Questions...

[Anonymous]

I am interested in buying a car that cost $29879 when made online. I figured after taxes that adds $2913.20 (taxes being approximately 9.75%) which brings my total to 32792.20. I wanted to know what other fees might be added. I was approved for a loan of $29000 and have a trade-in that is said to be worth 3500 but I only hope to get $2000 for it. I wanted to determine how much I should plan to put down... Thx for any and all help.

[pizzadude]

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@Anonymous wrote:
I am interested in buying a car that cost $29879 when made online. I figured after taxes that adds $2913.20 (taxes being approximately 9.75%) which brings my total to 32792.20. I wanted to know what other fees might be added. I was approved for a loan of $29000 and have a trade-in that is said to be worth 3500 but I only hope to get $2000 for it. I wanted to determine how much I should plan to put down... Thx for any and all help.

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Assuming that you aren't paying cash, the first thing that I would recommend is to get approved for an auto loan at a local bank or credit union.   You'll get an idea of what interest rates you'll qualify for, which is based on your credit/income/debts/payment history on previous auto loans....etc..

[Anonymous]

I did... 29,000 @ 7.49% and 36,000 @ 3.72%. Payments would be either 501 or 466 depending on which loan I use.

[Anonymous]

I just have not gone through the dealer yet.

[pizzadude]

I would look to put down enough money to ensure that you aren't underwater on the car loan.   And with a 7 year loan it is harder to prevent this since you'll be paying a lot of interest.      Another option would be to buy a used vehicle.......are you certain that you want to go with a new car purchase ?   

[Anonymous]

No matter what I plan to add on an extra $100 to $150 to each payment to shorten the loan. And the loan is 6 years. I will be able to pay more throughout my loan period. The only reason I spread it out like I did was to keep the payments within the amount I could pay if i were laid off for 6 months. I could only afford a 500 payment if I were out of a job.

[pizzadude]

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@Anonymous wrote:
No matter what I plan to add on an extra $100 to $150 to each payment to shorten the loan. And the loan is 6 years. I will be able to pay more throughout my loan period. The only reason I spread it out like I did was to keep the payments within the amount I could pay if i were laid off for 6 months. I could only afford a 500 payment if I were out of a job.

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Cool ~ it's good that you can pay extra on the loan.   I'd look to put at least 20% down on the car, maybe more if you can swing it....

[Revelate]

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@Anonymous wrote:
@I did... 29,000 @ 7.49% and 36,000 @ 3.72%. Payments would be either 501 or 466 depending on which loan I use.

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More cash for half the interest rate on the same six year loan term?  Sounds like a no-brainer even if your car doesn't cost that much.  

Sounds strange though, which lender did that?

[Anonymous]

They are 2 different companies. My question was what additional fees are added when you take out a car loan. Can someone help me with that question, please?

[pizzadude]

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@Anonymous wrote:
They are 2 different companies. My question was what additional fees are added when you take out a car loan. Can someone help me with that question, please?

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Assuming that you are buying from a dealer there can be any number of extra fees added on.   For the most part these are all just dealer profit.    Bank fees ( if you finance thru them ), doc fees, dealer overhead....etc...

I'd advise negotiating on the basis of an "out the door" price ~ meaning that you and the dealer agree on a total/final/all~inclusive of fees/addons/etc..  price, and then you ( or your bank/CU ) cuts them a check for the exact amount.