payments opinion

johncarlopang · 01-03-2014, 03:10 PM

hi guys. i need your advice about 2012 z financing. i have 3.99% APR for 72months. paying $485/month @ nissan. any suggestions for refinancing the car?

winnre · 01-03-2014, 03:21 PM

Credit union?

johncarlopang · 01-03-2014, 03:36 PM

thanks for moving ..

@winnre do they offer good refinancing options?

1st · 01-03-2014, 03:51 PM

3.99 is already low. I know Capital one is a good company for refinancing and offer several options at refinancing. Like you can extended, keep the same or shorten your term. They also let you make bi-weekly payments (half payments every 2 weeks) and you knock off money on the long run. They also offer deferrals if times get hard.

Chuck33079 · 01-03-2014, 03:53 PM

Whatever you do, go with a shorter term. 72 months is insane.

TerribleONE · 01-03-2014, 03:54 PM

Quote:

Originally Posted by Chuck33079

Whatever you do, go with a shorter term. 72 months is insane.

I think a 48-60 month finance is the longest you should EVER go. Even then, its kind of pushing it!

Chuck33079 · 01-03-2014, 03:57 PM

Quote:

Originally Posted by TerribleONE

I think a 48-60 month finance is the longer you should EVER go. Even then, its kind of pushing it!

I'd be ok with 48 assuming I could throw additional cash at the principal every month. That way you can still revert back to the original low payment amount if you hit hard times. 60+? No way.

Gadgetech · 01-03-2014, 03:59 PM

Quote:

Originally Posted by Chuck33079

I'd be ok with 48 assuming I could throw additional cash at the principal every month.

This is called a simple interest loan. You can pay it off at anytime and making any payment over and above the amount due goes to principle.

Chuck33079 · 01-03-2014, 04:00 PM

Quote:

Originally Posted by Gadgetech

This is called a simple interest loan. You can pay it off at anytime and making any payment over and above the amount due goes to principle.

I've had multiple car loans where any additional amount I paid went toward the next month's payment unless otherwise instructed.

synolimit · 01-04-2014, 04:44 PM

Quote:

Originally Posted by Chuck33079

Whatever you do, go with a shorter term. 72 months is insane.

Quote:

Originally Posted by TerribleONE

I think a 48-60 month finance is the longest you should EVER go. Even then, its kind of pushing it!

You're joking right? He paid $31,000. That's $34,910 total and only had to pay $485 a month. At 60 months he'd have to shell out $570 a month and only pay out $34,246. I'm sorry but saving only $654 over the term is not worth a $85 payment increase. And Jesus 48 is even worse!! Its $699 a month and $33,591 total. I'll eat $1319 to avoid $699 like the plague.

Chuck33079 · 01-04-2014, 06:10 PM

Quote:

Originally Posted by synolimit

You're joking right? He paid $31,000. That's $34,910 total and only had to pay $485 a month. At 60 months he'd have to shell out $570 a month and only pay out $34,246. I'm sorry but saving only $654 over the term is not worth a $85 payment increase. And Jesus 48 is even worse!! Its $699 a month and $33,591 total. I'll eat $1319 to avoid $699 like the plague.

Some people would rather pay less for the car, not have the smaller payment. There's a reason there's a rule of thumb that says if you can't pay the car off in three years you can't afford the car.

synolimit · 01-04-2014, 08:07 PM

Quote:

Originally Posted by Chuck33079

Some people would rather pay less for the car, not have the smaller payment. There's a reason there's a rule of thumb that says if you can't pay the car off in three years you can't afford the car.

Never heard of it and I don't know anyone that can do that. I never have a car longer then a year anyways so more money to play with the better. To each their own I guess.

I pay less incase something happens. I'm an RN, my job will NEVER go away, but I can't predict the future. If my motor goes and I need 5k cash I'd rather worry about a $400 payment coming up vs a $700 payment. You can always pay more a month to pay it off early rather than be forced to pay more each month.

Gadgetech · 01-03-2014, 03:53 PM

Ask your dealership to show your the screen that lists out the bank options. I can tell you that with NMAC the rates are tiered, not to say others aren't, but I would ask them to explain how they came to that rate. If you are A tier, NMACs A tier may actually be 2.99%, all depends on the month, and they are not giving you the lowest rate. If the F&I person is experienced, they can tell you what your best options are. Also know that depending on where you are in negotiation, they may have decided that you using their financing options is part of the deal so they get a larger kick back. Just make sure you state your position and clarify that the price is out the door regardless of financing options.

RE better rates - Credit Unions can offer very aggressive rates but sometimes banks are lower depending on what business they need. I think to get the best rates from a CU, you need to be a member which means opening an account if you don't already have one.

winnre · 01-03-2014, 03:57 PM

i walked into my Nissan dealer with a letter of approval from the credit union. Know what they did? They beat the interest rate!

johncarlopang · 01-03-2014, 10:40 PM

well my us bank is only offering .09% less than NMAC is offering. im paying 600 a month and principal is 500 and 100 goes to interest. its insane dont know what to do.

01-03-2014, 03:10 PM	#1 (permalink)
johncarlopang Base Member Join Date: Apr 2013 Location: las vegas Posts: 141 Drives: none Rep Power: 12	payments opinion hi guys. i need your advice about 2012 z financing. i have 3.99% APR for 72months. paying $485/month @ nissan. any suggestions for refinancing the car?

01-03-2014, 03:51 PM	#4 (permalink)
1st A True Z Fanatic Join Date: Jul 2012 Location: I 80 Biz U.S. 50 Posts: 1,710 Drives: Platinum Z Rep Power: 1616	3.99 is already low. I know Capital one is a good company for refinancing and offer several options at refinancing. Like you can extended, keep the same or shorten your term. They also let you make bi-weekly payments (half payments every 2 weeks) and you knock off money on the long run. They also offer deferrals if times get hard. falconfixer likes this.

01-03-2014, 03:53 PM	#5 (permalink)
Chuck33079 A True Z Fanatic Join Date: Nov 2011 Location: Houston Posts: 12,265 Drives: 2011 370ztt Rep Power: 29539	Whatever you do, go with a shorter term. 72 months is insane. m4a1mustang, DEpointfive0, snizzle and 1 others like this. __________________ 2011 MB Touring-Sport-6sp-Nav/GTM TT/FI TT TDX/JTran/Kosmic/Eibach/Hotchkis/SPC/CSF/RPS/SoThatsWhereAllMyMoneyWent

01-03-2014, 03:53 PM	#13 (permalink)
Gadgetech A True Z Fanatic Join Date: Oct 2013 Location: Cumming, Ga Posts: 1,559 Drives: The Short Bus Rep Power: 870	Ask your dealership to show your the screen that lists out the bank options. I can tell you that with NMAC the rates are tiered, not to say others aren't, but I would ask them to explain how they came to that rate. If you are A tier, NMACs A tier may actually be 2.99%, all depends on the month, and they are not giving you the lowest rate. If the F&I person is experienced, they can tell you what your best options are. Also know that depending on where you are in negotiation, they may have decided that you using their financing options is part of the deal so they get a larger kick back. Just make sure you state your position and clarify that the price is out the door regardless of financing options. RE better rates - Credit Unions can offer very aggressive rates but sometimes banks are lower depending on what business they need. I think to get the best rates from a CU, you need to be a member which means opening an account if you don't already have one. __________________ Upstate Z Club

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01-03-2014, 03:21 PM	#2 (permalink)
winnre Track Member Join Date: Nov 2013 Location: Close to Redlands, CA Posts: 534 Drives: '14 370Z Touring Spt Rep Power: 13	Credit union?

01-03-2014, 03:36 PM	#3 (permalink)
johncarlopang Base Member Join Date: Apr 2013 Location: las vegas Posts: 141 Drives: none Rep Power: 12	thanks for moving .. @winnre do they offer good refinancing options?

01-03-2014, 03:57 PM	#14 (permalink)
winnre Track Member Join Date: Nov 2013 Location: Close to Redlands, CA Posts: 534 Drives: '14 370Z Touring Spt Rep Power: 13	i walked into my Nissan dealer with a letter of approval from the credit union. Know what they did? They beat the interest rate!

01-03-2014, 10:40 PM	#15 (permalink)
johncarlopang Base Member Join Date: Apr 2013 Location: las vegas Posts: 141 Drives: none Rep Power: 12	well my us bank is only offering .09% less than NMAC is offering. im paying 600 a month and principal is 500 and 100 goes to interest. its insane dont know what to do.