Quote:
Originally Posted by Carsten
Well the arp is more of less understandable, I had a ridiculously high apt on my first auto loan too.(i am currently paying off a car that will be handed over to to my fiance once I buy my new car)
So I understand the apr but that doesn't explain the extra 10-15k
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It's the APR that's killing you.
Total cost is $43k when all is said and done
The car you want is stickered at ~$33k with tax(6%)
You put down $10k and you finance $23k at 14.99%
Your payment is $580
$580*60=$34,800 + your down is ~$44k
Financed $23k - total payments of $34k = -$11k <-this is your interest.
If you put no money down and finance $33k @ 14.99 will be around $800 a month which totals ~$49k after 60mos.
Financed $33k - total payments of $49k = -$16k <- again this is interest paid.
