Whats the interest on a 145 000k car +-?

[KOPITE]

Anybody willing to give me a rough figure.

[Grimspoon]

What do you mean? The interest rate? The total interest you will pay over the period? You need to be a bit more specific.

[D3x!]

at what rate and over what period? :|

just use a calculator like those found on a website like www.wesbank.co.za

[Scooby_Doo]

Need more info than that...


Number of years, interest rate. Do you want all the interest for the period of financing or just the monthly payments...

What?

[D3x!]

but roughly a billion dollhairs

[Hamster]

At 11% I reckon you will probably end up paying an extra R40k over 5 years.

/waits for genius with Excel to give real answer

EDIT:

145 @ 11% over 60 months ends up roughly R190k... so R45k in interest.

[D3x!]

At 11% I reckon you will probably end up paying an extra R40k over 5 years.

/waits for genius with Excel to give real answer

close enough

R44159.08

[KOPITE]

Sorry guys
it will be for 5 year period. i see some places you can pay it off over 72 months too.
so its about 45K extra

another question. if you buy a 2nd car, is it better to put down a 10% down or once your first payment debits then you put a 20k or 30k down to bring the interest down and also your monthly payment

[D3x!]

Sorry guys
it will be for 5 year period. i see some places you can pay it off over 72 months too.
so its about 45K extra

another question. if you buy a 2nd car, is it better to put down a 10% down or once your first payment debits then you put a 20k or 30k down to bring the interest down and also your monthly payment

wtf, where do people hear this rubbish? how is putting down the money after a better decision compared to taking a smaller initial loan? pls enlighten me?

[Hamster]

Sorry guys
it will be for 5 year period. i see some places you can pay it off over 72 months too.
so its about 45K extra

another question. if you buy a 2nd car, is it better to put down a 10% down or once your first payment debits then you put a 20k or 30k down to bring the interest down and also your monthly payment

As much money as you can, as soon as you can. Unless of course you are earning more interest than the interest they are charging you somewhere...then I would say do the opposite.

And as IIRC, 72 months is only available on new car purchases (might be wrong).

[KOPITE]

wtf, where do people hear this rubbish? how is putting down the money after a better decision compared to taking a smaller initial loan? pls enlighten me?

most people i know say that you should never put down a big deposit because your monthly payment will not come down that much after they work it out. its only word by mouth

[Hamster]

most people i know say that you should never put down a big deposit because your monthly payment will not come down that much after they work it out. its only word by mouth

Your monthly payment installment shouldn't come down. Rather let loan term become shorter and pay less total interest.

[Scooby_Doo]

You "might" get a better interest rate if your loan amount is higher... In which case borrow the full amount and pay off the "deposit" after a few months.

[Mike Hoxbig]

most people i know say that you should never put down a big deposit because your monthly payment will not come down that much after they work it out. its only word by mouth

Most people you know are talking sh*t. A bigger deposit = smaller loan = lower monthly repayment. The interest rate granted to you is often affected by factors other than the size of the loan.

[KOPITE]

You "might" get a better interest rate if your loan amount is higher... In which case borrow the full amount and pay off the "deposit" after a few months.

?