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11-24-2004, 08:49 PM
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#7 |
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Registered Member
Join Date: Sep 2003
Location: Mountaintop, PA
Posts: 634
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Re: Stang Loan???
Anyone you takes an 84 month loan on a car should have their head examined. 60 months is too dam long. If you have to take an 84 month loan, you should not be buying that car.
Interest rates very depending on the bank, length of the loan, your credit worthiness, and how much money you make. A good interest rate for a used car for 60 months would be anything below 6.5%. Figure on $16.70 per $1000 borrowed for a 60 month loan at 0%. So at 6%, it is more like $19.00 per $1000 loaned. You should be able to buy a '99 or '00 GT with some miles (say 60 - 70k) for about $9000. If you put $1500 down and financed $7500 that would leave you with a reasonable car payment of about $160 per month with taxes etc... (I did all these numbers in my head, so I know I am in the ballpark, but not on the nose).
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"Children should not get cancer, but they do!" Help a child with cancer at www.homeoftheirown.org My Stang: 2000 Mustang GT Vert - Steeda Tri-Ax Shifter; C&L Plenum; BBK 75 mm TB; Steeda Strut Tower Supports; Black "Deep Dish" Bullet Wheels; FRPP 4.10's; Steeda Subframes; SLP Catback & SLP Catted X-Pipe; SCT 4 Position Chip with 3 custom tunes; Steeda CAI; Venom-1000 Nitrous; Roush Stage 3 Body Kit; Bullet Suspension Package (on the way) |
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