Car Loans - GM Forum - Buick, Cadillac, Chev, Olds, GMC & Pontiac chat


Lounge For casual talk about things unrelated to General Motors. In other words, off-topic stuff. And anything else that does not fit Section Description.

Reply
 
 
 
Thread Tools Search this Thread
Old 01-16-2005, 02:43 PM   #1
Junior Member
Thread Starter
 
Join Date: Aug 2002
Posts: 0
Thanks: 0
Thanked 0 Times in 0 Posts
Custom88 is on a distinguished road
Default Car Loans

I'm just curious if banks/loan agencies will do something like this? This is a hypothetical question basically. Say you want to buy a car for $15,000 and have a $2,000 down payment. You also will be having $5000 from selling your current car, but you can't sell your currect car out-right until after you buy your new one. So you buy this 15k car and put down your 2,000 down payment so you now owe 13k. My question, is after you sell your current car for 5k instead of just paying that ammount to the loan, can the loan be adjusted for a lower monthly payment instead? So basically the loan would now be an 8k loan. the difference in monthly payments would be far apart from an $8,000 loan and a $13,000 loan..
Montly payment for a 13K loan (60 months)=approx 216/month
Monthly Payment for an 8K loan (60 months)=approx 133/month

I know this is not including interest or anything. I expect that would raise the monthly payments about 10/month or so.
Custom88 is offline   Reply With Quote
Old 01-16-2005, 02:46 PM   #2
Senior Member
Certified Car Nut
 
Join Date: Jul 2003
Location: Robbinsdale, MN
Posts: 15,408
Thanks: 0
Thanked 0 Times in 0 Posts
MOS95B is on a distinguished road
Default

Most car dealers want to use use thier loan agencies, but yeah, you can go to your bank. The dealer will give you some paperwork to take their, they'll crunch some numbers and give you an answer.

Doesn't hurt to run the numbers through both, tho. Sometimes the dealers will be able to get you a better rate than the bank because they want part of the interest to go into thier pockets, and not your bank'*...
MOS95B is offline   Reply With Quote
Old 01-17-2005, 01:25 AM   #3
Senior Member
Certified GM nut
 
Join Date: Dec 2004
Location: Port Charlotte FLORIDA
Posts: 2,077
Thanks: 0
Thanked 0 Times in 0 Posts
its840 is on a distinguished road
Default Re: Car Loans

Quote:
Originally Posted by Custom88

I know this is not including interest or anything. I expect that would raise the monthly payments about 10/month or so.


what bank are you going through?? send me there info so i can get a new car. most loan companys charge like 50 a month for interest. you pay interst off first then principal.
its840 is offline   Reply With Quote
 
 
Reply

Related Topics
Thread Thread Starter Forum Replies Last Post
Car cuts off...Turn the wheel and car starts up 95BonnevilleSESC 1992-1999 2 02-20-2004 02:50 PM


Thread Tools Search this Thread
Search this Thread:

Advanced Search

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off



All times are GMT -4. The time now is 04:33 PM.


We are a participant in the Amazon Services LLC Associates Program, an affiliate advertising program designed to provide a means for us to earn fees by linking to Amazon.com and affiliated sites.