Loan help

[Lobstakilla]

Hello,

I am in need of some quick advice. I purchased a MS 60 and will be picking the car up tomorrow.

Total purchase price of the car was right around $80,000 and I am putting around $15,000 down. I am getting a loan for $66,000 from Alliant. I can't decide if it is better to get the 72 month at 1.99% or the 78 month at 2.24%? The difference is only about $60 per month. With the 2.24% I would probably make extra payments to try to pay it off early. Any help from the finance gurus would be greatly appreciated.

 

[Derek Kessler]

Just go for the 72. If you can afford the payments, take the lower interest rate.

 

[Steve1081]

Go with 1.99% for 72 months.

That is a great deal and you will pay less in interest.

 

[Kay Kay]

There is going to be $900 extra interest if you go for 78 month and $50 monthly diffence in payment.

 

[Gig103]

I'd rather save the $910 in interest, myself. See attached from my homemade spreadsheet.

 

[caltechkid]

I'd very strongly suggest saving the ~$910 in interest by taking the 1.99% @ 72 months. I'm picking up tomorrow as well and was able to get 1.74% @ 72 months.

 

[Lobstakilla]

I'd very strongly suggest saving the ~$910 in interest by taking the 1.99% @ 72 months. I'm picking up tomorrow as well and was able to get 1.74% @ 72 months.

Where did you find the 1.74%? That's a great rate!

 

[caltechkid]

Where did you find the 1.74%? That's a great rate!

Indeed! US Bank, and actually just missed out on the 1.49% at 72 mos that was being offered by them unfortunately.