|
|
| *Loan,banking and credit>>>auto loan |
Which is the better length of auto loan 48 mo or 60 mo? |
I need to buy a vehicle but I am not sure if I should go with 48 month loan or 60 month. The loan amount would be around $15000. Either way, I like to add extra money each month to go to the principal whenever I can. What do you think? There is no question about it. The 48 month loan will require slightly higher payments, but the total cost of the loan will save you thousands. If you can afford the shorter term, by all means don't put yourself in hock for 5 years. That interest really piles up. I made a $4,500 down payment on a Toyota Pick up and made payments of $259.00 for 60 months, The total of the payments was $15,540.00 Adding my down payment = $20040.00. The interest was way too high, but I was stuck with it at 8.54 percent. Don't appear to really like or want the car. It is better to act a little disinterested and be sure to ask a lot of questions. Don't let the old trick that sellers use, get to you. While talking to you, they will change the subject and sometimes even attempt to find a common interest with you. That takes your mind off of the sale and leaves you wide open when they stick it to you. There is no other way to say that. Good Luck. Source(s): EXPERIENCE You'll have a lower interest rate with the 48 over the 60, but have to pay more each month. I tend to go 60 months since I like the ability to pay less in an emergency. However I pay more on my loan and pay it off before the 60 months. Go for the 48 month to pay off the principal sooner and not waste so much on interest. if you can swing it take the 48, much less interest involved A 48 month loan in the long run will cost you less if you can pay the higher payment. Early bird gets the worm. shorter loans typically have better rates... if not, shorter is ALWAY better(if you can afford the higher payment) as this saves you money overall spent on interest. |
| Tags |
| mortgage loan consolidation loan commercial loan auto loan fha loan payday loan unsecured loan student loan personal loan |
SiteMap--Copyright/IP Policy--Contact Webmaster For personal non-commercial use only. |