If you don't mind me asking...

I have yet to take ownership of my car, but I've calculated all my financial obligations (added in sales tax, destination fee and other applicable fees), deduct my downpayment, and figured my monthly payment (on a 60-month loan term) to be between $540-555/month for a Package #8. This is with a 5.9% loan rate. I intend to have it paid off 6-10 months before the end of the loan term, with no prepayment penalties and saving a few $ in interest. I have a $600/month (self-imposed) spending cap for my vehicle, so that fits in quite nicely, with a little extra to spare.

 

The individual answer to this question will not realy tell you anything... The amount of the payment although influenced by the amount and term of financing is in a sense an arbitrary number that only holds signifigance in the context of the paying persons capacity to pay (income less taxes and fixed expenses). I am not trying to sound rude or off putting and just want to illistrate that you must calculate your personal budgetary needs in order to determin if you can handle "your" payment with comfort.

If you are still interested I expect to have a payment of about 152.00 per month for 36 months, (as required by my preorder agreement) I hope to have this paid off in a few months to a year to avoid as much interest as I can (based on my budgeting I may pay it off within 30 days) - this is based on $5000 @ 6% for 36 months if I am able to pay it off in 30 days I will only pay $25 in interest most of this is being accomplished through the value in my current car as well as funds saved (plus hopefully a nice tax refund next month)

Make sure you analyze your own situation to determin what you can accomidate in terms of a monthly payment.

good luck

 

Depends on how much gas I use that month.

 

The answers will be useless to you.

It will depend on the rate of the loan.

It will depend on how long the loan is for.

It will depend on the amount of the loan, I.E. how much remains after any downpayment.

My monthly payment is around $460.

 

I just picked up my car Friday night.
Package 8 in Silver, Sirius Satellite system, Simonized, tinted, 7/100 extended warranty, maintenance plan.
my trade was $3000.00
my line holding deposit was $500

I financed through USAA, and got a 72 month loan at 6.45%.

I wrote a check to the dealer for about $1700 in order to get my monthly payments just under $500 - they ended up being around $498.50.

Oh yeah, almost forgot... WOOHOO!!!! I LOVE THIS CAR!!!!

 

Here's my view of what you've got.

$21,725 MSRP
$6,890 Package 8
$580 Delivery (varies)
$2,919 Estimate 10% for taxes and fees
$3,2114 Sub total
$3,000 down
$29,114 financed

over 5 years, at a 6.75% rate, the payment is $573.06, So no, although your total of $34,000 is incorrect, unless you added a lot of goodies, the payment is correct. If your only concern is lower payments, and not interest payed in the long run, try to get a 72 month loan at the same rate. payments would drop to 492.88. Try using a loan calulator on the web to determine your payments - bankrate.com has a good one, but some allow you to pick your monthly payment first, to determine how much you should put down.

 

Ah -- the $34,000 is probably the total amount you will pay including interest, assuming you make all the loan payments on schedule (i.e., assuming you don't pay it off sooner). If you make 60 payments of $574 each, the total that you would be paying would be $34,400. So my guess is that JMcPhee's numbers are correct, and you'll be financing around $29,000 -- but you'll also pay a bit more than $5000 in interest over the course of the loan, for a grand total of over $34,000.

If I were you, I'd verify this by contacting the salesman I'd been working with and ask for a breakdown of the out-of-the-door costs for the car I'd be buying (which would include the cost of the car itself, tax, registration, tire tax, and their documentation fee). Then I'd take that total and plug it into an online loan calculator to verify that the monthly payment amount works out.

You can also get the MSRP from Toyota's web site, and the tax/registration from the DMV website, if you want to double-check those numbers against the ones you get from Longo.

 

Tuna's right. the 34K is total after interest and everything.

As for hearing that longer financing is not a good idea, people always have their own opinions about whats right and wrong about financing. Look at it this way. If you could afford it, you'd pay cash, right? If you can't... well, neither can I. I have a wife, a kid, a mortgage, etc. Since I'm looking at the prius as a long term car (7 years?), and I need lower monthly payments so I have cash for other things, it's worth it to me to pay more in interest in the long run, and to get lower payments for my troubles.

People fear the 72 month loan cause it's new. people always fear new things and start rumors - people are talking bad about the new 40 year mortgage, but for our generation, who'll live and work longer, it's a good thing for keeping those payments down. In short, YOU decide what's good for you.

From your description, it appears you want lower payments - financing for a longer period of time is one of many ways to get there. Putting more down is another. Shopping around for a better rate is another. If you have a good Fico, you can beat toyota's Southern Cal financing, which just jumped to 7.25 on a 60 month loan for FICO's over 730...

Good luck!

 

I just bought a package #8 in Los Angeles.

My breakdown should be exactly like yours

$29524 because of the 2 PIO's, the (mats, cargo net and first aid kit) and bumper aplique.
$45 doc fee. Max allowed in California.
$2439.44 8.25% tax
$253 License Fee
$8.75 Tire Fee

These are the only fees that a dealer should legally charge you. Some like Frontier Toyota in Valencia wanted to add $25 for electronic vehicle registration. Which is basically charging you for something they already do. Tell them to just mail in the registration for free and not charge you $25. Scam artists.

You can calulate your montly payments. Got 5.35% from Eloan through Sam's Club.

Alex

 

It goes against my nature to recommend going into debt more than absolutely required for a car, but do realize that with a longer loan you will pay more interest, and you will be 'upside down' (owe more than the car is worth) for a longer time.

Consider gap insurance.

 

>how much are you all paying each month<

Zero. But for the six years prior to buying it, I'd made monthly payments equivalent to a car payment into a savings account, so I could buy it for cash.

Doing it that way reduces the total cost by quite a bit, since you not only don't PAY interest, you're getting PAID (a small amount) of interest. From my standpoint, not having another debt hanging over my head is the biggest benefit.

All you have to do is be strong when people point at your old, raggedy car during those six years you're waiting......

Kevin

 

zero, used the $$'s from the sell of the escalade and savings to pay cash for it.

 

Kevin that's the most sensible way to buy a car. I also did something similar, but come the time of purchase I didn't want to empty out my savings account so I financed a minimal amount and my payments are $200/month. Now that the account is getting inflated again I plan to pay off my loan in a few months. I wonder about car loans...are they like house loans where you pay most of the interest 'up front' thereby making it to your disadvantage to pay off the loan after X number of years since you already paid the interest and at the end of the loan you are paying mostly principal?

 

Sure, you can ask...

 

Just to point out to everyone who is thinking that all of that interest is too much to lose, over the life of my 72 month loan, I'll end up paying around $6,000 in interest. In April of '07, I'll get $3,400 in Tax credits. The way I look at it, I'm only losing $2,600 in interest, which would have required a 3% rate over 60 months for the same amount financed...

or, look at it this way... over the life of the loan, I'm paying an extra $36 a month to have the car...

If I were farther along in life I might have $30,000 sitting around, but since I don't, I'm financing, like most of the rest of America.