Car buying information

Here are rate averages for those with good credit:

FAQ

Q: Let me get this right, do these prices reflect what I can sell it for or what a dealer would sell it for?
A: Both values are there. The Trade/Wholesale value is what they would give you for it. The Retail value is the price at which they would sell it.

Q: The dealership wants to know how much I want to spend a month, are they trying to help me?
A: The dealership can hit your payment several different ways. Run these numbers through my payment calculator: 1. APR=7,Term=48,Amount = 8352.04 2. APR=10,Term=60, Amount= 9413.07. In both cases, you can see that they payment comes out to $200/month. However, in the second case you would pay $1061.03 more for the same car and $1338.97 in interest. This totals to $2400 more for the same car. Not to mention you would be making payment for another year!

Q: Why would the dealership want to make my rate higher?
A: The dealership and the lender split the money above a certain rate amount. If they can get the rate higher than the break point, they split that interest with the lender. The higher your rate, the more money they make.

Contact me with any further questions.