Joined
·
214 Posts
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?
What is your monthly payment on your Elantra sport?
1 - 20 of 57 Posts
Joined
·
143 Posts
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....
Joined
·
83 Posts
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.
Joined
·
137 Posts
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.
2 days later, took 15 minutes, went online, refinanced, got an unsecured loan for 2.9% for 60 months, new payment is $240 and I have a free and clear title.
The only thing that matters is price paid and interest rate/term. The payment is secondary.
Joined
·
214 Posts
But then if you refi a car it extends the term of the loan out again. So after 1 or 2 years, refinancing at that point would probably be a bad idea. It would mean paying even longer on a car that is worth even less by then.
Joined
·
1,226 Posts
The poor or lower middle class would beg to differ. For some, the monthly payment means everything. If you can't make the payment and pay all of your bills and still squirrel a tiny amount away then it doesn't matter what the total amount is.
Joined
·
1,226 Posts
But it will also mean you being able to put more money in to other things each month. Or you could keep making the same car payment you were making and pay it down faster. Likely faster than you would have with the original loan.
Joined
·
1,226 Posts
I did exactly this with my Tiburon, which was my first new car. The day I was discharged from my bankruptcy I went out and bought a brand new car. At like 22% interest. I paid on that thing like clockwork for a year and a half and refinanced at 12%, but kept making the same payment I was before. Paid the car off in a total of 4 years on a 60 month loan. Now my credit is stellar (the bankruptcy was 12 yeas ago this August) and I was able to buy the Elantra on a 1.9% loan.
Joined
·
109 Posts
I got 2.09% , plus got my truck into it as well reducing the interest on it as well. The dealer I deal with has been good for me in financing. I had many years ago poor credit. I had a high interest loan from another dealer through another lender. The current dealer was able to get that car refinanced at a really reduced rate saving me about 4000$. 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.
Joined
·
229 Posts
Well after reading this, I feel like a chump. Im doing 385/72 mo. High, I know. But I am still dealing with the backlash of my last car being in an accident and being totaled*. I mean I could have waited a couple months and waited for the whole ordeal to boil over and have my credit rise back up.... but I just wanted the car since I knew they were selling like crazy and I never seen any others outside of my own or the three Ive seen at two different dealerships. Ill Refi when my score is up and secured but right now Im not hurting on the payment.
*TLDR, other driver ran the light, did not have GAP because I couldn't afford it, had to pay off remained of the loan, this bogged down my credit about 150-200 points.
*TLDR, other driver ran the light, did not have GAP because I couldn't afford it, had to pay off remained of the loan, this bogged down my credit about 150-200 points.
Joined
·
28 Posts
Not necessarily true. I also jumped on the Hyundai financing train at 3.49% APR for the $750 rebate. I called my credit union and told them I want to refinance for the remainder 58 months left on the term at the 1.99% they were offering. So my payment dropped about $15/mo and I still have the same maturity date as my original loan.
Joined
·
88 Posts
Doesn't gap only add like $2 a month to your bill? Best advice to anyone here, my age 26 or younger (even older), is to not buy a car unless you can fork a grand or two down and be above on your value:loan. I'm on my 9th car from a dealer and the current 16 Veloster turbo is paid off. I was 10k underwater on one car too, so it wasn't all sunshine and rainbows. Don't buy what you can't afford(some dude said that once and it rang high and true)
Joined
·
34 Posts
287 on 60 mo.
Joined
·
2,968 Posts
You can also get GAP insurance added to your actual car insurance, so don't let the dealer sucker you into paying for it with the car loan. And despite what many dealers will tell you, it is NOT required to finalize the deal. I have Progressive for insurance and I have GAP added to it through them.
Joined
·
9 Posts
I paid $20600 for Elantra Sport Manual with Premium pkg.
400/ month 60 months, but I paid 0 down, included tax, and doc fee in loan. Also I hold the title, no lien.. I have good credit...
400/ month 60 months, but I paid 0 down, included tax, and doc fee in loan. Also I hold the title, no lien.. I have good credit...
Joined
·
3 Posts
36 month lease, 15k miles/yr $268/Month, $0 down
1 - 20 of 57 Posts
