capital one auto loan

jimc — Wed, 14 Oct 2009 23:41:27 GMT

i appled online i was approved for a 25,000 loan 11% for 5 yrs should i try other places or is this a okay rate??

Re: capital one auto loan

daisyduke — Thu, 15 Oct 2009 10:42:20 GMT

Hi, it depends on your credit score and other variables. debt to income, debt to credit, etc etc.

where did you get the financing?

11% seems high to me, as I am car shopping and plan to pay 5% for pre owned loan...

Re: capital one auto loan

llecs — Thu, 15 Oct 2009 13:49:32 GMT

OP, have you tried a CU?

Re: capital one auto loan

Anonymous — Thu, 15 Oct 2009 18:34:22 GMT

You did not give any details, but I have something for you to think about.

$25,000 @ 11% for 60 months will make the payment = $543.56 /month.

$10,000 @ 11% for 24 months will make the payment = $466.08 /month. A difference of $77.48/month.

If you saved the $77.48 for 24 months, you would have $1,859.52 in the jar under your bed. (Then your car is paid off)

Now you could save $543.56 for 36 months, you would add an additional $19,568.16 for a total of $21,427.68

If you drove your paid off car just one more year and stuck 12 more payments of 543.56 in your jar it would now have $27,950.40 in it.

You know what would happen then? You would pull that cash out of the jar, stick it in your pants and go looking for a new car...my money is on you not spending $25,000 for the new one, but you will probably buy a car for half that amount again, realizing how hard it is to put the money in the jar.

One last thing ...The future value of all cars is $0, with very few exceptions. What ever car you buy today will be worth less tomorrow. If you remove the emotion out of buying a car, you most likely would NEVER buy a new car.

Good luck

Lew

topic Re: capital one auto loan in Auto Loans

capital one auto loan

Re: capital one auto loan

Re: capital one auto loan

Re: capital one auto loan