How much is finance charge if I am financed 25000 by a car dealership when I buy a new car?
I am looking in to buying a new car. The term would be 60 mnth @ 7.5% apr. They sent me a quote at 40000 grand financed and the finance charge is 8000+ and I'm wondering how much it would be if it was 25000 instead of 40000. Thankx
Public Comments
- You can do the work yourself....Punch in the word "amortization" on the web and I'm sure you'll find a chart that will let you figure your own payments. You can enter the amount financed, the interest rate, and the term or length of the loan.
- If you finance exactly 25,000 for 60 months at 7.5% apr. Your finace charge over the life of the loan will be $5056.40 with a payment of 500 per month. If you fanance 40,000 it's $8090.60 with a payment of 801.
