tokuzumi
Well-Known Member
Ran some numbers through a car loan calculator. Here's what I found.
Loan amount: $24k ($23,948 to be exact)
Interest Rate: 3% (2.95 to be exact)
36 Months: $696/mo, $25,056 total paid
48 Months: $530/mo, $25,440 total paid
60 Months: $430/mo, $25,800 total paid
72 Months: $363/mo, $26,136 total paid
Each year you add onto your loan, you add about $350 in total finance costs (obviously the greater the loan value, the larger the delta between 12 month intervals). The calculator I used didn't have an 84 month option, so no info, but based on the above, it would be about $26,500 in total payments. The difference between 36 months and 84 months is pretty significant, but the difference between 72 and 84 months hardly worth obsessing over. Personally I'd rather do a 48 month loan at the most, but I wouldn't feel like I got screwed financially if I did a 60 month loan. I wouldn't even consider a 72 month loan, unless it was for something badass (like an exotic).
Loan amount: $24k ($23,948 to be exact)
Interest Rate: 3% (2.95 to be exact)
36 Months: $696/mo, $25,056 total paid
48 Months: $530/mo, $25,440 total paid
60 Months: $430/mo, $25,800 total paid
72 Months: $363/mo, $26,136 total paid
Each year you add onto your loan, you add about $350 in total finance costs (obviously the greater the loan value, the larger the delta between 12 month intervals). The calculator I used didn't have an 84 month option, so no info, but based on the above, it would be about $26,500 in total payments. The difference between 36 months and 84 months is pretty significant, but the difference between 72 and 84 months hardly worth obsessing over. Personally I'd rather do a 48 month loan at the most, but I wouldn't feel like I got screwed financially if I did a 60 month loan. I wouldn't even consider a 72 month loan, unless it was for something badass (like an exotic).
Sponsored