tell me how this can be
Thread Starter
Joined: Jan 2003
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From: clifton, va, usa
tell me how this can be
orginal price of 98 integra gs $16,xxx in 2000. been paying payments of 450 a month for three years this december and the paper says i still have $11,xxx owed over 2 years, from my calculations thats around 40% interest? after 3 years at 450 a month, the 16,000 has been paid, so this next two years is just payin interest??? doesent that seem ******* high?!?!
Joined: Sep 2002
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From: i run, N.J.
Re: tell me how this can be (ragejed)
thats extremely high...i pay like 187 a month for 96 se and thats with me having no credit at all..and i only did it this way to establish credit...other wise i would have just bought the car outright...
Junior Member
Joined: Mar 2003
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From: Minneapolis
Re: tell me how this can be (mrcrimane)
ok, as of this december, which would be 3 years, you will have paid $16,200.
maybe your not reading it right or something, there is no way you still owe 11,000 for 2 years. unless of course the salesperson was a hot chick and suckered you in to sign that
maybe your not reading it right or something, there is no way you still owe 11,000 for 2 years. unless of course the salesperson was a hot chick and suckered you in to sign that
Junior Member
Joined: Aug 2001
Posts: 259
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From: Manchester, NH, USA
OMG.
You can get a brand new WRX for that much per month. I pay $195 for a 98.
Anyways, this is what the loan calculator on my credit union's website says about your loan. I assumed a 10% interest rate, which is a bit high, $16,500, 60 months, 0 down.
Given a purchase amount of $16,500.00.
An interest rate of 10.000%,
A term of 5 years.
Your monthly payments will be $350.58.
That means your interest rate was way higher than 10%. I'd check that, and if your credit is good now, refinance. I just got 3.65% on a used car, and my credit is nothing to write home about.
You can get a brand new WRX for that much per month. I pay $195 for a 98.
Anyways, this is what the loan calculator on my credit union's website says about your loan. I assumed a 10% interest rate, which is a bit high, $16,500, 60 months, 0 down.
Given a purchase amount of $16,500.00.
An interest rate of 10.000%,
A term of 5 years.
Your monthly payments will be $350.58.
That means your interest rate was way higher than 10%. I'd check that, and if your credit is good now, refinance. I just got 3.65% on a used car, and my credit is nothing to write home about.
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Thread Starter
Joined: Jan 2003
Posts: 102
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From: clifton, va, usa
Re: tell me how this can be (thaiphob)
its my girls car, her mom made her get it(she wanted a mustang gt, which was half the price) and her mom took care of all the **** and it was on her moms credit, everything about the cost and how much is left is in paperwork....
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From: Team Grocery Getter
Re: tell me how this can be (mrcrimane)
Typically on car loans, the majority of each car payment (during the beginning of the loan) goes towards INTEREST -- as time progresses, the amount of each payment slowly begins to shift to paying off the PRINCIPAL towards the end of the loan.
Thread Starter
Joined: Jan 2003
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From: clifton, va, usa
Re: tell me how this can be (wall of tvs)
she thought it was gonna be all paid for this august, but she found out she has 2 more years for a total of 5. at $450 a month, no downpayment, just traded in a busted *** van worth maybe 800. thanks
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Joined: May 2003
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Re: tell me how this can be (mrcrimane)
sounds like my friend, he just got a 04 maxima. the cost was like 28k for the car. and he is paying a total of 46k. im not shure how much his payments are but hes paying for 7 years
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