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Silly Chilly | Question about financing a car? |
If I get a car loan for 20,000 at 9.04% for 72 months is this really bad? How much more in the end will I pay with the interest then?
thanks |
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SPIFIMAN1
 |
Auto finance is what I do for a living and you will pay $6,082.72 in interest over the life of the loan and 9.04% is not high really interest rates depend on 10 different things. |
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Jay S
|
For a used car, that rate is sort of middle of the road, maybe a tad high. Poor credit gets in the 14% range. Good credit 5-6%, if you use a credit union.
Your terms
Payment $360.91
Total paid: 25,985.37
If I were advising you, I would recommend finding a reliable car in the $7000 range. Mazda, Honda, Toyo, etc. Finance for no more than 3 years. Pay that car off, never be late and your credit score will be better later. Then you can get a better car at a lower rate. If you're gonna pay a high rate, better on a low amount.
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Daygirl
|
You'll pay $25,985 over the life of the loan |
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Tonya S
 |
I think that it would end up being like 25,000 or 26,000 if you talk to the Finance Company, they should tell the end amount that you are paying. But I recently found out that if you pay $ 20 dollars more a month than the payment is then you would save thousands on the interest. That would also help your credit score. |
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Corrine E
 |
Silly Chilly, Get a free online auto loan quote. http://www.americaschoicetoday.com/Auto-Loans.html The automated questionaire will give you results based on your credit and financial situation. It's free and you can get an answer in minutes. |
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Humaira H
|
No, its normal for a 72 months loan. The default is 60 months or 5 years but once you increase that period the interest rate will increase due to increase in length of time. Even you have an excellent credit you are still likely to get a rate close to 9.04% so don't panic. try to get 5 years and if the payments are too high and you want to do 6 years then do so but remember you can always refinance a car loan after 6 months if you see later that you can afford a little higher payment. |
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roei914
 |
To me that sounds a bit high. My car loan is much lower. Shop around. Also, it also depends on your credit score. The lower it is, the higher the interest rate will be. |
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hottotrot1_usa
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The 9.04% sounds high. Is that the best you can get? |
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maxmom56
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That's a fairly high interest rate for a car loan. |
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