0 % financing

[Anonymous]

i m not sure I understand calculation behind 0% financing.

i m in market for Hyundai suv with 0% financing for 60 mos. they say it's based upon truth in lending act and says $15.15 per thousand financed. 

If my loan amt is $20,000  and if approved $15.15 x 20  =$303 is that my payment for every month for 60 mos. now why are they requiring a $ 2500 down payment with it. It says example payment not sure what that means? Is this number vary from Nissan to Honda toyota etc. how is it determined?

i do notice per thousand financed varies widely amongst captive lenders for purchase lease finance. How so?

WISH ME LUCK 

Here's FICO Scores as of 5/25/2015 11:00am

EQ: 593 FICO Score 8
        611 FICO Score 5
       

       603 FICO Auto Score 8
       621 FICO Auto Score 5

       588 Bank Card Score 8
       574 Bank Card Score 5

EX

       578 FICO Score 8

       587 FICO Score 2

       567 Auto Score 8
       588 Auto Score 2

       581 BankCard Score 8
       578 Bank Card Score 3

       586 Bank Card Score 2

TU  631 FICO Score 8

       633 FICO Score 4

      608 Auto Score 8
      625 Auto Score 4

     601  BankCard Score 8
     635  BankCard Score 4

The best score is with TU at 608 Auto Score 8 & 625 Auto Score 4; Will Hyundai Approve at 1.9% or it will be worse

[Anonymous]

Divide your balance by months. It will be $16.67 per thousand on 60 months. Don't know where 15.15 pt comes from. Many of these offers do not include tax, doc & licensing fees. Why you need $2500 down is probably what the lender wanted to approve you. Try this; divide 10,000 by 60. You will see that the pmt is 166.66, hence I round up to 167. 1000 divided by 60 is obviously 16.66. It can't vary, if true zero percent. If you're looking at a car around here that costs $20,000, unless you put around $2000 out of pocket, you will be financing about $22k, including taxes and fees.  Edit: I just checked something and $15.15 per thousand is a 66 month loan. Obviously with no interest to calculate all part of the payment is principle.

[Anonymous]

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@Anonymous wrote:

Divide your balance by months. It will be $16.67 per thousand on 60 months. Don't know where 15.15 pt comes from. Many of these offers do not include tax, doc & licensing fees. Why you need $2500 down is probably what the lender wanted to approve you. Try this; divide 10,000 by 60. You will see that the pmt is 166.66, hence I round up to 167. 1000 divided by 60 is obviously 16.66. It can't vary, if true zero percent. If you're looking at a car around here that costs $20,000, unless you put around $2000 out of pocket, you will be financing about $22k, including taxes and fees.  Edit: I just checked something and $15.15 per thousand is a 66 month loan. Obviously with no interest to calculate all part of the payment is principle.

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Amen arlo777. You r exactly right. Hyundai has a 0% offer on 66 mos.

but if you finance anything over 60 mos the $1k cash bonus goes away. 

so idk 

i will be at delaership today and finalize the offer. will let everyone know.