Buing a car problem?

Question

Allright i'm buing a car that costs about $17,000 and pay a downpayment $5000 and my monthly payments are about $240 a month. Shouldn't it be about $170 per 1 month?

Answer 1

Only chiming in to support EYE.

You have to pay sales tax, DMV fees, etc on $17k.  Usually that is about 10% of the sale price, making the total purchase $18,700.  take away your $5000 and you are financing $13,700.  

You have to pay interest on the loan, and that is what brings your payments up.  Eye's calculations are spot-on

Answer 2

go to edmunds .com

click new cars

click calculators

click basic calculator on the bottom

this is the best calculator available.

Answer 3

well, it depends on how much your interest rate is and how many years you financed.  there are many car dealer websites that have payment calculators that will help you figure this out