Just trying to make the best decision amongst some mediocre choices.
Donât spend dollars to save pennies.
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OP is saying they are not gonna keep the loan to maturity, so math changes a bit.
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Agreed, however i am planning on keeping no longer than past the warranty 05/2023
Not really, still lowers the monthly payment.
If he can get a 3.3 % Loan on a 72 month term (credit Union maybe?) then heâll shave 1k off the total amount paid. It should be about 17 dollars less a month than just 9 or so to save the 500 from the CPO rebate.
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Youâve been procrastinating on this for over 6 months. Whatever you sign is entirely on you. Donât be so lazy next time and you wonât end up sitting in a dealership stressed out, forcing yourself to sign a mediocre deal.
Are they forcing you to put the 2k down on the 60 month term? 60 months is almost always better because youâre spending less on interest and more towards principal. Canât you just do 0 out the door for the 60 month term? Should add about 35 dollars a month to the payment.
your not wrong
I can do 60 months zero down, the price would be about 560/month vs 520 with 2000 down
60 months with nothing down is better than 72 months with nothing down. Just set your 2k in your bank account and pull 35 dollars from it every month and add it to your planned monthly payment.
This is your best option if youâre not willing to rate shop.
Thatâs my advice and Iâm sticking to it, haha.
lol, appreciate the input
Nowhere near that. For one year, difference in payments is approx $150 (numbers are approximate, but should be within right ballpark unless my copypaste is screwed)
What is the breakdown of all the fees?
I donât want to sound mean, but if you are not ready to take advice from folks telling you to leave the dealership before making a decision, there is not much else to say.
I know this info might be irrelevant, but what type of deal did you get on the car you are looking to finance?
fees are
500 rebate
selling price 27,916
dealer fee 899
tag 250 tax 1800
I would love to walk out of here, but i need a car and i have been set on keeping my car, im just getting to a part where i dont have as much experience as leasing so just looking for feedback from those who have been in this position before.
original deal? its a 48k 330 msport i paid zero down and 400 a month, similar car today is over 650
my plan was to keep my current car, paying about 100 a month more and drive it for another year and then move on.
biggest fear is being under but it is what it is.
Time to sign and go for a drive. Enjoy your weekend everyone.
Recheck your numbers, I just used a Loan calculator and itâs about a 1k difference.
Naturally the rate for 60 months will always be the same or less than 72 months, so the answer is always the shorter term if you are worried about being upside down. OPâs question also wasnât about BYO financing, just the choice between two options.
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If itâs me I will go with option A. No down payments and less monthly payments. Since you planning to keep for 12 to 15 months more I wonât pay for CPO. I am quiet sure the used car market will be same as today and you can make money on this car if you decide to sell.
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Appreciate that, and that is what i am most concerned about, i am leaning towards the 60months. just trying to figure out what to put down, zero, 1 thousand or 2thousand
i estimate the loan balance to be around 24,500 after the first year if i did a 60 month, 1k down
If money burns a hole in your pocket (like me), then you are better off putting the $2k down up front. If you can put that $2k in savings or stock and let it sit for a year or two, then that is the better choice. It is a difference of about $60 in interest between $0 down and $2000 down over a year. Auto Loan Payment Calculator with Amortization Schedule
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I do have some money, if i was good in the stock market this wouldnt be a question lol