rkid001

Hello all, well it looks like i am going to buy a new Mazda rx8 now as I do not like dealing with used car salesman and had a bad experience with one last night who tried to rip me off completely.

I was just wondering if any of you could tell me what your finance was on your car.

ie what you pay per month
balloon amount
term of loan

I would go to the bank/dealers to try and sort something out but I would try and get it off here as I will not be ready to buy for a few months yet.

Any of your help would be appreciated.

EZZY

which state are you in?

rkid001

Wa

EZZY

dont think we have too many WA ppl here.
check the colour map thread and PM those ppl from WA for further help maybe?
the price will differ between eastern & western states.

thisllub

Balloons and terms are personal preferences.
I am using Suncorp commercial hire purchase and the interest rate is about 8.3% over 5 years.
Monthly payments are simple to work out roughly
Divide the purchase price by the number of months and add one sixth the purchase price times the interest rate .

A balloon can be useful if you want to keep your monthly payments down and want to sell or refinance the vehicle at the end of the period.
Leasing has GST implications that can be complicated.

If in doubt talk to your accountant

capncrunch

I'm with BMW Finance - they are pretty good.

JAT1

i paid cash!

Rotor Convert

I have 3 years finance with rate of 6.2%...got this via a broker friend of mine. Have a $20,000 balloon at the end......pay about $1500 per month in repayments....well work pays...I drive.... Gotta love that package!!!

Good luck and welcome!

Revolver

Other than fuel and oil, nothing.

RIX 8

If you're asset rich you can get a sensational deal, if not good luck.

Watch out for brokers that charge origination fees or brokerage.

Remember - If the deal seems to cheap, theres usually a catch.

Compare payments (including monthly account fees), and total payable, not rate; rate doesn't mean *****, eg there's a comparison rate, reference rate APR, margin rate, flat rate etc etc etc.....
....you are a whole lot less likely to get stung comparing payments.

CBFC is excellent, Medfin is unbeatable (but i think you have to be a doctor), Esanda is good if you are asset rich, Macquarie Leasing isn't too bad, although you'll need to compare payments as macquarie mainly deal with brokers and brokers usually charge brokerage.
St George has too many fees, same goes for GE Capital & GMAC anyway do your research and Welcome to the RX8 club

Detrich

actually, u REALLY need to first decide how long u plan to keep the car. (seriously)

if you're not sure, then u should consider leasing (w/ an option to buy), because it's the easiest way to drive a car & then let it go if u end up not liking it.

your finance rate for purchasing really depends on your (1) credit score (FICA) and (2) how much $ u put down and (3) how well u shop around for a new auto loan. typically, credit unions have the best new car finance rates. personally, i'd stay the hell away from any loan with a balloon payment. those are gimmicky loans where u're only paying interest and if you're going to go that route, then u might's well lease, since you'll basically be building little or zero equity in the vehicle over the term of the loan anyways.

the math for your monthly payment is very simple:
(a) put more $ down, pay less per month.
(b) put less $ down, pay more per month.

so, as an example, for a $35k car if u put down $20k and finance $15k at around 5%, expect to pay around $300 per month. the less u put down, the higher than monthly payment figure goes.

there is no tax write-off for car payments unless your vehicle is for direct work-related uses. (ie for delivering goods/ services.) i highly doubt you'll be able to get away with that one on a car like this. but, if u buy the car outright and your state charges sales tax, u may deduct the sales tax paid on the car for that calendar tax year.

hope this helps.