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Credit Scores and Vehicle Financing
1023 messages, Last post on May 07, 2013 at 3:37 AM
You are in the Smart Shopper Forum.- Your Host is kirstie_h
What is this discussion about? Car Financing
#1014 of 1023 returned to car shopping? by steve_ HOST
Nov 06, 2012 (3:01 pm)
A reporter would like to speak with a recent buyer or current car shopper who stayed on the sidelines or was turned down for a car loan during the recession and has since returned to market or is about to buy. If you fit this description and would like to speak to a reporter, please send your daytime contact information to pr
edmunds.com no later than noon PT/3 p.m. ET, Wednesday, November 7, 2012.
#1015 of 1023 Auto loan payment question by carhunt07
Jan 03, 2013 (10:05 pm)
Hello everyone:I got a approved auto loan for $12062.00 from a local credit union (ufcu.org). The interest rate is 2.55% (if I have direct deposit with the union it goes down by 1%-> 1.55%
loan amount: $12062 or $11000
loan term: 24month
loan rate: either 2.55 or 1.55%
link to the calculator: https://www.ufcu.org/calc/loan.php
I run the loan calculator for loan amount $12062 (1.55% APR), it showed that my monthly payment would be $510.74
I run the same calculator again for loan $11000(1.55% APR), the monthly payment became $465.77.
I don't understand why with extra $1000 in the loan amount, my payment went up for $46.00 per month. Could someone give me some insight on this? So I understand what factors affect the loan payment. Thanks!
- kyfdx (Jan 04, 2013 5:34 am)
- karhill1 (May 07, 2013 3:37 am)
Replies to this message:
#1016 of 1023 Re: Auto loan payment question [carhunt07] by kyfdx HOST
Jan 04, 2013 (5:34 am)
Replying to: carhunt07 (Jan 03, 2013 10:05 pm)
$1062 more.... divided by 24 months to pay it back = $44.25 per month .. (plus more interest) Higher loan amounts result in higher payments, all else being equal...
#1019 of 1023 credit challenged? by kirstie_h HOST
Mar 05, 2013 (2:15 pm)
A reporter would like to speak to a recent car buyer who purchased a car despite a bad credit report. If you have a ding on your credit report, but were still able to secure a car loan, and you would like to share your story, please send your daytime contact info no later than Wednesday, noon PT/3 p.m. ET to predmunds.com.
#1020 of 1023 84-months? by steve_ HOST
Mar 05, 2013 (5:31 pm)
Another press request.
A reporter is looking for a new car buyer who is financing their car for 84 months or longer. If you have an 84-month or longer term, and you would like to share your story, please send your daytime contact to pr
edmunds.com no later than Wednesday, 3/6/13 at 1 p.m. PT/4 p.m. ET.
#1022 of 1023 Re: options? [Mr_Shiftright] by autogirl87
May 06, 2013 (8:38 pm)
Replying to: Mr_Shiftright (Jul 29, 2012 1:05 pm)
generally speaking, the longer the term of the loan, the higher the interest rate is going to be because of the depreciation of the vehicle. I found some good info on interest rates on this site: Car loans information articles this article in particular is about interest rates : What Interest Rate You Can Expect
#1023 of 1023 Re: Auto loan payment question [carhunt07] by karhill1
May 07, 2013 (3:37 am)
Replying to: carhunt07 (Jan 03, 2013 10:05 pm)
An additional amount of $1,062 in the loan spread over 24 months equals an additional payment of $44.25 each month. Plus interest gets you to about $46.
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