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How much / month are you paying MYLR?

I'm not sure if there is a thread related to this, but curious to know how much you are paying monthly if your financed.
My MYLR came out in total of ~$66000 (including tax, fee, and credit).
I am trying to down pay either 15% (15k) or 20% (20k) with 72 mo (2.74%) loan making monthly $753 and $678, respectively.
Overall, leaning toward 20K down as <$700 monthly makes me much comfortable...
 

Kairide

Active Member
Jul 13, 2021
1,057
1,168
CA
The #1 mistake when buying a car is focusing on monthly payments. That’s why salesman always ask you what you’d be comfortable paying each month and work to get you to that by extending the loan, asking for more down etc…
If you have $20k to put down, you could always put that aside and use it to help make your payments. At least that way you’re not parting with $20k all at once. Or as others would say in a better market, take the $20k and invest it so it grows.
Depending on your interest rate, putting that much down may save you a couple thousand in interest over the length of the loan. But you may be able to make more investing it or even more importantly, having cash assets in case of emergency is vital.
If you got it and want to put it down go for it. But don’t just focus on lowering monthly payments as the only reason for putting that mush down on a car.
 
I'm not sure if there is a thread related to this, but curious to know how much you are paying monthly if your financed.
My MYLR came out in total of ~$66000 (including tax, fee, and credit).
I am trying to down pay either 15% (15k) or 20% (20k) with 72 mo (2.74%) loan making monthly $753 and $678, respectively.
Overall, leaning toward 20K down as <$700 monthly makes me much comfortable...
20k down would be 30%. If you’re putting 20% down that would be $13,200.

I’m paying $468/mo at 2.5% for 7 years. I can always pay it off faster, but honestly the difference in total interest between 6 years and 7 years at that rate was ~$475.

Trying to trade in for a Red/White MY Performance and might be able to get 2.25% (though rates did just go up) and if I do 7 years again I might be able to drop it down to $351/mo 😂
 
I always put down the maximum cash I have on hand, always. It doesn’t matter if this is a car or a house. The more you pay down, the less interest you pay over the life of the loan (and lower payment). I like having some wiggle room in my finances.

Don’t think of the monthly payment. Think in terms of, how much cash do I need in my bank over the next couple of months while I rebuild up cash reserves after paying for giant down payment, license plate, mortgage, rent etc.

It may hurt you more today and next month for putting more down, but over time, that lower payment will help you out in the long run.
 

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