Financing car loan, will I get an advantage in taking the loan over four years and paying more than the…?
Tags:discipline, grand cherokee, jeep, jeep grand cherokee, thanks in advance,
2
minumum monthly payment. For example, contend we can get financing by a credit kinship for 6.18% financing for a 3 or 4 year loan. The monthly payments upon a 3 year loan will be we estimate 0 as well as a monthly payments upon a 4 year loan will be we estimate 0. Will we have any value if we take a loan over 4 years, though compensate a 0 monthly anyways? we comprehend which requires discipline, which is not a problem. we am usually seeking for a lowest seductiveness paid overall. Thanks in advance. Also, how most would we compensate for an immaculate, entirely LOADED 2002 Jeep Grand Cherokee with 57,000 miles, car was entirely minute upon an annual basis. Originally purchased from play as worker franchise with 17,000 miles, second owners is stream seller, who purchased a newer Grand Cherokee given he favourite a 2002 so much. He says he gets 16-19 miles per gallon.
Related solution post:
- Financing car loan, will I get an advantage in taking the loan over four years and paying more than the…?
- California Lemon Law…?
- Is it smart to use a home equity loan to pay off car loans, and a line of credit?
- Under what circumstances can my car fall under the lemon law?
- I am 23 years old and my salary is 38k net, Im looking to lease a car thats $550/month, could this work for me
Not on a simple interest loan the best solution is either finance for the shortest time you can afford or put the additional money into some kind of savings account and pay the debt off in one lump as the loan matures. Both your method and mine achieve the same goal but with the savings account you can at least keep a few bucks that the finance company didn’t earn and get to apply them to your loan.
I kept an AWD 4.7 Grand Cherokee for moving people and stuff on longer trips but to be honest I fall little short of that 16-19 mark, with a V-8 and full time all wheel drive it gets right at 15.5 mpg total the 4.0 does much better with 2-wd as does the 4.7.
While the first poster is 100% correct, I am in favor of taking that longer term and paying the higher payment. Just because I need to see progress. If I am putting just $60/month in the bank, I don’t see the progress. Seeing that principle balance come down is progress in my mind. Yes, with his method you do make a little bit on interest if it is in a savings account. But we are talking $720/yr here. That is less than $10 in interest. I went 60 months on my loan, but paid as much as I could every month. Some months it was just the minimum, some it was 3-4x that. I think its more a matter of what you prefer – IMHO.
As for the Jeep – Its interesting that you mention is was detailed annually. To that I say "So what"? Was the oil regularly changed? Transmission serviced? Coolant flushed? Air filter replaced? Did they use good gas or crap? You can polish the outside until it shines like a new penny. If the car isnt maintained, you have a shiny piece of junk.