If my parents co-sign and I put down 5-8 thousand on a new or used car
How much would my payments be?
2007-12-19 16:00:44 · 8 answers · asked by Anonymous in Cars & Transportation ➔ Buying & Selling
This of course will depend on what you buy and how much you spend... Many new car company's are offering 0% interest and that will save you 2 or 3 thousand in costs.
2007-12-19 16:08:13 · answer #1 · answered by the_buccaru 5 · 0⤊ 0⤋
Remaining balance x annual rate x years, add the balance to the result, then divide by number of payments, this will get you in the ballpark.
example. 10k x 6% interest = 600 x 5(years)=3000+10000 =13000
13000/60 payments=about 216 on a 10k loan for 5 years.
It'll actually be a little higher because this ex uses simple interest.
Don't forget taxes and insurance.
2007-12-20 00:12:03 · answer #2 · answered by Barcadcadacada 6 · 0⤊ 0⤋
Your money will go further if you finance through a bank, credit union or even insurance company like State Farm.
Be very careful with the co-signing process- it will not improve your credit as lenders will only look at the signer with the higher score in the future and not the person who registers or insures the car. If you have that much to put down I would highly recommend that you finance it yourself at a higher rate so that you can build your own credit. You have a life in front of you and building that score will be key.
God luck!
2007-12-20 05:14:27 · answer #3 · answered by Miss Motor Mouth 4 · 0⤊ 0⤋
In you buy a $24,000 vehicle and put down $8,000 with an interest rate of 10% your monthly payment would be $ 339.95 for 60 months.
In you buy a $24,000 vehicle and put down $8,000 with an interest rate of 10% your monthly payment would be $ 405.80 for 48 months.
Dont forget about the insurance.
2007-12-20 08:33:26 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Pretty sure that you must find every financial clarification at: loandirectory.info-
RE Buying a car, need advice.?
If my parents co-sign and I put down 5-8 thousand on a new or used car
How much would my payments be?
2014-09-04 10:12:57 · answer #5 · answered by Anonymous · 0⤊ 0⤋
that would depend on how much your dream car is ie
my dream car is a 2005 g35 coupe say it costs me 25000 dollars and i put down 5000 dollars on my dream car so 20000 is how much i owe... 20000 divide by 60 months= 333.33 would be my payment
2007-12-20 00:11:53 · answer #6 · answered by Anonymous · 0⤊ 0⤋
depends on how much you can spare a month..
typically people would pay around the 400 mark, but the more you can spare a month, the better
2007-12-20 00:08:42 · answer #7 · answered by tdoan89 3 · 0⤊ 0⤋
go to www.eloan.com and use one of their financial calculators. it does all the math for you.
2007-12-20 03:28:35 · answer #8 · answered by autiger3313 2 · 0⤊ 0⤋