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Discussion Starter · #1 ·
Hi guys :)

I have been lurking on this forum for months actually, but I have never really posted anything before. But, I had a couple of questions that I was hoping you all could help me with.

I would love to purchase a Sky, but I don't really know what my monthly payments and insurance costs would be. I live in Missouri, I know that probably makes a difference with insurance at least.

I am still pretty young, but I would really like to have the car and I just want to see if I could make it happen. I used the build-a-sky feature on saturn.com and it said the MSRP for the Sky I wanted would be $24,735.00. I would probably put down about $5,000 for a down payment on it, so that leaves me just under $20,000 more to finance.

I would probably want to do a five year loan on it. I just don't know what kind of interest rate I would qualify for. I don't have a lot of credit history, all I really have is one Visa credit card that I have paid the balance off in full each month (I got it solely to build credit). The Sky would be my first big purchase. I am sure that I could get one of my parents to cosign with me if that would make a big difference, they have good credit but they are also currently making payments on a loaded 2006 Eclipse GT, so I'm sure the bank would take that into consideration, LOL.

So, basically, I am just asking if anyone could give me any sort of idea on what type of interest rate I am looking at (if I finance on my own and if I have a cosigner) and what my monthly payments would be. Thank you very much, and enjoy your Skys! :D

 

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Discussion Starter · #3 ·


If I did decide to get rid of my current car (I may keep it since I probably wouldn't want to drive the Sky during a snowstorm or anything, LOL), I would just sell it privately. I wouldn't trade anything in to the dealer.

 

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Just to give you an idea, my salesman said they use a guide line that at $20,000 payments would be $400. for 60 months. That all depends on your credit too. For 5 years, you looking at alot higher, maybe about $600. After my down payment I will be financing $21,000. Im getting an interest rate of 6.5%. At 60 months payments will be $411. Just all depends on what you can afford....:)
 

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There's a link for an auto loan calculator at the bottom of the page as well. You can put in different options/scenarios and see what comes out.
 

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If your visa card is through a particular bank check, inquire with them about a loan. Since you pay off the balance of your card each month, they would probably love to make some money from you...lol.
I for the most part pay mine off each month and they are always sending me mail offering loans and such. I paid off my current car 6 years ago so they are finally getting their wish as soon as it arrives.
Anyone used GMAC financing? I am wondering if they might beat the 5.49% my bank is offering.
 

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agirltrucker said:
Just to give you an idea, my salesman said they use a guide line that at $20,000 payments would be $400. for 60 months. That all depends on your credit too. For 5 years, you looking at alot higher, maybe about $600. After my down payment I will be financing $21,000. Im getting an interest rate of 6.5%. At 60 months payments will be $411. Just all depends on what you can afford....:)
5 years is 60months. Current normal intrest rates on good credit are falling between 5-6.5% from what I've been able to gather. A payment of 425 or somewhere in that area is what you should expect on a 20k loan and I have no clue on insurance haven't even looked at what I'm going to be paying yet.
 

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Discussion Starter · #8 ·
Thank you everyone for the help! I think that payments around $400 or so a month would be managable, so I'll try checking with my bank and seeing what they will do for me. Thanks again! :)
 

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cjegg said:
5 years is 60months. Current normal intrest rates on good credit are falling between 5-6.5% from what I've been able to gather. A payment of 425 or somewhere in that area is what you should expect on a 20k loan and I have no clue on insurance haven't even looked at what I'm going to be paying yet.
Ok, just got home from signing the papers. Added Lo-jack, saturn finish, window tint, window etching, 3M clear bra, and extended warrenty. At 6.5% for 60 months, payments will be $403.....:thumbs:
 

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I put a considerable amount down, so my payments are under $300 a month for 36 months..................:cool:
 

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I am wondering why no one has considered borrowing against their 401k.

Seems to me that it would not be a bad idea.

Can someone give me the pros and cons of this kind of loan.

If I wasn't paying cash I would consider it. My 401k allows we to borrow up to 1/2 the vested amount at 4%, which you are paying to yourself.
 

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Two issues with 401k loans:

1) You can only have one at a time under most plans so you will not be able to tap it later in the event of an emergency unless you pay back the original loan first

2) If you get fired or quit, in many instances you may have to pay back the loan immediately (check with your plan admin).
 

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sparkle4596 said:
Hi guys :)

I have been lurking on this forum for months actually, but I have never really posted anything before. But, I had a couple of questions that I was hoping you all could help me with.

I would love to purchase a Sky, but I don't really know what my monthly payments and insurance costs would be. I live in Missouri, I know that probably makes a difference with insurance at least.

I am still pretty young, but I would really like to have the car and I just want to see if I could make it happen. I used the build-a-sky feature on saturn.com and it said the MSRP for the Sky I wanted would be $24,735.00. I would probably put down about $5,000 for a down payment on it, so that leaves me just under $20,000 more to finance.

I would probably want to do a five year loan on it. I just don't know what kind of interest rate I would qualify for. I don't have a lot of credit history, all I really have is one Visa credit card that I have paid the balance off in full each month (I got it solely to build credit). The Sky would be my first big purchase. I am sure that I could get one of my parents to cosign with me if that would make a big difference, they have good credit but they are also currently making payments on a loaded 2006 Eclipse GT, so I'm sure the bank would take that into consideration, LOL.

So, basically, I am just asking if anyone could give me any sort of idea on what type of interest rate I am looking at (if I finance on my own and if I have a cosigner) and what my monthly payments would be. Thank you very much, and enjoy your Skys! :D
Don't forget to add sales tax and any other taxes that might affect you as well as any fees a dealer tacks on and license costs as well.
Round here that adds about 10% to the cost of a car.
 

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sparkle4596 said:
Hi guys :)

I have been lurking on this forum for months actually, but I have never really posted anything before. But, I had a couple of questions that I was hoping you all could help me with.

I would love to purchase a Sky, but I don't really know what my monthly payments and insurance costs would be. I live in Missouri, I know that probably makes a difference with insurance at least.

I am still pretty young, but I would really like to have the car and I just want to see if I could make it happen. I used the build-a-sky feature on saturn.com and it said the MSRP for the Sky I wanted would be $24,735.00. I would probably put down about $5,000 for a down payment on it, so that leaves me just under $20,000 more to finance.

I would probably want to do a five year loan on it. I just don't know what kind of interest rate I would qualify for. I don't have a lot of credit history, all I really have is one Visa credit card that I have paid the balance off in full each month (I got it solely to build credit). The Sky would be my first big purchase. I am sure that I could get one of my parents to cosign with me if that would make a big difference, they have good credit but they are also currently making payments on a loaded 2006 Eclipse GT, so I'm sure the bank would take that into consideration, LOL.

So, basically, I am just asking if anyone could give me any sort of idea on what type of interest rate I am looking at (if I finance on my own and if I have a cosigner) and what my monthly payments would be. Thank you very much, and enjoy your Skys! :D
Okay - make sure you shop around for financing. I financed my last car thru my insurance agent! (State Farm) My husband used our credit union for his last vehicle. So its not just the "bank". You may be eligible to join your parents credit union also. The better your credit score the lower the interest rate so make sure you are paying your bills every month ahead of time.
 

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As has been mentioned; general rule of thumb is that for every 20k borrowed for 60 months, bank on $400/month payments. As far as insurance goes, it's rather inexpensive, as long as your record is relatively clean. I'm 28, single,and I will be paying $50/month for total coverage. Not bad.
 

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Rick Tinley Park said:
Don't forget to add sales tax and any other taxes that might affect you as well as any fees a dealer tacks on and license costs as well.
Round here that adds about 10% to the cost of a car.
That's what surprised me when I ordered my car. I forgot about the taxes, and that's a ~$1400 surprise. Then there were about $80 worth of misc. charges and I was sitting there sweating and praying he'd stop working that calculator! :eek:
 

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cjegg said:
5 years is 60months. Current normal intrest rates on good credit are falling between 5-6.5% from what I've been able to gather. A payment of 425 or somewhere in that area is what you should expect on a 20k loan and I have no clue on insurance haven't even looked at what I'm going to be paying yet.
I think you are a little low on that range. I've got a FICO of 840 and a low DTI, and the best I could find was 5.9%. Some outlets came back at rates in the 8% range.

I took the 5.9% because the other option was tapping my HELOC, but when I did the math, even with the tax incentives on the HELOC, the 5.9% was a better deal, at least for now. If things change I can always pay it off with the HELOC. Interest rates are going up. If you car is due in the next 30 days, you might want to try to lock in a rate now.

Anne
 

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Maverick said:
I am wondering why no one has considered borrowing against their 401k.

Seems to me that it would not be a bad idea.

Can someone give me the pros and cons of this kind of loan.

If I wasn't paying cash I would consider it. My 401k allows we to borrow up to 1/2 the vested amount at 4%, which you are paying to yourself.

It would depend on your goals with your 401k. When you take a loan from your 401k, that money isn't out there elsewhere working for you. If you're closer to retirement, then locking in the 4% return might be better for you. In my case, I decided against it because I'm still relatively young and my 401k is mostly invested very aggressively- I generally get much better gains than that.
 

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Anne said:
I think you are a little low on that range. I've got a FICO of 840 and a low DTI, and the best I could find was 5.9%. Some outlets came back at rates in the 8% range.
Anne
I was given a 5.3% intrest rate through my credit union when I posted that and didn't want to assume I had received the best loan out there. You can run a check on the net as well to get the range that car loan rates are at in your area. 8% seems a little crazy esp. with your high FICO score must be a lender that lends to high risk or something? I was told my car had been shipped by the dealer in error and now will lose that rate :mad: while I wait on my car no clue where it is prodcution or not right now (I've had a hard time getting a hold of the gm lately). If it shipped today I could lock in at 5.5% assuming it got here with in 30days I'd be fine.
 
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