Secured New Car Loan

David76 on 07/05/2017 - 19:10

Is 5.99% a good rate for a secured new car loan?

Comments

BensonP on 07/05/2017 - 19:33

Depends how much the car is worth? How much have you borrowed? How many years? Balloon payment? Is that the interest rate or comparison rate?
- David76 on 07/05/2017 - 20:46
  
  The car will be worth about $40000 and I will be borrowing approx $20000. That is the actual interest rate.
chumlee on 07/05/2017 - 20:49

It's a good rate.

So no fees or charges?
dasher86 on 07/05/2017 - 21:31

Get a car for $20,000 without finance?
- Kelvin0911 on 07/05/2017 - 21:43
  
  The new generation Hyundai I30 is a gem. Test drive it the other day, even the base model has all the gadgets that usually on the higher-end models.
  I think you can get it for around 24k.
Skramit on 07/05/2017 - 21:45

It's a pretty good rate.

The interest payable is fairly minor at the 20k mark.

$20k X 6% = $1200
- David76 on 07/05/2017 - 21:59
  
  Going by their calculator the interest payable is more like $3000 (go figure)
  - Daabido on 08/05/2017 - 00:32
    
    You may be looking at the total amount of interest paid over the period of the loan or you might be looking at tome sort of repayment amount which includes capital.