Quote:
Originally Posted by sneaks
Sometimes the realization of financing, and actual dollar amount over 6 years isn't totally understood.
If you finance $55,000 over 72 months at 4.9%, you are paying over $8500 to the lender in interest.
Reducing it to 60 months at 2.9%, the interest over the term of the loan is reduced to about $4100.
It is important to have a monthly budget but at the same time, be careful not to focus 100% on the monthly payment. It is exactly what the car dealers want you to do.
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You are 100% right! But as of right now I'm going to school using the g.i. bill so my income is slightly limited... I might just end up trying to get another job and really bust my ass... I know it pays off in the long run.
