Question 2011 financing question
- Thread starter newbrew77
- Start date
sagebel
Stock? Pfft!
That is a long time. What is the interest rate?
Not sure yet. I have excellent credit. This is the most expensive vehicle I have ever bought. Just was wondering if anyone else has done the 84 month loan and/or what a normal payment on a truck like this is.
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what he said
sagebel
Stock? Pfft!
I would find out what the interest rates for 48, 60, 72, and 84 months are. Find a loan calculator and figure out what each will cost monthly and over the term of the loan. I went 72 months on mine and a year later re-financed for 60. I drove my last truck for 10 years and plan to do the same with this one. I am saving about $100 a month by doing this. Intrest rates are really good now and you can usually get an even better one by throwing some money down.
Smoky
Full Access Member
I would say about $35,000 to $40,000 if it has been titled already.
On what your notes would be, let's assume you finance as follows:
Principal $35,000
Interest rate 3.9% APR for 4 or 5 years then an increase to 4.9% for a 6 year loan and 5.9% for a 7 year loan.
Years. Monthly payment. Total payment Monthly note per $10,000
4 $788.70 $ 37,857.60 $225.34
5 643.00 38,580.00 183.71
6 562.05 40,467.60 160.59
7 509.62 42,808.08 145.61
Generally the interest will increase for the entire loan as you increase the term of the loan. If you want to play with loan notes you can google loan calculator and pick from the choices. These calculations are based on rule 78 but your interest may be calculated on simple interest. This is a decision determined by whomever you borrow money from. Simple interest is cheaper.
Keep in mind the market value of the vehicle is what a willing buyer and seller under no pressure to do either would buy or sell the vehicle. What is it worth to you based on needs and not solely desire.
I hope this helps.
On what your notes would be, let's assume you finance as follows:
Principal $35,000
Interest rate 3.9% APR for 4 or 5 years then an increase to 4.9% for a 6 year loan and 5.9% for a 7 year loan.
Years. Monthly payment. Total payment Monthly note per $10,000
4 $788.70 $ 37,857.60 $225.34
5 643.00 38,580.00 183.71
6 562.05 40,467.60 160.59
7 509.62 42,808.08 145.61
Generally the interest will increase for the entire loan as you increase the term of the loan. If you want to play with loan notes you can google loan calculator and pick from the choices. These calculations are based on rule 78 but your interest may be calculated on simple interest. This is a decision determined by whomever you borrow money from. Simple interest is cheaper.
Keep in mind the market value of the vehicle is what a willing buyer and seller under no pressure to do either would buy or sell the vehicle. What is it worth to you based on needs and not solely desire.
I hope this helps.
RoyBoy
Diesel Dork
I assume you would know to check with your local banks for rates, Ford Motor Credit is really high. I financed 80% LTV (value is sticker price) with local branch of larger bank at 3.25% locked for 60 months. I agree that 84 mo is a long time.
Smoky
Full Access Member
I don't know why it reposted this but I deleted the content as it was the same as my previous post.
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sagebel
Stock? Pfft!
My 2011 with 17K miles that I bought in May of 2010 was just recently appraised at $38,000. That is for a stock truck. I am guessing if you can find one for less than 40K with low mileage you will be doing well.
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