Total cost: 40000
Downpayment: 10000

Interest rate: 6.5

Can someone tell me what i what i would be paying monthly.

Details:
is350 08
lux package
navigation

 

About $590.00 a month for 5 years.

 

30,000 plus interest....seriously, anywhere from 500.00 a month to 2300.00 a month depending the term of your loan.

 

Did you even talk that down?? 40,000 is a lot...IMO

 

Alright, I was getting numbers like

40000
- 10000
= 30000

6.5%

30000 x .065 = 1950

31950 divided by 72 is 443

So 443 would be the monthly payment?

72 month term

 

you didn't multiply the interest(1950) as to how many years he'll be financing the car.
6.5% is pretty high. I think for 5 years you'll be paying 662.50 a month and for six years you'll be paying 579.16 a month. I'm not saying this is precise, this is just based on my calculations.

 

http://www.bankrate.com/brm/auto-loan-calculator.asp

5 years: ~$586.98

 

What should i be aiming for in price and interest rate.

 

How good is your credit? They usually use the lowest of your 3 scores. And for price, check out edmunds or kbb for what your car "should" be worth and work from there.

 

I have excellent credit and that 40k is my hopeful otd. He was saying 39,400 but thats bs i will negotiate it down.

 

the payment should be around 586.98, if you are actually borrowing 30k, but it can go up a bit, if you factor in TTL, and also that amount is for 60month

 

get them to lower the 6.5 to at most a 6.0.

perhaps a 5.8 if u can

 

Do you actually know your credit score?

 

Open a savings account at Pentagon Federal(I think you need a minimum $20 or something)

To open an account you or afamily member must be in the military or you can donate $20 to one of the "honor the troops funds"

The current rate is 4.75%

http://www.penfed.org/

 

interest accrues daily guys, unless you get a simple interest loan. depending on the financing the interest charges could be very different.

edmunds has a decent calculator for this.