First Payment

[jhblaze1]

Just made my first payment....man it's all fun and games until it's time to actually pay for the thing. Good lord this is the biggest car payment I've ever had.

Only 59 payments to go until it's mine lol

Time to start squirreling money away to save up a massive down payment on a 5er or TT.

 

[Chris21667]

Just made my first payment....man it's all fun and games until it's time to actually pay for the thing. Good lord this is the biggest car payment I've ever had.

Only 59 payments to go until it's mine lol

Time to start squirreling money away to save up a massive down payment on a 5er or TT.

I did 96 month to get a low rate and cheap payment and I pay extra on the loan to pay it down quicker

 

[coachhomer]

I did 96 month to get a low rate and cheap payment and I pay extra on the loan to pay it down quicker

? I’ve never seen a longer term equate to a lower rate. Banks want their money. That’s why shorter terms get you a better rate. You got a lower rate on a longer term? I want that bank.

 

[Loshad]

Well, if you're disciplined in making bigger payments, as in double every month, the 96 month plan could pay off. YMMV

 

[Chris21667]

Yea there was a special offer for loans over a certain amount and I am military and had a 775 score was a 2.9 % where the 72 months was 4%.. it it's much but $700 a month payment was easier to pay and have extra room to be more flexible but I pay $1000 a month .. but I don't have to

 

[Chris21667]

Also I was trying to get a piece of land and was told I don't have enough credit history... I am 26 with 6 years of credit history and they declined my land loan ... So I am getting my self some history for sure but I have never had a car loan more then 2 years ... I always pay too much and too early

 

[Loshad]

Well, you better make bigger payments or you will pay more in the long run.
Here's a calculator to do your homework...
You can play with the added monthly payments by putting them into the balloon field. That won't be accurate because it is at the end but it will give you some idea. It will be more accurate to try figuring how much extra you can add monthly and then averaging that out to decrease the overall length.

Car Loan Payoff Calculator

Instantly work out your monthly repayment figures for a car or vehicle loan with this finance calculator tool

www.thecalculatorsite.com

 

[jhblaze1]

Well, you better make bigger payments or you will pay more in the long run.
Here's a calculator to do your homework...
You can play with the added monthly payments by putting them into the balloon field. That won't be accurate because it is at the end but it will give you some idea. It will be more accurate to try figuring how much extra you can add monthly and then averaging that out to decrease the overall length.

Car Loan Payoff Calculator

Instantly work out your monthly repayment figures for a car or vehicle loan with this finance calculator tool

www.thecalculatorsite.com

built something similar in excel. tired to share it here but apparently the software doesn't allow excel files. if anyone wants it just PM me and I'll email to you.

Kind of have to manually add in extra payments but just add a negative value to the end of the formula in the "PRIN" column.

I use this whenever planning to finance something to get a good sense of my payments before I go shopping. Works for mortgages too, just update the number of years, rate, and original principal.

 

[plethoragreen]

You're nerdy like me! I build spreadsheets for everything. I don't trust other calculators for anything I want to make sure the numbers are correct! Make my own mortgage/loan calculators.

 

[richtor]

Well, you better make bigger payments or you will pay more in the long run.
Here's a calculator to do your homework...
You can play with the added monthly payments by putting them into the balloon field. That won't be accurate because it is at the end but it will give you some idea. It will be more accurate to try figuring how much extra you can add monthly and then averaging that out to decrease the overall length.

Car Loan Payoff Calculator

Instantly work out your monthly repayment figures for a car or vehicle loan with this finance calculator tool

www.thecalculatorsite.com

For the numbers he quoted this is not correct but it’s close.
8 yr at 2.9 with 57.5k is 702 and 9.9k total interest.
6 yr at 4 with 57.5k is 941 and nearly 10.3k in total interest.

Typically interest does not get less with longer loans, which indeed you would be right.
My loan is 7 yrs at 3.09. Stupid cheap to borrow today. Now the ttl fees(10% in ca, meaning over 7k in fees on a 70k truck) plus depreciation still makes vehicles very expensive!

 

[Loshad]

"8 yr at 2.9 with 57.5k is 702 and 9.9k total interest."
I get 672/month and 6997 total interest.

"6 yr at 4 with 57.5k is 941 and nearly 10.3k in total interest."
I come with 900/month and 7271 total interest.

 

[davidb1841]

Just made my first payment....man it's all fun and games until it's time to actually pay for the thing. Good lord this is the biggest car payment I've ever had.

Only 59 payments to go until it's mine lol

Time to start squirreling money away to save up a massive down payment on a 5er or TT.

Yea my mortgage broker almost choked when she saw the Tremor payment!

 

[VB!]

My loan is 7 yrs at 3.09. Stupid cheap to barrow today. Now the ttl fees(10% in ca, meaning over 7k in fees on a 70k truck) plus depreciation still makes vehicles very expensive!

Yes money is stupid cheap today I got offered 2.74% for 72 months and 2.95% for 84 months. I took the longer term, lowered my down payment for money that cheap and just covered the taxes and fees.

 

[Loshad]

If you do a 'build' on ford.com the only rate shown is 5% regardless of the loan period. Is that just to scare you off?

 

[BBALL999]

Yes money is stupid cheap today I got offered 2.74% for 72 months and 2.95% for 84 months. I took the longer term, lowered my down payment for money that cheap and just covered the taxes and fees.

If you are ex military the Navy Fed Credit Union is offering 2.29% for 72 months

 

[Londerko]

I talked to my credit union yesterday and they offered me 2.74% for up to 84 months. My ordered truck is being shipped right now. So I got a couple weeks yet.
They also told me that if Ford was offering big incentives to finance with them, to take the cash off deal from ford but then turn arround and refinance with the credit union immediately, because Ford will be nowhere near the interest rate they are offering.

 

[Loshad]

I have a bigger stick: Gimme 3% or less or I'll write a check!

 

[Dissident]

I'm at 65 months 2%

i only financed 1/2 of the truck

 

[ScottK]

Also I was trying to get a piece of land and was told I don't have enough credit history... I am 26 with 6 years of credit history and they declined my land loan ... So I am getting my self some history for sure but I have never had a car loan more then 2 years ... I always pay too much and too early

Don't pay early unless you are paying off, while trying to build credit.

 

[coachhomer]

Yea there was a special offer for loans over a certain amount and I am military and had a 775 score was a 2.9 % where the 72 months was 4%.. it it's much but $700 a month payment was easier to pay and have extra room to be more flexible but I pay $1000 a month .. but I don't have to

Nice job! And Thank you for your service!!