|
I am not big on payments unless its at 0% or very low interest so I can invest my money. But I know many do. All depends how long you want to keep the car. So 20k down on 74k deal: In order to get a 1000 payment for 60 months your interest rate needs to be 4.4% or higher. Seams like a high interest rate to me. Take 54k at 2% for 72 months Payment is $796.00. Sell it in two years
Jan. 2016
$796.52 monthly payment
$735.33 payment principle at the 24th month
$61.19 Interest at 24th month. Gets lower every month first payment was $90.00
$1,892.18 Two years in interest or full loan 60 month $3,349.72
$35,979.09 Pay-off in two years.
60 Month at 4.4% based off you stating 1000 per month loan for 54K. Rate to high depends on your credit score. Interest goes to banks pocket
Jan. 2016
$1,004.27 monthly Payment
$880.29 Principle
$123.97 Interest at 24th month payment
$4,037.66 Two years in interest or full loan 60 month $6,256.17
$32,930.93 Pay-off in two years
|