BlueMAB1914

First time poster in these forms so please don't be too harsh on me, hehe. I was wondering if expecting to pay 400.00/ mo financing a fully loaded rx-8 (AT, GT, nav, 6 cd in dash changer, appearance, rotary accent, spare, and rear wing) at 6.5% interest rate, $2,000 down, trading in a Mitsubishi Eclipse (98 at the time I trade it in estimating 46,000 miles or less on it) so expecting approx $5k trade in value. Just in you guys opinion, you think I'm being unrealistic in a $400.00/ mo payment, on a 72 month loan? After all the wheelings and dealings of course. Thanks for any responses!

superrx8

sounds like a terrible deal to me w/out much thoughts into it,
why don't you start by posting in the right forum

72 months?? way too long, if you have to stretch it that long, i recommend you get a honda civic or something within your means, it's sad to watch someone spend all their money on a car

Architech

Well... I'm payin about $475, 72 months, 6%, basic model, no trade, nothin down! So yeah, that sounds about right to me! By the way, just because it's being financed, doesn't mean it's out of your means.

"Why make the money... If you can't spend it, do what you want, it's your money right... If not, that's even better!"
- I. C. Owen

starzen1

Well it is quite easy to calculate that

as an example lets say 32000 including tax tag title and everyting (number is not from your actual car just some number)

that would be 25000 to finance after 2K cash and 5K trade in which would come to 420 at 6.5%

But ....

first off 6.5% what are you smoking ?

You can finance this at 4.45% for 60 months and only pay about 465 a month

The difference in total cost for your car would be 34,931 instead of 37,258 a savings of 2300 over the full loan.

Now one word of advice. If you are tight with $400 a month make sure you r calculations come in lower than that. There is no point in overextending your credit for a car.

Make sure you really get the money for the trade in.

Get the loan before you go to the dealershop from E-Loan or some other place like that.

Make sure to get a good price on the car (about 1K under invoice should be easy).

Dont buy any useless accessories or warranties from dealerships and dont pay any weird dealer fees

check and read http://www.carbuyingtips.com

And again. Dont buy something you cant easily afford.

Mike

Vertigo-1

iTrader: (3)

I was wondering...in situations like this where you're making payments, what happens if you end up not being able to afford the payments say, in two years, and have to trade in the car for something cheaper? Is this even possible when the payments haven't been completed yet? I have a somewhat similar setup, car was about $31,000, $22,000 downpayment, paying $200 or so a month for 4 years.

What's scaring me is the gas mileage...I can afford it for now but who knows in two years or so. Premium gas is $2.54 out here in Hawaii, and I've just about had to fill it once a week, sometimes twice. Yeah I knew it was bad, but not until I started seeing that needle drop like a ton of bricks every 5 minutes or so did I really realize what I got myself into.

BlueMAB1914

superrx8:

1st off, you have no idea what my situation is so I'd appreciate it if you didn't assume stupid things. I'm just trying to get a rough estimate, and that is on the "worst case" scenario end. I know what my financial situation is and I'm not stupid enough to sink all of my money into a vehicle and have to struggle with everything else. I stated I was new to this board so one would probably guess that I am not familiar with where everything, topic wise, is so excuse the hell out of me if it's not in the right spot. I have no "deal" as you put it on the table or anything like that, I just want to gauge what I can expect. I'm asking this question because I've trolled the boards a bit and noticed a lot of people who seem like they know a thing or two about car buying. I on the other hand, am not so "seasoned" at it so figured I'd ask. I can figure the amount with all of the up front costs, but as a novice car buyer, I know there are these "hidden fees" that exist, but I have no idea what to expect to pay including those. You want to be an ******* to me for asking a simple question that was apparently in the wrong section, you can go screw yourself. I don't need your input, but was merely asking those out there who wouldn't mind giving their insight. Thanks for the constructive replies to this point.

Elara

I'd guess that'd be just about right, actually. You're looking at probably around $29-30k total, with tax/title/tags (I'm guessing you'll get an '04 which are going pretty cheap now), with a $7k down payment. At 72 months for a 6.5% APR, you're looking at around $379 a month. BUT, with that said, I think you can find a lower rate, say around 5%, which would put you at around $431 for a 60 month loan. That would be a better option.

jtimbck2

There's a really good auto loan calculator at http://www.capitaloneautofinance.com...r/Default.aspx that lets you do all kinds of "what-ifs" like you're describing. (Plus they have some pretty good interest rates too, if you decide to apply there).

superrx8

with that kind of response, my assumptions about you is on the money
it doesn't take rocket science to figure out a straight loan and the interest rate

VikingDJ

Welcome to the forum. Looks like the usual slashing most people take when asking a question like this. Just ignore it. Anyway, it will indeed come down to the price you can get for car including tax, tags, ect. Once you figure out that total price, you can then begin your mark downs. If I were you, I'd go to dealer with your game face on, and DO NOT tell them $400 a month is most you are willing to pay right away. Negiotate price of car with trade in and $2k down. When they throw the number out there, then get that game face on, and make them believe you will walk if the price is not to your liking. they'll keep coming back and forth trust me. It will all depend on how you react, and how well you can bluff. The only potential problem you may have is that a 6 year loan is always a higher interest rate then a 5 year. Keep that in mind. On a loan of this quantity, it could be tough to get a great rate. It will all depend on your credit, but dealers for the most part are desparate to get rid of these cars, so stay strong, and let them know this is not a done deal, so they will strive to give you the best possible deal that allows. Good luck!!

superrx8

i think the op did more slashing then a snide comment i made, only reason i made the snide comment b/c everything he asked can be done in a simple search or found at every single car websites out there, everything everyone has said is in every single car buying tips that is easily found by putting in a simple keyword in google or any search engine, i rather take it offensive the op comes on asking for help and calls me name for probably hitting the right nerve on him for not having the means to afford this car, sometimes reality bites, but that is my advice, when i hear 72 month loan, something obviously wrong, if you trolled the board a bit as you said, you should know proper ettiquette on posting, please stop with the lies if you want to be helped

bmcc49er

Do not mention you have a trade-in until you get the absolute bottom price for the car in writing. Once you get that leave and come back with a I thought it over and would like to trade this vehicle in. If they give you what you want for the trade-in that is subtracted directly from the price they quoted you. No hidden fees, etc. just a bottom price period. If you discuss trade-in while looking for best price they can screw you up pretty quick. Also, very important to come in preaprroved elsewhere. Then you tell them I will give you the opportunity to make some more money by financing me if you can beat this rate. If not, no worries, I will take care of the financing myself. You come in loaded with knowledge, do not discuss the payment you can afford, only the price of the car and they will deal with you straight. If you go in looking for a payment duck!!!!

superrx8

BlueMab, thanks for sharing your thought privately with me

Bluemab1914 said
but instead of wasting your time in sending hate mail to someone, in that time short time, you could get over your laziness and find the answers yourself to your own question, and i haven't a clue to what you just said or meant, here's a start for you, edmunds, kbb, cars.com, google.com, yahoo.com, altavista.com, rx8club.com (search button on here)

VikingDJ

Oh good lord. If you are just courteous from beginning you can avoid this mess. Criticism is unavoidable, so the best thing you can do is try and ignore it, and focus on the people who are willing to help answer your question without giving offensive advice, or mocking your post. It's human nature for many people to throw in their two cents instead of actually answering question first or at all, as it is human nature to get offended. I hope you got something out of this post besides an argument. Best of luck to ya!!

Speed-ER doc

While not a forum expert myself, I thought proper etiquette on posting did not include posting someone's PM to you.

To the originator of the thread, good luck with your deal.

Elara

Okay, that's enough. There was no reason for any of this to get out of hand like it has. Superrx8, if you don't have anything nice to say, don't say it at all. you DID start this by making an assumption you had no reason to make.

jtimbck2

I echo Elara's comments. And for the record, it is considered very bad ettiquete to post private messages in a public forum without first getting the sender's permission.

superrx8

ok i apologize for making an assumption someone taking out a 72 month loan at 6.5% rate is probably unable to afford the car, yeah right, and at high interest rate probably means not so excellent credit history
if he claims to make a lot of money, but has tons of other debts, then it's still that this isn't within his means, my reply was critical, but it was within what he wanted to know even if he didn't want to, and to further answer his question, you can take any loan to make it $400/mo by simply putting more downpayment obviously

i don't post pm if it's something private and meaningful, but if you going to send hate mail, you get no respect and proper etiquette

BlueMAB1914

Ok, I sent a PM to you because I wasn't trying to make thing into a pissing contest involving everyone. Etiquette is thrown out the window when some ******* starts attacking me for no good reason. I told you I am really new at the car buying thing, so that is why I came here to ask a simple question. Not that it is any of your business but I am making 50K+ a year, and have not purchased a car for myself but am venturing to do so at this time. Like I stated, I'm using "worst case scenario" type figures, and recall someone mentioning, "estimate high", hence the figures thrown out. My biggest reason for asking this question was for something I mentioned previously, the "hidden fees" I know I've heard people refer to. I don't kbnow what the hell that intells, so was more than anything trying to get an idea how much that would possibly add. I've not even gone to a dealer yet or spoken to one for that matter about anything, so for you to assume the stuff that you have is very ignorant. I don't plan to respond to anything else you say, but for you to try and talk crap about someone that you know nothing about says a lot about you and the fact you probably need to go get a woman or something. thanks again for the people who have responded with helpful input.

ayap888

If your credit score is above 700, you should get 2.9% ... that's what my dealer offered.

superrx8

why don't u go read my first reply back, it wasn't an attack, you took it as an attack
i stand by what i said, if u have to take a loan out for 72 months and at 6.5%(meaning low credit score) for a car, i don't care how much you make nor care to know anything further then that simple fact you are looking at getting a 72 month loan only means your cash flow is tight, i gave you the best possible advice

you want us to plug in numbers into a calculator and do scenarios for you? why don't you go back and read everything again, you seem to be the one getting offended and doing the attack

BlueMAB1914

I'm not LOOKING for a 72 mo loan. As I've said before, I don't know much about car buying. I thought standard car loans for BRAND NEW vehicles was defaulted to 72 months. If you don't know something, you ask, which is what I was merely doing. If it wouldn't benefit me to do a 72 month loan, then I'd do shorter if I knew what the negative aspects of it were, which I'll look into. I don't care what you're saying, but any normal human being would instinctively respond to some jerk talking crap about them, espcecially when they don't know what they're talking about. Lastly, when did I ever ask anyone to go in a calculate anything for me? I kinda recall asking if it was being unrealistic to think the payment would be around that amount, so you can shut your mouth

superrx8

you must be under 18, no further comment from me, congrats that you can pull 50k+ a year under 18, i keep quiet from now on, on a side note, if you want to find the nearest jerk, don't look at me a random stranger on the net just giving some input, just look in the mirror

BlueMAB1914

Ahhh, so I'm the jerk for defending myself..... I'm sorry

Mazdax605

Go to www.edmunds.com and use their vast knowledge of car buying.It is invaluable.I would even look into leasing one if you can.They(read Mazda) is offering great incentives on them right now.That is what I did,at 2 years and 12k a year my payments are at a very mangable $300 a month with all taxes included.Also look into getting the book put out by Edmunds called strategies for car buyers(i think that is what it is called).I got a copy used from amazon.com,and it has been invaluable as well.Good luck in your dealings,and maybe calm down a bit this is a friendly forum.That goes for everyone here not just the original poster.