What is a reasonable monthly payment on a new car?

What is a reasonable monthly payment on a new car?

Hy husband and I just lost a car due to a car fire. Our insurance is going to enable us to have up to a 3k down payment. We'-ve been looking at fuel efficient cars, and there'-s a Honda Fit 2011 that we like. The dealership has the sticker price at 16,500. Are we insane to even look at it? We'-d like to keep the monthly payments around $200, and my dad seems to think that'-s possible. Our credit is average.

JetDoc

To get down to $200 per month payments, you'll have to have a larger down payment or a really great interest rate. Don't forget your insurance rates will go up too because of the newer car and the claim you've had on your policy.Do a Google search for "Auto Loan Calculator" and you'll find several web sites that allow you to plug in a loan amount and interest rate numbers to see what your monthly payments would be.

Caolan

It doesn't work like that. The dealer offers either bi-weekly, or monthly payments (usually bi-weekly) on a VERY short amortization period...usually 2 or 3 years, meaning the bi-weekly payments for most cars around $200 US/CDN. To get lower rates, you need to get a car loan from a bank of the total amount of your car, and then pay the bank instead over a much longer period of time and probably at a high interest rate.

MASTER

if you go to a credit loan place then you should be able to get a 60 month loan for $257.97 per month. That is with your 3k down payment.Source(s):http://www.autoloan.com/auto-loan-calcul…

Bluto

Google "loan calculator" Sheesh!

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