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R
Car Finance

ehhh, The rate of depreciation of my focus is much much higher than my APR on the loan? Don't think that's a fair comparison... Also that $25,500 is a NADA value, and while I would like to realistically be able to sell my car at that value (seeing as I paid 26k for it last year), that is a very...
- r83osu
- Post #27
- Mar 27, 2015
- Forum: The Garage
R
Car Finance

Meh, the powertrain warranty is 5 years, so at most I'll be a year out of warranty and owe a small amount. Oil changes every 5k miles (not the 10k Ford recommends) But, I have scheduled an auto payment of the minimum balance, and a separate auto payment of the excess amount to the principal...
- r83osu
- Post #25
- Mar 27, 2015
- Forum: The Garage
R
Car Finance

Yeah no prepayment penalty and I just have to do a separate auto deduct for the excess payment. So it all goes to principal.
- r83osu
- Post #17
- Mar 26, 2015
- Forum: The Garage
R
Car Finance

Just got the loan documents: 60 months APR 1.490% Finance charge: $753.88 Amount Financed: 19,648.02 (oops thought it was 19 for some reason)! Total Payments: 20,401.90 Monthly payment: 340.04 My previous loan was: 60 months - with 49 months remaining APR 1.24% Finance charge: 759.86 Amount...
- r83osu
- Post #14
- Mar 26, 2015
- Forum: The Garage
R
Car Finance

I understand that paying a loan off more quickly is generally favored but for me personally, I think I am OK with extending the loan an extra year, if that means I'm able to pocket an extra $80 a month or apply it to the loan. While most likely I'll continue to overpay by ~$80, it's nice to know...
- r83osu
- Post #12
- Mar 26, 2015
- Forum: The Garage
R
Car Finance

Check them out! DCU.org Last year I got 1.24% on a new car - due to my parents credit score and them being nice enough to let me have them cosign. Since then, they raised it to 1.49% new or used. Direct deposit is required, but it being a credit union and part of the co-op, I don't...
- r83osu
- Post #10
- Mar 26, 2015
- Forum: The Garage
R
Car Finance

This is what I was thinking! I just didn't know if that was right way to go about it. While talking to the loan officer, I felt it was in my favor to go for the longer term and pocket the $60-80 or just continue to over pay the loan. I calculated the difference in interest and I considered it...
- r83osu
- Post #6
- Mar 26, 2015
- Forum: The Garage
R
Car Finance

Since I'm making the bigger payments, wouldn't more get applied to the principal balance? I just have it set to auto-deduct 400 every month, which would be a $60 overpay every month. Not sure I'm understanding it correctly myself.
- r83osu
- Post #4
- Mar 26, 2015
- Forum: The Garage
R
Car Finance

Last year I had my parents cosign a car loan for me to get the absolutely lowest interest rate available (1.24%), with the agreement that I would apply for a loan this year once I've strengthen my credit score. Fast forward today, I applied for a "new" car loan and received their lowest...
- r83osu
- Thread
- Mar 26, 2015
- Replies: 28
- Forum: The Garage

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