Typical monthly payment for 300C

[Big D's 300C]

All good points above. Go to your credit union or bank for the loan. They usually give the best interest rates.

[KWhale]

Well since you asked...payments are around $300 / mth CDN, and we got the 5 years 0% financing. You can't beat 0%, even with a large stick! I agree on what a few suggested...October thru December are good months to buy cars, and the manufacturers typically have their 0% (or very very low) rates out. If you can't wait......finance through your own bank is the best suggestion.

[bigjonsrt]

Originally Posted by The Gunslinger

In my opinion, I wouldn't go with the dealer for financing the car, you'd be better off getting a personal loan from your bank. That way, you can hand the dealer cash (huge bargaining chip), and any money you save can be repaid straight to the bank, which can nip your interest early on (most banks have an early repayment fee, but their policy doesn't cover paying over the repayment amount and having a debt of $1 for the last three months of the loan). Dealer finance will bend you over a log on most occasions with heavy interest rates, and because they're selling it to you on finance, you will have a hard time negotiating a price.

Talk to your local banks and see if they're willing to loan you the sticker amount of a 300C. Work out your repayments and interest, and consider that
vs. a dealer finance.

As mentioned, if you aren't desperate to get an '08 model, you can tear the dealer to pieces in negotiations for an '07 (make frequent mention that the car has been sitting at the lot for an entire year now. Ask how often he's let the motor idle for 20mins or so to stop the engine siezing. 9 times out of 10 they'll uhm and ahh nervously)

i sell for a chrysler dealership and cash in hand dont matter because we make money on the loan so less money to make less of a good deal the customer will get also dealerships give you better interst rates then bank floor rates because of all the deals they send to banks

[The Gunslinger]

Originally Posted by bigjonsrt

i sell for a chrysler dealership and cash in hand dont matter because we make money on the loan so less money to make less of a good deal the customer will get also dealerships give you better interst rates then bank floor rates because of all the deals they send to banks

Then again, you're in the States, they don't sell for $60,000 over there, and things are probably different as far as loan rates go. Over here, dealers will screw you up the wall if you go via finance.

[kings11]

Originally Posted by bigjonsrt

i sell for a chrysler dealership and cash in hand dont matter because we make money on the loan so less money to make less of a good deal the customer will get also dealerships give you better interst rates then bank floor rates because of all the deals they send to banks

First of all, thanks for the post. It's nice to get the input from the sales point of view.

Not trying to be critical...

But, of course "cash in hand" matters. In your example, being pre-financed negatively impacts the price you can get.

I agree with your second point, that generally a dealership can get you a slightly better interest rate than you can walking into a credit union.

In my case, I worked out an interest rate that I was comfortable with through my credit union (CU). I went to the dealer, and negoiated the price of the car, without any discussion on financing, warrentee, or service contracts. Price of the car, period. Then we discussed financing, the dealer was able to beat the interest rate of my CU, even though they financed it throught the same CU! Pretty interesting.

The rest of the discussions were a series of declines on my part for other services, warentees, etc. It's not that difficult as long as you keep it simple and break apart the process into bite-sized chunks!

Scott T

[Kenpo300C]

Thanks for all the good info, here is some added information that may help decide whether I'm making a good decision or not.

They offered me 12,000 for my 2001 Honda S2000 with 72,000 miles. They want 21,945 for their 2005 300C with navigation and sunroof. The 300C has 33,000 miles.

The total monthly payment included tags and taxes puts me right at 380.00 a month. I told them that is a little much. I told them I would like to be around 350.00 a month/72months. He told me he would talk to his boss and get back to me.

I checked the carfax and this is a one owner lease vehicle. There was nothing bad in the carfax.

Would it be worth 380/month or if I talk him down to 350/month is that worth it?

[kevenj]

Originally Posted by Kenpo300C

Would it be worth 380/month or if I talk him down to 350/month is that worth it?

Go back and read King's II's first response in this thread (post #4). He is 100% dead on and you are doing EXACTLY what you don't want to do.

Don't try to "talk them down" to a certain payment..... Yeah they can get you that monthly payment..... all they have to do is ad another year on to the term!

As far as what your payment should be, you can find loan rate calculators on the internet or in little booklets at any office supply store so you can quickly calculate your payment. I've got the old fashioned book I've had for years..... without knowing the term and interest rate it's impossible to say what the payment will be, but here's an example:

7%, 5 years, you will pay $19.80 a month for each $1000 you borrow.

7%, 6 years, you will pay $17.05 a month for each $1000 you borrow.

As others have already said, I would NOT recommend financing a used car - - or ANY car - - for 6 years. Keep the term as short as possible even if your monthly payment is higher than you want to avoid ending up "upside down" (owing more than it's worth half way thru the loan term).

Hope some of this helps!

Negotiate the best PRICE for the car, THEN find your best financing deal. It may or may not be with the dealership.

[goherd90]

I think its advantagous to go in ARMED and have done your homework. I walked in with a check from E Loans that had offered a fantastic rate on my car. I new it was better then the lowest bank rate the dealer could offer. However like mentioned above...the F&I managers some times get spiff etc from certain banks even if its at the banks buy rate. In my case Wachovia had some type of coupon deal going on with my dealer where they could BUY DOWN the rate up to 1/2%...thus the dealer ended up beating the E Loan rate and he probably wound up getting some spiff on the back end. I use to work for Ford Credit and AutoNation Financial Services so I do have some knowledge on how the GAME is played.

Go to bankrate.com and look at the auto loan calculators. You can then play around with money down, trade, term and rate to see what kind of payment you're looking

[goherd90]

Originally Posted by Kenpo300C

Thanks for all the good info, here is some added information that may help decide whether I'm making a good decision or not.

They offered me 12,000 for my 2001 Honda S2000 with 72,000 miles. They want 21,945 for their 2005 300C with navigation and sunroof. The 300C has 33,000 miles.

The total monthly payment included tags and taxes puts me right at 380.00 a month. I told them that is a little much. I told them I would like to be around 350.00 a month/72months. He told me he would talk to his boss and get back to me.

I checked the carfax and this is a one owner lease vehicle. There was nothing bad in the carfax.

Would it be worth 380/month or if I talk him down to 350/month is that worth it?

The dealer is going to make money either on the front end...meaning on the price of the car they are selling or on your trade. Or back end...warranty, product or the financing. The more of these you can keep from the dealership the better you are.

Its not the most conveniant, however its always best to try and sell your trade on your own.

[Kenpo300C]

I will have to check out the online calculator. Is getting a loan from E-Loan a good option for someone in my shoes. The current rate they want to give me is 12%. I currently have a low monthly payment of 201 with three years left on my S2000.

I owe about 8500 on the S2000. I want to get the lowest payments I can but I don't know if I can get a great interest rate.

I will have to play with the loan calculator. I just need to find out what are the best deals I can get. I appreciate all of the information and help you guys are providing me in my decisions.

I may have to keep my S2000 and save up. I just need to find out the best deal I can get. I didn't think it would be this much work going from the S2000 to the C.