Not trying to be nosey....

[pigletgirl]

however I'm just curious to know, if you have a monthly or biweekly car payment, what do you pay?

Thanks!

**still trying to figure out all this car stuff**

 

[KathyTX]

You're going to get answers ranging from $200/month to $1000 or more, to people who say they will only pay cash for a car.

Some of the biggest variables are the amount you're financing (negotiated price for the car minus your down payment), length of time you're financing (3 years? 5 years? something different?), whether the car is new or used (used will have a higher interest rate most of the time), and your own credit rating (worse credit= higher risk= higher interest rate.)

Is this your first car purchase? Do you have a specific car in mind and already know the price?

 

[BillSears]

What you pay really depends on how much you finance, how long you finance for and what interest rate you get. It's all a personal thing and can range probably from $100 to $1000 dollars a month. But just because someone has a $1000 a month payment it doesn't mean you should have one. And just because someone has $100 it doesn't mean you can't go higher. Just figure out what you can afford and make sure you don't go that high. It's always better to have too low a payment then too high.

Here's a calculator for monthly payments:

http://www.bankrate.com/calculators/auto/auto-loan-calculator.aspx

Now with all of the above in mind...my payment is $260 a month.

 

[Lisa loves Pooh]

We were in the $300s many moons ago for cars in the $16000-$20000 range.

We wanted nicer vehicles (aka the ones that cost more than that) and we just weren't comfy with that.

TODAY if I had the means, my car payment would not exceed $400, but that would require a hefty DP.

YMMV-pun intended

 

[pigletgirl]

Well we have been looking at this 2008 ford fusion. It used with approx. 40,000 miles. We would put a down payment on it, and then whatever money they would give us for the trade in (approx. 1500).

A bi-weekly payment with the 3yr/36000 mile warrrenty with a GAP insurance is approx $123. We would be able to pay this off in approx 5.5 years. We also want to pay ahead some months too.

 

[Jacoby 46]

We pay $400 a month for our 2010 Toyota Rav 4

 

[JLTraveling]

We recently purchased an '07 Ford Expedition Eddie Bauer with all the bells and whistles, and only 31K miles. We financed the entire purchase price including tax, tag and title, except for the $3000 trade allowance. Our total financed was just under $30,000 and we're paying $450 per month.

 

[lovemygoofy]

Well we have been looking at this 2008 ford fusion. It used with approx. 40,000 miles. We would put a down payment on it, and then whatever money they would give us for the trade in (approx. 1500).

A bi-weekly payment with the 3yr/36000 mile warrrenty with a GAP insurance is approx $123. We would be able to pay this off in approx 5.5 years. We also want to pay ahead some months too.

You are buying a car that already has 40k miles on it but it will take you almost 6 years to pay off? You need to look at the interest rate on that deal because you must be paying quite a bit. How much is the actual car and then calculate how much would would be paying total for the next 6 years. That just seems to be alot.

You can almost buy a new car like a chevy cruze or something and pay it off in 5 years and probably less interest depending on your credit.

To answer your car payment question, I pay $400 a month but the actual payment is $375 and I bumped it up to finsih it off sooner. I will never go over 400 a month for a car payment.

 

[Nicolepa]

My question is why are you paying for GAP insurance? I thought that was for leased cars. Is this something the dealer is selling you?

 

[tonilea]

Don't forget to budget for full coverage insurance too!

 

[quentina]

My question is why are you paying for GAP insurance? I thought that was for leased cars. Is this something the dealer is selling you?

Gap will pay off any remaining loan balance if you total the car....I wish I had it when it happened to me. I was 19, bought a brand spankin new Chevy Corsica. 6 months later, I get hit by someone with no insurance. I owe 3500 more than appraisal.......I never buy a car without gap anymore. It is good for a buy versus a lease.

On the other hand, OP, that does not seem like a very good deal. I would shop around some more.

 

[cm8]

however I'm just curious to know, if you have a monthly or biweekly car payment, what do you pay?

Thanks!

**still trying to figure out all this car stuff**

monthly, $300.00, we payed $$$$ for a down payment and will pay $300 for one more year. We got the latest car exactly a year ago.

Next car we get will be my Maserati in burnt orange, 4 doors, I can't wait! That is the of my dreams

 

[Cindy B]

As of last month, 0. The car is now paid off. Before last month the payment was $203 per month. I usually paid $250.

It is a 2010 Toyota Camry. Was $22K, got it down to $15K. Paid a decent down payment, and financed approx. 6K.

 

[PatsGirl]

2010 Toyota Rav4 leased for $199/month ~ with taxes and fees the payment is $250. My last car, a Jeep Cherokee Laredo which I loved cost $316 for 7 years (I leased it the first 3 and then purchased it with a 48 month loan). I drove the Jeep another three years with no payment before selling it I HATE having a car payment but I hate not having reliable transportation even more.

 

[cm8]

2010 Toyota Rav4 leased for $199/month ~ with taxes and fees the payment is $250. My last car, a Jeep Cherokee Laredo which I loved cost $316 for 7 years (I leased it the first 3 and then purchased it with a 48 month loan). I drove the Jeep another three years with no payment before selling it I HATE having a car payment but I hate not having reliable transportation even more.

How is the trunk space on the Rav 4? Does it hold a lot of luggage? I was thinking of renting one for my Mom next week, Thanks for your assistance!

 

[novajeanjellybean]

I have a 2006 Cadillac DTS at $376 for 6 years. I didn't have the best credit plus I'm pretty young. I wouldn't pay over $400 for a car payment. Don't forget to factor in full coverage insurance!!

BTW is the car dealer that you are buying from reputable? The reason I ask is because most biweekly payments are in house financed and tend to be higher than bank financing.

 

[scrapquitler]

You're going to get answers ranging from $200/month to $1000 or more, to people who say they will only pay cash for a car.

Some of the biggest variables are the amount you're financing (negotiated price for the car minus your down payment), length of time you're financing (3 years? 5 years? something different?), whether the car is new or used (used will have a higher interest rate most of the time), and your own credit rating (worse credit= higher risk= higher interest rate.)

Is this your first car purchase? Do you have a specific car in mind and already know the price?

Our last car payment was about $900 per month. BUT it was a 2 year loan, and we put down a minimal downpayment ($1000 I think). The interest rate was low, maybe 1.9% or something. We just wanted to get it paid off ASAP, and the financing offered was a much lower percentage if it was a shorter term loan.

 

[JoShan1719]

For our 2007 Mazda 3:

-we put $2000 down
-We opted for a five year lease
-We pay $332 a month

HTH

 

[Cindy B]

Our last car payment was about $900 per month. BUT it was a 2 year loan, and we put down a minimal downpayment ($1000 I think). The interest rate was low, maybe 1.9% or something. We just wanted to get it paid off ASAP, and the financing offered was a much lower percentage if it was a shorter term loan.

$900! That is more than my mortgage. Kudos to you for completing it timely but that is still high.

 

[locolala]

We pay 350 on my DH's car, and 300 on mine. We normally make a double payment on one of the cars each month, switching which car we do each time. DH drives a 2009 Subaru WRX and I drive a 2009 Subaru Legacy 2.5GT.