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@Anonymous wrote:So the question i should i finance with the CU at 3.3% or take the 1.5% finance incentive that Kia is offering.
Incentive $1500 on the niro
We don't know you limitation as to payment amounts, price of vehicle, loan term etc.
So I will give you middle of the road numbers.
A $25,000 loan @ 1.5% for 5-years has a payment of ~$433/mo and interest loss of ~$965 over the 5 years.
A $25,000 loan @ 3.3% for 5-years has a payment of ~$453/mo and interest loss of ~$2154 over the 5 years.
If you take the Incentive of $1500 on the car and the 3.3% loan
A $23,500 loan @ 3.3% for 5-years has a an interest loss of ~$2000 over the 5 years.
The 1.5% loan wins big time !
A HP to save $1000, I would do any day !!
@Kforce wrote:
@Anonymous wrote:So the question i should i finance with the CU at 3.3% or take the 1.5% finance incentive that Kia is offering.
Incentive $1500 on the niro
We don't know you limitation as to payment amounts, price of vehicle, loan term etc.
So I will give you middle of the road numbers.
A $25,000 loan @ 1.5% for 5-years has a payment of ~$433/mo and interest loss of ~$965 over the 5 years.
A $25,000 loan @ 3.3% for 5-years has a payment of ~$453/mo and interest loss of ~$2154 over the 5 years.
If you take the Incentive of $1500 on the car and the 3.3% loan
A $23,500 loan @ 3.3% for 5-years has a an interest loss of ~$2000 over the 5 years.
The 1.5% loan wins big time !
A HP to save $1000, I would do any day !!
Save $1000 in interest but lose $1500 in incentives, no? It seems your numbers actually make an effective argument for taking the $1500 & 3.3%
@Anonymous wrote:Save $1000 in interest but lose $1500 in incentives, no?
It seems your numbers actually make an effective argument for taking the $1500 & 3.3%
Good Catch.
Proof you should not be drinking Mai-Tai's while playing with a loan calculator.
Yes with my above example you are correct, better to take the $1500.
Note: The larger the loan amount and/or longer the loan term numbers can swing the other direction.
One should calculate with good numbers and while not drinking
yes the math works out to be very close either way. as i t turns out though teh better half has decided on a used lincoln mkc rather than the new niro
And after all that she fell in love with a used lincoln MKC so the Credit union financing was the better deal