Thwack

hey this is for the older lot of you, especially WIDealer, since you'd all have some experience in this area. since this is my 1st car, and there are so many variables still up in the air about it, i'm hoping you can help me get a better idea of what to expect. I'm expecting to have about 5k saved up for down payment by dec / jan. around where should I expect monthly payments to be? (assuming 28k price, and 5 yr term). what is the usual apr on dealer financing?, it it likely to be higher for the evo alone? (i know it was raised for the wrx). should I go to a bank or credit union for a car loan, or go thru dealer financing? I'm expecting to be paying b/w $450 and $500 monthly... is this completely off, too high, to low, what?

wags528

iTrader: (1)

go to your bank's website and look for a loan amoritization calculator - - type in the principle amount borrowed, the interest rate and the term and it figures your monthly payment

try this website
www.qnb.com

and click on loan amoritization calculator

wags528

iTrader: (1)

i just did a real quick check
if u put 5000 down on a car thats 28000

thats a principle loan amount of 23000
i put in 5.9% interest rate ????don't know if thats what it will be or not, but its in the ballpark range
and 60 payments (5 years-12 months)

came to $443 a month and change . . . . . . . .

Lan Evo

Ok, I don't think you'll be able to walk out of the door with the car for just the MSRP. $28K + tax, destination charge, registeration fee, dealer service fee should roughly be $31-32K (Let's assume NO dealer mark-up). Then subtracting $5000 down. Let's say your loan is $26K with a 7% apr (average), you're looking at $514.83 per month with a 60-month term.

However, since this is your first car, and I assumed that you don't have too much of a credit history, then your rate might be higher

Lan Evo

OH, and dont forget, your insurance payment. First car + EVO = sky high premium

Rasputin

For reference, my ES at 14K and 2K down is 250 a month/60 mo.

freeflyng

If this is your first car, sports car, no credit, + insurance, your probably look'n at an 8 ball a month. 8 bills is a lot for a first car.

My car wuz 16.9k + all the extra BS. Total finances was 19.3k or so + $0 down, on 60 month and I pay $324 + my credit is **** now but that's at 8.9 apr. I pay a combined $96 for two vehicles on my insurance a month. My car only added on $25 a month. Now, with the extra cash I'm saving, I'll dump at leas 3 bills a month into it, until performance and looks satisfaction is reached. That's still only $650 a month. Granted your insurance even for USDM OZ Lancer will probably run you about 2.5 bills, however, instead of paying that extra of couple off bills a month just to make your ******* bigger, I'd rather put it to the cars performance instead of payments and shock the liv'n hell out of peeps when I grope the gas. They balance will outweigh itself in the end. Thinks smart and logically as to what you can afford instead of chasing your immediate satisfaction, thus the drag of high payments...

It'z up to you, if you can afford the Evo, do it....

RaX

If you have no credit history then you'll need your parents to co-sign.

Soleman20

You may find this helpful:

http://www.edmunds.com/edweb/loan/calculator.html

Hooby

MWAHAH!!!!

I'm 21 and have the credit history of a 40 year old businessman....

Car payment, credit card, and 2 cell phone bills a month.....and not one missed payment = me having a VERY high credit score by the time the Evo comes out

Soleman20

Very high score for a 21 year old. Your credit is probably light. The key word is "history". How long have you been paying those bills? Probably no more than a few years. Being young sucks when you want a low APR. It's all about equity, and when your young like us you just don't have much.

Hooby

it's all about the debt to income ratio too...

it doesn't matter if you have an immaculate credit history....if you just bought a house, you can't even buy a cell phone without comin up with a $400 deposit....

The history isn't TOO long, but if I have all the bills paid, and the credit card is low....then I shouldn't have any issues getting a decently low APR

Soleman20

0% APR would be beautiful.

Hooby

ya.... I'd be takin everyone from Mitsu. out fer 's if I got 0% financing

silverkorn

like soleman 20 said they want to see history. paying on time for other things helps too but the big thing is if you paid off a loan. like once your car loan is paid off then your credit will look much better. as for me hell man i got 3 student loans, 3 credit cards and a cell phone, but cell phones dont show up on credit, atleast when i did the free internet credit check it didnt come up.