(Closed) Tell me about your car loan

posted 7 years ago in The Lounge
Post # 47
Member
318 posts
Helper bee
  • Wedding: February 2013

It’s way too much and every month on the 15th when it’s due I cringe.  But I do love my 2012 Edge Limited.  πŸ™‚

Post # 48
Member
1796 posts
Buzzing bee
  • Wedding: August 2011

@peasantsong:  Yep. We are in exactly the same boat then lol. I HATE paying interest on anything, but I hope the car loan will improve my credit enough to make it worthwhile since I’ve never had anything other than credit cards.

Congrats on the new car! I haven’t gotten mine yet (it’s coming in from another dealership), but I am really looking forward to driving something other than an old beater!

Post # 50
Member
11231 posts
Sugar Beekeeper
  • Wedding: August 2013

What is your loan length? 60 months

What is your APR? 5%? (I don’t have great credit)

What is your total monthly payment? $147.33 (it was just over $12k with tax and we had $5000 down)

What year, make, and model did you buy? 2006 Subaru Impreza hatchback (yay, AWD)

ETA: Subarus get snapped up around here, especially ones with lower miles, so I had to jump on this one. πŸ™‚

I’m also hoping this helps my credit score (it hasn’t really in the 9 months that I’ve had it, mrgh) since we want to buy a house in the next year.

Post # 51
Member
214 posts
Helper bee
  • Wedding: August 2014

What is your loan length? 48 monhs

What is your APR? 1.99%

What is your total monthly payment? $525.

What year, make, and model did you buy? 2012 Cadillac SRX

Hubby wanted a new vehicle if we did a use it was almost the same payment

 

Post # 52
Member
2153 posts
Buzzing bee
  • Wedding: September 2014

What is your loan length? 3 years, I’ve had it for 1 year as of this past October.

What is your APR? 2.9%

What is your total monthly payment? $236.84 (yes, exactly hahaha)

What year, make, and model did you buy? a 2010 Honda Accord Coupe, v6, fully loaded soup to nuts! Someone had purchased her, but couldn’t keep her. It came out of the factory August 2010 and I had her October 2011, so it was basically brand new. Love her soooo much. I put over 12k down, so that’s why the montly payment is very low.

Post # 54
Member
2153 posts
Buzzing bee
  • Wedding: September 2014

@peasantsong:  Thanks! I think so, but I’m of course biased πŸ˜‰

Here she is, right before being registered to me

Post # 55
Member
1809 posts
Buzzing bee

5 years

$330/mth ($165 bi-weekly. it cuts down on the amount of interest you pay over the course of the loan)

3.39%

2012 Hyundai Tucson

 I traded my car and made about $3300

Post # 56
Member
264 posts
Helper bee
  • Wedding: August 2012

WOW! I must live in the wrong country!! 

My loan is over 7 years, with 16.4% interest! On a 2004 model Mazda 3 πŸ™

$295 per month

Post # 57
Member
7977 posts
Bumble Beekeeper
  • Wedding: July 2013 - UK

This thread makes me feel stupid, but…

Do you mean that you get a car loan from a second hand car dealer? How does that work? Is the dealer a licensed lender as well? If so, do they set the %, or is that regulated externally?

I sound like a moron, I know. I’ve only ever bought one car, second hand, 3 YO with 2 previous owners and a full service history (at the time), for cash (well… bank transfer). The only debts I’ve ever had are an overdraft, a mortgage, and a student loan. Is a car loan a bit like a mortgage?

Post # 58
Member
1119 posts
Bumble bee


I just bought my first car also!! Hurray for new cars!!!


What is your loan length? 60 months 

What is your APR? 4.6% through a credit union

What is your total monthly payment? $325

What year, make, and model did you buy? 2010 BMW 328i 

 I also put $7,000 down

Post # 59
Member
190 posts
Blushing bee
  • Wedding: November 1999

Mine was a lower APR and monthly payment then most ppl I knew at the time…OP, I think you did great for your 1st car! I think 6yr+ loans suck, because the vehicle is hardly worth anything once you get done, and so much interest is paid over a lengthy period. Don’t forget that some ppl have trade-ins or a large down payment. Others may have repossessions or other credit issues. All of that can effect your monthly payment and APR amounts…but I think you did well. πŸ™‚

Post # 60
Member
190 posts
Blushing bee
  • Wedding: November 1999

@MrsSmokey:Are you in the US? If so, you may want to contact a credit union to see if they can refinance it for you or a banking/loan authority to see if there was something done illegally with your loan…it sounds like a loan shark created that loan, sorry you had to agree to this. πŸ™

Post # 61
Member
55 posts
Worker bee
  • Wedding: April 2012

What is your loan length? 4 or 5 years – paid it off early, so I don’t remember

What is your APR? 2.9% with automatic deduction from checking

What is your total monthly payment? $173 

What year, make, and model did you buy? Purchased a used 2008 Subaru Impreza; absolutely love my car!  πŸ™‚

 

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