2007-02-01 08:48:19 · 10 answers · asked by sean_mchugh6 3 in Business & Finance ➔ Personal Finance
thank you everyone
2007-02-01 08:53:27 · update #1
Depends on the term...if you get a five year loan you are looking at under 10k.
2007-02-01 08:51:41 · answer #1 · answered by miztiffany 3 · 0⤊ 0⤋
A simple rule of thumb for this calculation:
4 Year Note: $24/Month for every $1000 financed
5 Year Note: $20/Month for every $1000 financed
So if you take a four year loan for $8000 you will pay $192/Month (close to your $200). Add your $1000 downpayment and you've got a car price of $9,000.
If it's a 5 year note you can finance $10,000 + $1,000 down = $11,000. (Math = $20 x 10k = $200/Month)
Remember this assumes you have decent credit and get a loan for around 8%. If the interest climbs so will your monthly payment (and quickly!).
2007-02-01 17:00:30 · answer #2 · answered by TheBigSquareHead 4 · 0⤊ 0⤋
Depends on how long you are willing to make payments and what the interest rate is.
Even better.. take the $1000 and buy a car with cash... then you can save your 200/month towards your next car, and then move up when you can afford it.
2007-02-01 17:37:03 · answer #3 · answered by Jen G 5 · 0⤊ 0⤋
Roughly a $13,000 car. It doesn't matter if you get a used or new vehicle. For $13K the payment would be the same.
If you get a lease the car can be even more expensive. Don't forget to look into what the insurance will be on your car as well as how much maintenance will cost.
2007-02-01 16:53:35 · answer #4 · answered by MR MONEY 3 · 0⤊ 0⤋
It depends on the lender and how good your credit is. If your credit is decent and you have about 3-5 years to pay it off i would say around 8 thousand.
2007-02-01 16:53:54 · answer #5 · answered by LM 5 · 0⤊ 0⤋
$9K-$11K depending on how long you take the loan out for (4-6 years). Don't forget that you have to figure in tax, title, and license fees. Your downpayment will just cover that.
2007-02-01 16:54:20 · answer #6 · answered by nefit3 3 · 0⤊ 0⤋
I'd say you could get a nice used vehicle at a four year loan for around $6k.
2007-02-01 16:54:37 · answer #7 · answered by Paul V 6 · 0⤊ 0⤋
Buy a $1,000 car with cash, be dept free and get a better car when you have cash saved...
2007-02-01 16:57:16 · answer #8 · answered by bevrossg 6 · 0⤊ 0⤋
if you go to like toyota webside they have calculators that will help you with that
gmac used to have a smart buy option that i used when i bought my first car so i would check that out if i were you.
2007-02-01 16:51:57 · answer #9 · answered by noel22f 3 · 0⤊ 0⤋
Up your down payment to about 1500.00, and you can get one for around 5,000.00
2007-02-01 16:52:31 · answer #10 · answered by Darryl L 4 · 0⤊ 0⤋