving one

Answer 4

5000- 6000 dollar loan
I had 2 loans under 140 and that was the amounts I got.
I was paying 129.92 a month. It also depends on what you pay up front. I paid 1600 down

Go to hhttp://www.kbb.com to find out the value of your car the banks go by that.
.

Answer 5

disregarding other fees your truck could only cost about 7-8,000 but you should also take into consideration that you would be required to have full coverage insurance which would probably be almost as much as your payment

Answer 6

How much are you putting down, it better be a sizeable chunk if you want a payment that low

Answer 7

you better have a hefty down payment for payments to be that low or it an older model vehicle.

Answer 8

bout 10 thou on a 6yr loan (no fees etc)

Answer 9

Great site:

https://www.quickenloans.com/home_equity_loan/home_equity_calculators/amount_borrow_calculator.html?QLS=MLP_trusfeed.0000000155