What is your monthly payment on your Elantra sport? - Hyundai Elantra Sport Turbo Forum
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post #1 of 46 (permalink) Old 06-07-2017, 11:33 AM Thread Starter
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What is your monthly payment on your Elantra sport?

Just curious to see how good or bad i really have it. Im currently financing my sport paying 305 every month, which i feel is a bit on the steep side. What do you guys pay every month?
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post #2 of 46 (permalink) Old 06-07-2017, 01:04 PM
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305 under what conditons. You could get it down to the $200s is you extended it far enough, but that's not a better deal.

I do 355 @ 36 months, with a large down payment.

Total price and interest it was ultimately matters, not monthly payments
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post #3 of 46 (permalink) Old 06-07-2017, 01:31 PM
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Just curious to see how good or bad i really have it. Im currently financing my sport paying 305 every month, which i feel is a bit on the steep side. What do you guys pay every month?
If anyone has any financial planning learning, you should never think in Monthly payment! This is why so many Americans live in debt for life. You should always think in the total amount you will pay.

I have a friend who bought a truck (F-150), at the end he paid extra 7k in interest. Guess what, he bought into the monthly payment idea....
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post #4 of 46 (permalink) Old 06-07-2017, 02:14 PM
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Some people have bad credit and have to take a longer loan (which means higher interest payment overall), however the trick is to just pay on time for the first year or two, then refinance.
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post #5 of 46 (permalink) Old 06-07-2017, 02:59 PM
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Paid $18.5K, put $6.5K down, used Hyundai financing @ 4.99% (yikes!) for 60 months for the extra $750 off. Payment was going to be $252.

2 days later, took 15 minutes, went online, refinanced, got an unsecured loan for 2.9% for 60 months, new payment is $240 and I have a free and clear title.

The only thing that matters is price paid and interest rate/term. The payment is secondary.
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post #6 of 46 (permalink) Old 06-07-2017, 04:31 PM Thread Starter
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Some people have bad credit and have to take a longer loan (which means higher interest payment overall), however the trick is to just pay on time for the first year or two, then refinance.
But then if you refi a car it extends the term of the loan out again. So after 1 or 2 years, refinancing at that point would probably be a bad idea. It would mean paying even longer on a car that is worth even less by then.
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post #7 of 46 (permalink) Old 06-07-2017, 05:03 PM
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If anyone has any financial planning learning, you should never think in Monthly payment! This is why so many Americans live in debt for life. You should always think in the total amount you will pay.
The poor or lower middle class would beg to differ. For some, the monthly payment means everything. If you can't make the payment and pay all of your bills and still squirrel a tiny amount away then it doesn't matter what the total amount is.
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post #8 of 46 (permalink) Old 06-07-2017, 05:04 PM
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But then if you refi a car it extends the term of the loan out again. So after 1 or 2 years, refinancing at that point would probably be a bad idea. It would mean paying even longer on a car that is worth even less by then.
But it will also mean you being able to put more money in to other things each month. Or you could keep making the same car payment you were making and pay it down faster. Likely faster than you would have with the original loan.
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post #9 of 46 (permalink) Old 06-07-2017, 05:07 PM
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Originally Posted by jamesrayth View Post
Some people have bad credit and have to take a longer loan (which means higher interest payment overall), however the trick is to just pay on time for the first year or two, then refinance.
I did exactly this with my Tiburon, which was my first new car. The day I was discharged from my bankruptcy I went out and bought a brand new car. At like 22% interest. I paid on that thing like clockwork for a year and a half and refinanced at 12%, but kept making the same payment I was before. Paid the car off in a total of 4 years on a 60 month loan. Now my credit is stellar (the bankruptcy was 12 yeas ago this August) and I was able to buy the Elantra on a 1.9% loan.
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post #10 of 46 (permalink) Old 06-07-2017, 07:45 PM
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I got 2.09% , plus got my truck into it as well reducing the interest on it as well. The dealer I deal with has been good for me in financing. I had many years ago poor credit. I had a high interest loan from another dealer through another lender. The current dealer was able to get that car refinanced at a really reduced rate saving me about 4000$. I am not a trusting person by nature, but the folks at the dealer I deal with do their best to get the lowest rates for you. They have also helped my GF. I tried other lenders and none could match what the dealer got me on each occasion.
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