You got 5.25% for a 7 year loan?!? Thats that something I dont see too often. Who did you finance through, must've been a credit union. And if you dont mind whats your credit score like to get that good of a rate for that many years?
I'm planning on doing the same thing as you because i want a low monthly payment for now but I plan on paying off the whole loan by the 3rd or 4th year.

 

Thats a lease or your term isn't 3 years, you better check your paperwork. The payment with the terms you gave is $1156/mo for a loan.

 

Originally Posted by t0e
38k @ 6% / No Cash Down / Per Month $748 / 3 Years

Yeah, a $38k loan over 3 years @6% is $1156/mo. Sounds to me like at the end of 3 years you're going to get a nice fat balloon payment notice for something approaching $15k.

 

I know, because my payments are $771 for 5 years and I financed 39k at 6.5%. I don't think 1/2% can shave off 2 years of payments and $20 a montn....

 

Ya otherwise his dealer must be really nice... cuz he got an IS for only $26,928

 

Well the guys at Lexus were really cool, they told me i'll be better off to go through a credit union. After telling me that they said that they acutally have a credit union they go through and they hooked me up. Initially they told me the rate was 5.5 then but when i went to finalize the paper work, The finance manager told me he acutally got another quarter off. Oh yeah my credit score was like 775 or something like that. If you want to know the place just PM me.

 

hummmmmmmmmmmmmmmm

I'll look at the paper work again...

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Ok here it is:

Date of Purchase = 11/12/2005

APR = 6.25% / Finance Charge (total) 6, 526.44 / Amount Financed 38.390.76 /

Total after three years (if i wait that long to pay) 44,917.20

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my payments are nilch...paid =P

 

Too big of a hit to my bank account...