2007-12-02 07:02:18 · 6 answers · asked by robynstetler 1 in Cars & Transportation ➔ Buying & Selling
I used to sell cars and I'll help you understand how payments work because I used to have customers like you come in every day.
For every $1,000 you finance you will be paying anywhere from $17 to $20 a month in payment. This is just the fact. If you finance a car for 0% interest for 60 months you'll be paying around $13.88 a month per $1,000 financed. I'll break it down for you. In other words, $13.88 x 10 (10 $1,000's).
If you want a $40,000 car (about the price for a hybrid SUV) and the interest rate is 10% for 72 months your payments will be $741 a month ($18.53 per month for every $1,000 you finance). If you finance it for as cheap as 7% your payments will be $682 ($17.05 per month for every $1,000 you finance).
To get $350 payments at today's interest rates (good credit about 7%) you will need to find a vehicle that costs $20,000 or less. And that means you don't add on anything like a warranty and GAP and you pay sales tax and licensing up front as your down payment.
2007-12-02 09:08:43 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Are you set on a hybrid? Are you set on an SUV? Hybrid SUV's are generally more expensive than a regular SUV of the same year, make and model.
Also, you do not say how much you want to spend overall. Your monthly payment will depend on a lot of factors such as the price of the SUV, your credit and whether you have a down payment. You should set these parameters first before you decide on your monthly payment.
You may want to look into a lease take-over. Sometimes folks want out of a lease real bad and just want someone to take it off their hand. That'll likely cost you more than $300/month for your hybrid.
You should consider that if you get a regular SUV or an economical car, your payments can be lower than $300/month and with the cost of gas (if gas is why you want the hybrid) you could be ahead compared to your hybrid scenario.
Good luck.
2007-12-02 15:26:31 · answer #2 · answered by Wil T 3 · 0⤊ 0⤋
Ford Escape----------If the payments are higher than 300 just pay a larger down payment.
2007-12-02 16:00:18 · answer #3 · answered by Scot V 1 · 0⤊ 0⤋
lol , good luck. the average car payment today is 350 to 500 bucks and you want a hybird
2007-12-02 15:17:09 · answer #4 · answered by haroldwsmithjr@att.net 2 · 0⤊ 0⤋
make sure you put down enough for the down payment. and make sure you have a good credit score.
2007-12-02 15:06:07 · answer #5 · answered by (♥_♥) 6 · 0⤊ 0⤋
if your credit is good then you will need to finance approximately $15,000 for 60 months. Good luck.
2007-12-02 15:18:42 · answer #6 · answered by brewdogg_2001 1 · 0⤊ 0⤋