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loan question

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Anonymous
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loan question

hello i have a quetion about car finace please answer all my question before i buy my new car to make sure that everything going true 

I want to buy a car for $13567  i want to know how much my finance charge could be if the finance % is 6.75% 

   how much  Amount finance  :  total of payment and total sale i have deposit of$5000 please i need answer soon if you can and i will be happy to help me  thank you 

                                       

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Revelate
Moderator Emeritus

Re: loan question

If I understand your question right, you want how much the entire loan will cost you?

 

Assuming your total purchase price is 13,567 and you have a downpayment of 5,000, at a 6.75 interest rate and a 60 month loan (term makes a difference in this, shorter is higher payment, lower total interest paid).

 

Purchase price: 13,567

Downpayment: 5,000

= Loan amount: 8,567

 

Total interest: ~1,551

 

Total payment: purchase price + interest paid = 15,118.

 

If you have different terms, or if I misunderstood your question (happens, mea culpa), you can play with the numbers with an online calculator; personally I simply use one of the ones at bankrate here: http://www.bankrate.com/calculators/auto/auto-loan-calculator.aspx

 




        
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