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,
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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.
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57000 miles on a 6 year old car is 9500 miles per year, which is a good bit less than average. If the vehicle has been well-maintained, it’s worth more than average.
I would offer the KBB "average retail" figure, or whatever the credit union "loan value" is (but then, I’m a tightwad).
If the interest rate on both the 3-year and 4-year loans is the same, you’ll pay less interest paying it off at the 3-year rate, of course, just make sure there is no "early payoff" penalty.
If there isn’t, you can reduce the finance charges further by paying 1/2 the amount ever 2 weeks instead of a full payment every month, or 1/4 payment every week; this has the effect of making an extra payment every year, paying down principal and interest even faster. No discipline is involved if you have automatic payroll deduction, they can take the weekly amount from every paycheck. After a few weeks you won’t notice it.