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Loan help

Discussion in 'Model S' started by Lobstakilla, Dec 18, 2016.

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  1. Lobstakilla

    Lobstakilla Member

    Joined:
    Oct 31, 2016
    Messages:
    44
    Location:
    Scottsdale
    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.
     
  2. Derek Kessler

    Derek Kessler Member

    Joined:
    Apr 15, 2016
    Messages:
    318
    Location:
    Cincinnati
    Just go for the 72. If you can afford the payments, take the lower interest rate.
     
    • Like x 5
  3. Steve1081

    Steve1081 Member

    Joined:
    Nov 3, 2016
    Messages:
    83
    Location:
    West Palm Beach, FL
    Go with 1.99% for 72 months.

    That is a great deal and you will pay less in interest.
     
    • Like x 1
  4. Kay Kay

    Kay Kay Member

    Joined:
    Jul 11, 2016
    Messages:
    65
    Location:
    Fort Wayne
    There is going to be $900 extra interest if you go for 78 month and $50 monthly diffence in payment.
     
    • Like x 1
  5. Gig103

    Gig103 Member

    Joined:
    Oct 6, 2016
    Messages:
    227
    Location:
    Phoenix Metro Area
    I'd rather save the $910 in interest, myself. See attached from my homemade spreadsheet.
     

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    • Like x 1
  6. caltechkid

    caltechkid Member

    Joined:
    Dec 17, 2016
    Messages:
    233
    Location:
    Taxifornia
    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.
     
    • Like x 1
  7. Lobstakilla

    Lobstakilla Member

    Joined:
    Oct 31, 2016
    Messages:
    44
    Location:
    Scottsdale

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

    caltechkid Member

    Joined:
    Dec 17, 2016
    Messages:
    233
    Location:
    Taxifornia
    Indeed! US Bank, and actually just missed out on the 1.49% at 72 mos that was being offered by them unfortunately.
     

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