CAR FINANCING ISSUE

[Leadfoot_mf]

and my advice to you would be to learn to read things twice since comprehension is a skill you lack

guys putting a grand down on the car, theres no way come hell or high water that financing $5400'ish dollars will result in a $350/mo car payment, if it does let me know where you went to school so i can be sure not to send my kids near that district

stfu up dumb ass did you miss the part about tax, tag and title you are the one with comprehension problems.

[BlkCD5]

This is why i'd just save up and pay cash for the car. I like the idea of completely owning my car.

[n2daizo123]

6000*24 percent annually = 1440
finanace it for 2 years and you have 2880 in finance charges.
take your 360 tax and itle fee plus your dealer fee (100) and you have $9340.
then subtract your down payment (1000) and you have $8340.

[r0bb86]

ANNUAL % rate & no credit = pwnz yooo.

[Jkuao]

6000*24 percent annually = 1440
finanace it for 2 years and you have 2880 in finance charges.
take your 360 tax and itle fee plus your dealer fee (100) and you have $9340.
then subtract your down payment (1000) and you have $8340.

No one taught you interest did they?

A car note works by charging your 1/12 of the Annual Percentage Rate on the total amount each month. You're making a payment every month so the amount you borrowed is less every month.

According to your standard payment calculator:
2 year 24 month loan on $6,000 = $317/mon
BankRate Auto Loan Calculator

So that means in the 1st month:
Month 1: 6,000 x (.24 / 12) = 120 in interest + 197.23 principle = 317 payment
Month 2: 5,802.77 x (.24 / 12) = 116.06 in interest + 200.94 principle = 317 payment
...
It's called an amortization table.

A 24% APR note on $6,000 would get you $1,613 in total interest payments over 2 years. 317 x 24 months.

[n2daizo123]

No one taught you interest did they?

A car note works by charging your 1/12 of the Annual Percentage Rate on the total amount each month. You're making a payment every month so the amount you borrowed is less every month.

According to your standard payment calculator:
2 year 24 month loan on $6,000 = $317/mon
BankRate Auto Loan Calculator

So that means in the 1st month:
Month 1: 6,000 x (.24 / 12) = 120 in interest + 197.23 principle = 317 payment
Month 2: 5,802.77 x (.24 / 12) = 116.06 in interest + 200.94 principle = 317 payment
...
It's called an amortization table.

A 24% APR note on $6,000 would get you $1,613 in total interest payments over 2 years. 317 x 24 months.

You obviously know more about this than i do. I was just throwing some numbers together to see how he was going to pay 8400 for a 6000 dollar car.