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Thread: Car Loan Rates these days, what is a good rate going into 2021??

  1. #121
    Quote Originally Posted by defensivetackle88 View Post
    Mine is 5% for 72 months and the total interest expense is about $600. Not complaining as I can live easily with a CHEAP monthly car payment. I know this WONT be the case for brand new base Corolla.
    Did you pay $3000 for your car? Interest on $14,000(5% over 72 months) would be over $2000. Or is interest calculated differently than the calculmulator that I used?


    Last edited by Fummins; 06-01-2023 at 08:03 PM.

        __________________________________________

        click to view fuel log View my fuel log 2014 Mirage SE wussie cvt edition. 1.2 automatic: 37.7 mpg (US) ... 16.0 km/L ... 6.2 L/100 km ... 45.3 mpg (Imp)


  2. #122
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    Quote Originally Posted by Fummins View Post
    Did you pay $3000 for your car? Interest on $14,000(5% over 72 months) would be over $2000. Or is interest calculated differently than the calculmulator that I used?
    Your maths right his total finance amount including tax would have to be $3760. Maybe he had a nice trade in
    please consider checking out my Mirage related youtube channel: https://www.youtube.com/channel/UC6c...IEViRFw/videos

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    Quote Originally Posted by mohammad View Post
    Your maths right his total finance amount including tax would have to be $3760. Maybe he had a nice trade in
    5%/72 months

    $10,000 loan amount = $1,595.55 interest

    $15,000 loan amount = $2,393.33 interest

    $20,000 loan amount = $3,191.10 interest

    $48,008* loan amount = $7,659.92 interest

    * average new vehicle cost

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  5. #124
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    Rates can vary depending on your location, but generally, rates have been pretty favorable lately. With your solid payment history, you might be eligible for even better rates!

    Regarding used cars, I get your concern. It's crucial to do your research and avoid those money pits. Your Mirage sounds like a reliable ride, though, and its condition matters more than you think!
    Last edited by Rutxrut; 09-18-2023 at 09:56 AM.

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    Anything below 5% is pretty solid for a car loan these days.
    Last edited by Eggman; 06-28-2024 at 09:17 AM. Reason: Undo edit and removed spam link

  7. #126
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    Dang you guys all must have good credit
    In 2016 I paid $8500 for an 11,000 mile 2015 mirage, financed $6500 and my rate was like 8%

    Don't worry too much about the interest rate though and look at the whole picture. For instance because my other car got terrible gas mileage and required premium, the mirage worked out to nearly free monthly after I accounted for gas savings so who cares about the banks cut if the deal works for you.

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    It must be some sort of a culture thing.
    In these parts, if you can't afford it, meaning you can't pay cash for it, you just do not buy it!
    I'm over 70 years old, and have never taken up a credit in my entire life.

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    Quote Originally Posted by foama View Post
    It must be some sort of a culture thing.
    In these parts, if you can't afford it, meaning you can't pay cash for it, you just do not buy it!
    I'm over 70 years old, and have never taken up a credit in my entire life.
    No one in your country does a loan on a vehicle?

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    Quote Originally Posted by Mark View Post
    No one in your country does a loan on a vehicle?
    Some do, the hedonistic type, some immigrants, the majority, no.

  11. #130
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    Quote Originally Posted by foama View Post
    Some do, the hedonistic type, some immigrants, the majority, no.
    There are Americans who pay cash for their vehicles, too. I don't think your country is unique in that regard.



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