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#1015 of 1033 Auto loan payment question
Jan 03, 2013 (9:05 pm)
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!
#1016 of 1033 Re: Auto loan payment question [carhunt07]
by kyfdx@Edmunds HOST
Jan 04, 2013 (4:34 am)
$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...
Mar 05, 2013 (1:15 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.
Mar 05, 2013 (4:31 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 predmunds.com no later than Wednesday, 3/6/13 at 1 p.m. PT/4 p.m. ET.
#1022 of 1033 Re: options? [Mr_Shiftright]
May 06, 2013 (7:38 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 1033 Re: Auto loan payment question [carhunt07]
May 07, 2013 (2:37 am)
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.
#1024 of 1033 we're interested in your purchase
by Stever@Edmunds HOST
Jun 06, 2013 (3:26 pm)
Are you a Southern California resident who recently (within the last 6 months) financed a new car purchase for more than 72 months? We're interested in learning more about your experience. Please drop us a note at predmunds.com by Friday, June 14 2013.