I know some loans have specific purposes and depending on the purpose = the monthly payment... but i was wondering if theres a way to get $20,000 and pay around $300 amonth back.... ANy thoughts...?
2006-12-06 05:11:32 · 5 answers · asked by Richard A 1 in Cars & Transportation ➔ Buying & Selling
to buy a 2004 honda.....
2006-12-06 05:11:48 · update #1
Its possible but VERY unlikely...
If you were financing exactly 20,000 (including all taxes, etc) and you went for 72 months at 6%. Your payments would be $331.46.
6% is remotely possible on a used vehicle loan, and possibly 72 months would be available....but not really recommended.
The most plausible scenario is to go 66 months...MAYBE get 5.5% and have payments around $351.
(For comparisons sake....if you were go buy a NEW 06, and get the manufacturers promoted 0% interest for up to 72 months..you could spend as much as 21,600.)
2006-12-06 05:21:07 · answer #1 · answered by glenspot 3 · 0⤊ 0⤋
This is going to depend on the interest rate of the loan which depends on your credit score. I would check with smaller banks or credit unions which seem to be more flexible.
2006-12-06 05:56:58 · answer #2 · answered by niknac 2 · 0⤊ 0⤋
depending on your credit score?you can get this type of loan thru a car dealership,you are spending 20,000 on a honda car? what type?
2006-12-06 05:15:09 · answer #3 · answered by J.B.1972 6 · 0⤊ 0⤋
Capital One offers good rates on used car loans. Go online and submit app. If you have really good credit it could be possible.
2006-12-06 07:54:35 · answer #4 · answered by Eric B 2 · 0⤊ 0⤋
If you own a house and have about $100,000 in equity in the property, then you get a home equity loan, otherwise there is NO WAY.
2006-12-06 05:17:58 · answer #5 · answered by rex_rrracefab 6 · 0⤊ 0⤋