How much would my car payment be?

Question

I am upside down in a car and I owe 28,000 for it. In Kelly blue book I can get 17,000 for it. I also own a car which Kelly Blue Books at 3,500. I want to buy a car that is 24,000. My credit isn't great but not bad. I live in NC if that matters. Could someone give me an approximate car payment with the trade in and the negative equity and assume an interest rate? (whatever may be considered for a person with credit in the high 600's w/ no deliquent payments.)

Answer 1

If they give you $20,500 on both cars, and you finance the neg equity and the purchase price ($31,500), at a 5% rate for 72 months your payment would be about $507.00 a month.

At 60 months it would be almost $600 a month.

Answer 2

Unlikely a dealer will take 2 cars in trade.

Let's say you sell the $3500 car on craigslist or something. So you have $3500 cash.

The dealer would finance the $11000 (difference between the loan and value of $28000 car) and they would add the 24000 to that for a total of 35000 - 3500 = $31,500 that you need to borrow.

At 7.46% interest rate over 60 months your payments would be ~$630/month.

Cars.com has a payment calculator - you can play with the numbers all you want.

Answer 3

According to my information, NC has a 3% sales tax rate. That sounds too low to me, but i'll use that in my figures anyway.

60 months at 7.99 = 640.94
72 months at 7.99 = 554.20

This assumes no money down. Using both trades, at the numbers you provided, and paying off one car.

24000
-20500(trades)
=3500
x3% (tax)
=3605
+28000(payoff)
=31605 amount financed.

Answer 4

Your negative equity is too high. No bank is going to finance a car for $11000 more than it is worth.

Answer 5

i'd say your new payment will be about $600 a month... don't listen to the guy that said they won't take two trade in's... i've seen it done before.... good luck!! =)

Answer 6

Can't you use your computer to work this problem out? It is a spreadsheet in Excel. Just put in the numbers. (Amortization table)