Need some calculations done
09-09-08, 03:27 PM
#16
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If You Don't Have The Money, You Can't Afford It!
Paying interest on a depreciating asset is not a wise proposition. If you learn this lesson early enough in life, you will reap large financial dividends from it later.
Financing is nature's was of telling you the item is unaffordable to you presently.
09-09-08, 05:34 PM
#17
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Thanks for that idea about the Pentagon one that will save me quite a lot of money.
Maxnix, the reason why I have to finance this purchase is simply because I don't have the cash in the near future to buy it outright. I will though in the future and I can easily sustain the payments. This is my 2nd IS350 btw...The first one I will pay off by November...
Also, I agree with you max and really appreciate your advice! I was a business major in school so I know that the interest practically kills you at the end of the day.
Maxnix, the reason why I have to finance this purchase is simply because I don't have the cash in the near future to buy it outright. I will though in the future and I can easily sustain the payments. This is my 2nd IS350 btw...The first one I will pay off by November...
Also, I agree with you max and really appreciate your advice! I was a business major in school so I know that the interest practically kills you at the end of the day.
09-09-08, 07:04 PM
#18
I purchased back in May and received 5.29% for 60 months through Bank of America. I qualified as super-prime based on my score, and I felt like I had a good shot to make more than 5.29% by holding on to my $ and financing the car.
BTW, it is my understanding that they can pull several types of credit scoring including bank card scores, auto loan scoring, etc from the major bureaus. It's likely they will choose the score that offers them the fattest margins unless you ask for detail. Just an FYI, I asked up front which score they typically use and which ones they pull. They offered to show me what they pulled and they agreed to use the score that got me the best rate.
Just remember! The negotiation isn't over when you are looking at financing. I negotiated down nearly a full point from their first offer, saving a fair amount over 60 months!
Just my 2 cents.
BTW, it is my understanding that they can pull several types of credit scoring including bank card scores, auto loan scoring, etc from the major bureaus. It's likely they will choose the score that offers them the fattest margins unless you ask for detail. Just an FYI, I asked up front which score they typically use and which ones they pull. They offered to show me what they pulled and they agreed to use the score that got me the best rate.
Just remember! The negotiation isn't over when you are looking at financing. I negotiated down nearly a full point from their first offer, saving a fair amount over 60 months!
Just my 2 cents.
09-09-08, 07:58 PM
#19
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Open a savings account at Pentagon Federal(I think you need a minimum $20 or something)
To open an account you or afamily member must be in the military or you can donate $20 to one of the "honor the troops funds"
The current rate is 4.75%
http://www.penfed.org/
To open an account you or afamily member must be in the military or you can donate $20 to one of the "honor the troops funds"
The current rate is 4.75%
http://www.penfed.org/
09-09-08, 08:54 PM
#20
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Present value principal = 30000
rate = 6.5%, compounded monthly is .065/12 = .005416666667
Term = 72
your payments will be $504.30/month exactly
google monthly payment calculator or punch this in MS Excel just to double check =pmt(.00541666,72,30000)
Check out Lockheed federal credit union www.lfcu.com rates as low as 4.99%, I just did a refi there and saving a couple grand throughout the life of the loan... and they give you $100 if approved by Sept 15th
rate = 6.5%, compounded monthly is .065/12 = .005416666667
Term = 72
your payments will be $504.30/month exactly
google monthly payment calculator or punch this in MS Excel just to double check =pmt(.00541666,72,30000)
Check out Lockheed federal credit union www.lfcu.com rates as low as 4.99%, I just did a refi there and saving a couple grand throughout the life of the loan... and they give you $100 if approved by Sept 15th
Last edited by PreTTyB0i5; 09-09-08 at 09:07 PM.
09-09-08, 09:36 PM
#21
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Thanks Everyone! I will keep you updated on my new purchase...
Also for those wondering why the 2nd IS350...I am giving my current 08 to my grandfather while I take on a slightly newer IS350!
Also for those wondering why the 2nd IS350...I am giving my current 08 to my grandfather while I take on a slightly newer IS350!
09-09-08, 10:26 PM
#23
I dont think it took too long though. As for getting a check, it takes about 3 days. Start the loan application online and then call in for status(if you call in to do the loan they charge .25% more interest). I just refinanced through them 2 months ago at 4.25... which was really good.
It looks like they took away the ability to donate to causes to join pentagon federal. Now you have to join the National Military Family Association to join Pentagon federal. The cost is $20/year. The good news is you can cancel as soon as you have an account with Pentagon federal.
There is a brank in Cape May New Jersey. If you are close by, you could probably speed up the process. Use this tool to determine the payment per month
http://autos.msn.com/loancalc/newloan.aspx
30K = $579.98/60 months@6.00% interest
30K = $559.29/60 months@4.50% interest
Savings = 20*60=$1200
Last edited by tqlla3k; 09-09-08 at 10:29 PM.
09-10-08, 09:39 AM
#25
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another great tool to figure this stuff out is www.bankrate.com
go to their loan calculator and it will give you exactly what you want and let you play around with the numbers
go to their loan calculator and it will give you exactly what you want and let you play around with the numbers
09-12-08, 12:57 PM
#27
Lexus Champion
09-12-08, 02:13 PM
#29
Since you already completed the app... call their customer service and see what you are supposed to do next.