I am looking at borrowing enough to buy a Volvo S60R (20-30k)within the next year, would it be best to go through a dealership? or a bank? and about how much would the payments be per month?
Thanks!
2007-08-23 09:54:08 · 6 answers · asked by Samantha S. 1 in Cars & Transportation ➔ Buying & Selling
Two things you need to tell us.
1. What is the interest rate you expect to get.
2. How long do you plan to be paying back? 2 years, 3 years, 4 years, 5 years, etc?
People can make what ever monthly payment you want, they will just extend the time you'll be paying it back.
2007-08-23 10:01:41 · answer #1 · answered by hsueh010 7 · 1⤊ 0⤋
depends on how long you want to borrow it for and what interest rate you qualify at. Compare the banks loan rate to what the dealership offers and go with the lower rate. the link below will take you take to you to a loan calculator where you can put in the amount you want to borrow, the length of time you are borrowing it for, the interest rate and it will calculate your loan payment amount
2007-08-23 17:03:53 · answer #2 · answered by smokeydeath2004 4 · 0⤊ 0⤋
Probably would get a better interest rate through a credit union or bank. It completely depends on how much your interest rate will be and how long the length of the loan will be.
You can plug in some numbers to get an idea though...
http://www.banksite.com/calcs/autocalc.html
2007-08-23 17:04:14 · answer #3 · answered by Brn_Eye_Grl 4 · 0⤊ 0⤋
That depends on how long you borrow the money for. I would never recommend anything longer than 24 months due to the declining value of your purchase. At 24 months, your payment would be around $1,000 per month.
2007-08-23 17:14:13 · answer #4 · answered by united9198 7 · 1⤊ 0⤋
Just divide the amount by the number of payments and add about $80 a month interest.
2007-08-23 20:24:10 · answer #5 · answered by Nomadd 7 · 0⤊ 0⤋
i bought a $12,000.00 car with 1 grand down. so i took out a loan for 11k @ 8.5% interest rate I pay 224/month
you also have to know what kind of interest you're going to get from the bank, do you have good/bad credit? good employment history? yada yada yada
2007-08-23 17:01:36 · answer #6 · answered by swingorstrikeout 3 · 0⤊ 0⤋