Interest

Trainman said:
I used your example, which you called simple interest and arrived at the same $490.97 payment you did....so its your example not mine. I used the same figures you proposed in your example ($25,000 @6.9% for 6 years) to figure the actual payment $425.02. Prove that wrong! Using you payment of 490.97 for 72 months results in an overpayment in interest of $65.95 per month for 72 months, or $4,748.40......I would never buy a car from you if you think that is fair!
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go back and read what i have already said, "i made a mistake" jezzzzzzzzzzz
 
also the "Rule of 78" loan's are probably what Trainman is thinking about and has probably been used on him when financing a auto: NOTE: these should be avoided if you intend or think you may pay off early, then simple interest is what you insist on
 
carmogul said:
also the "Rule of 78" loan's are probably what Trainman is thinking about and has probably been used on him when financing a auto: NOTE: these should be avoided if you intend or think you may pay off early, then simple interest is what you insist on
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But I can "shift" like a MoFo......:burnout:
 
by the way, do you know you can pay 0% interest on any auto loan? if you have a beacon of 700 and up and know how you can......the industry will kill me for sharing this
 
carmogul said:
by the way, do you know you can pay 0% interest on any auto loan? if you have a beacon of 700 and up and know how you can......the industry will kill me for sharing this
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Please share this info ... We will protect you from the industry :D
 
i will tell you through a pm if you want, please just dont post anything i tell you about industry secrets please
 
anyway you slice it. 490.00 for 72 months lol keep it.
 
You guys are cracking me up! Just go to an amoritization table at a website like bankrate.com or something . . . pretty simple. Just like your home loan, you pay more interest at the beginning of the loan vs towards the end (unless you have an ARM or something) . . . . simple interest loan . . . . . .
 
carmogul said:
i will tell you through a pm if you want, please just dont post anything i tell you about industry secrets please
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I'm pretty sure there aren't any "secrets" in the industry left that aren't posted all over the internet.

Here is the best secret - do your homework, buy the car you want and can afford, and you always get your best deal if you are ready to buy RIGHT NOW (and it helps if it is the end of the month LOL) .
 
THEDAV said:
you always get your best deal if you are ready to buy RIGHT NOW (and it helps if it is the end of the month LOL) .
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That is the most important information when it comes to buying a vehicle. They want to make that number and WILL lose money to hit it. This is for a new car dealership, used car only dealers I am not familiar with.
 
With each and every dealer providing their own financing, I don't think the time of month is as important as it used to be! there is a constant flow of cash now!
 
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