Car Financing

What’s the best way to finance a car?

Dec 3, 2015 – A viewer just brought up a great point that the math on the conventional financing payment amount didn’t seem correct. Here’s my response:

Your math is correct…here are a couple things that are going on behind the scenes.

  1. The actual price of the car is 40,492.
  2. The original Car Financing video was based on a car at 20,246 and the conventional financing quote for 48 months @ 2.99% came in at $474, which doesn’t quite figure right either. The exact pmt in this case would seem to be 448.04. I hadn’t noticed this until you brought it to my attention, but there must be some extra fees added into that quote. This original quote was from leasecompare.com

You can see the original car financing example with the screen shots from leasecompare.com here: https://www.youtube.com/watch?v=5GcMD…

When I upgraded the example to 40k a few months ago I doubled all the numbers in the original example hence the conventional financing payment of 474 became 948.

I’ll post this response as a comment on the YouTube video for clarification.

Celebrate #InternationalPodcastDay - Share your Favorite Podcast shows for a chance to win Beats HeadphonesEnter to Win here »
+