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How should I Pay?


bowzer

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Looking at 05 LGT Limited used, trying to keep my OTD cost between 20K-23K.

 

Currently thinking of putting a down payment of around 5K down. I'd like to keep my monthly payment to around $350, as that's about as much as I can afford per month.

 

Is this method wise or should I look at a differnet payment structure, possibly lease or?

 

side note: This is the first car that i've completely bought and financed on my own, so i'm trying to feel everything out.

 

thanks

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When I first bought my Legacy, I financed about 25 thousand at 4.74% and my payment was like 388. That was for 7 years though. I knew I would be paying it off in a few months though, so I didn't care about the long term. If you get an 05 GT Limited, you should be able to find one around 20 or 21 thousand, so with 5 down you'll be at 15 or 16 financed, maybe a touch more after everything. That should put you at the 310 mark for 5 years at 6% and less for 6 years, give or take. Hope that helps.
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The way I usually figure out that kind of thing is to use an online payment calculator such as this one: Bankrate.com: Auto loan calculator . Just enter in your OTD cost, minus your money down, and then play around with the interest rate and the length of the loan so that you know what kind of loan deal you need to get in order to meet your expected payment.

 

BTW that calculator is much better than most of them I've seen because it can show you what happens if you pay a little extra each month or if you come across some extra money and decide to apply a one time payment.

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What loan length are you looking at? You should probably be able to get a used '05 in the 20-22k range depending on mileage, condition, features. I financed slightly less than 18k of mine through Subaru at 5 point something percent and my payment is 344 over 60 months. So if you can get out the door at 23 or less, put down 5k, and get a reasonable interest rate, you should be able to hit $350 a month or less.

 

 

You may or may not want to tell them that $350 per month is your goal. On the one hand, they might monkey around with the numbers and financing to hit your target. On the other, you might get a better deal negotiating straight up full selling price.

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Thanks for the help. As of now I'm looking at a 5 year loan, i've put some thought into 6, but not enough to fully consider.

I think my main concern right now is to find the place with the best interest rate and go from there.

I just got to get married first in 2 weeks, woops, :lol: then I can seriously get a car.

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