auto loan question (plz help)
auto loan question (plz help)
Ok so im 22, military with great credit but honestly I dont know much about loans. I feel I sud definately go to a class about it becuz im so confused after getin off the phone with navy fed about my auto loan
So I want to borrow 13k for a 60 month loan. After jumping through hoops for a appl, he says my interest can vary from 6%-14% for a 60 month loan based on my credit. So I ask him how much monthly payment would I have if it was 14% (thinkin it can only go lower from there). He replies 270-340 a month! Now i did some quick math, at 280$ for 60 months = 16800. Thats already 3800 more than my original loan(25% increase or so). So started to get confused, I ask how much would I pay at 14% interest for this loan total after 60 months. He tells me 19xxxx. HOLY CRAP.... so I ask him at 14%, im gonna pay nearly 7000(50% increase) over my original loan for 13k? He says yes. I ask him how an he tells me about 300 buck protection plan an such...
Im sry, I jus cant figure out how 14% interest equals 50% increase in a total loan. Plz someone explain.
So I want to borrow 13k for a 60 month loan. After jumping through hoops for a appl, he says my interest can vary from 6%-14% for a 60 month loan based on my credit. So I ask him how much monthly payment would I have if it was 14% (thinkin it can only go lower from there). He replies 270-340 a month! Now i did some quick math, at 280$ for 60 months = 16800. Thats already 3800 more than my original loan(25% increase or so). So started to get confused, I ask how much would I pay at 14% interest for this loan total after 60 months. He tells me 19xxxx. HOLY CRAP.... so I ask him at 14%, im gonna pay nearly 7000(50% increase) over my original loan for 13k? He says yes. I ask him how an he tells me about 300 buck protection plan an such...
Im sry, I jus cant figure out how 14% interest equals 50% increase in a total loan. Plz someone explain.
Ok so im 22, military with great credit but honestly I dont know much about loans. I feel I sud definately go to a class about it becuz im so confused after getin off the phone with navy fed about my auto loan
So I want to borrow 13k for a 60 month loan. After jumping through hoops for a appl, he says my interest can vary from 6%-14% for a 60 month loan based on my credit. So I ask him how much monthly payment would I have if it was 14% (thinkin it can only go lower from there). He replies 270-340 a month! Now i did some quick math, at 280$ for 60 months = 16800. Thats already 3800 more than my original loan(25% increase or so). So started to get confused, I ask how much would I pay at 14% interest for this loan total after 60 months. He tells me 19xxxx. HOLY CRAP.... so I ask him at 14%, im gonna pay nearly 7000(50% increase) over my original loan for 13k? He says yes. I ask him how an he tells me about 300 buck protection plan an such...
Im sry, I jus cant figure out how 14% interest equals 50% increase in a total loan. Plz someone explain.
So I want to borrow 13k for a 60 month loan. After jumping through hoops for a appl, he says my interest can vary from 6%-14% for a 60 month loan based on my credit. So I ask him how much monthly payment would I have if it was 14% (thinkin it can only go lower from there). He replies 270-340 a month! Now i did some quick math, at 280$ for 60 months = 16800. Thats already 3800 more than my original loan(25% increase or so). So started to get confused, I ask how much would I pay at 14% interest for this loan total after 60 months. He tells me 19xxxx. HOLY CRAP.... so I ask him at 14%, im gonna pay nearly 7000(50% increase) over my original loan for 13k? He says yes. I ask him how an he tells me about 300 buck protection plan an such...
Im sry, I jus cant figure out how 14% interest equals 50% increase in a total loan. Plz someone explain.
Thx for explaining. Wow thats crazy, its sad we hav no control over something like this to. Shud hav gav a stimulus directly to homebuyers instead of banks...twice imo. God forbid you lose your job again in the next 30years while payin that off (sry for those who have). The more I live the more I see my world is f*ucked up.
Also I used a loan caculator on my bank website, 13k at 14%interest for 60 months only yelded a 302 mo payment and 17400 total. Where navy fed's 19xxxx came from I have no idea.
yah, it's a werd process they have. they give higher APR to folks that are 'higher risk' who may not be able to pay the entire loan.
why make such folks pay more when giving them the lower rate would improve the chance of getting everything paid?
yah yah, they want as much payment before folks belly up...but werd if you think about it.
why make such folks pay more when giving them the lower rate would improve the chance of getting everything paid?
yah yah, they want as much payment before folks belly up...but werd if you think about it.
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