Ziay!

lil mama · 07-02-2008, 05:45 AM

i was financed 23943.59 interest rate at 16.19 how long will it take me to pay the interest and start paying the car off

Ted · 07-02-2008, 05:45 AM

According to bankrate.com the average 5 year new car loan is 6.75%. How did you get stuck with 16.19? Are you sure your numbers are right?

Gatsby216 · 07-02-2008, 05:46 AM

Each payment has part interest and part loan principle. Each month the amount of interest goes down and the amount of loan reduction goes up.
The real issue is that the car will depreciate 20-25% the first year. So unless you put money down you will upside down, ie owe more than the value of the car.
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07-02-2008, 05:45 AM	#1
lil mama Junior Member Join Date: Jul 2008 Posts: 1	car loan with interest rate 16.19? i was financed 23943.59 interest rate at 16.19 how long will it take me to pay the interest and start paying the car off

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07-02-2008, 05:45 AM	#2
Ted Junior Member Join Date: Jul 2008 Posts: 2	According to bankrate.com the average 5 year new car loan is 6.75%. How did you get stuck with 16.19? Are you sure your numbers are right?

07-02-2008, 05:46 AM	#3
Gatsby216 Junior Member Join Date: Jul 2008 Posts: 1	Each payment has part interest and part loan principle. Each month the amount of interest goes down and the amount of loan reduction goes up. The real issue is that the car will depreciate 20-25% the first year. So unless you put money down you will upside down, ie owe more than the value of the car. a>

Ziay!

car loan with interest rate 16.19?

car loan with interest rate 16.19?