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Any Finance Guru's to Answer a Q about a Car Loan?

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Cornerback6

Cornerback6

Optimism Lover
I'm getting to the age where it's gotta happen now or never and with extra cash coming from a near-future deployment, I'm looking to buy a used Dodge Viper for around $30,000. I have found some excellent used deals with clean car fax reports and all that jazz. Not really worried about that.

Of course I will do a ton of research on my own, but I was wondering if there were any guru's on the board who could answer this question off the hip...

If I buy say...a used 2002 Viper for $30,000, what is the payment going to be like for the maximum amount of months on the loan? I know that a 5-year loan is not going to happen with a 2002. I'm not real sure though what my options might be. Any help would be appreciated.
 
Cornerback6;1665009; said:
I'm getting to the age where it's gotta happen now or never and with extra cash coming from a near-future deployment, I'm looking to buy a used Dodge Viper for around $30,000. I have found some excellent used deals with clean car fax reports and all that jazz. Not really worried about that.

Of course I will do a ton of research on my own, but I was wondering if there were any guru's on the board who could answer this question off the hip...

If I buy say...a used 2002 Viper for $30,000, what is the payment going to be like for the maximum amount of months on the loan? I know that a 5-year loan is not going to happen with a 2002. I'm not real sure though what my options might be. Any help would be appreciated.
Click to expand...

Go to cars.com
They have payment calculator. Plug n get your answers on different rates and terms.
 
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Thanks so far for all the help...I have been crunching my numbers for sure. The insurance rates (because I'm military and Geico gives us huge breaks) have been surprisingly low. Through a couple of variables, the average quote is between 95-115 a month. NOT BAD. Then again, I am 30, have a clean record and have some other positives in my corner. Regardless, much appreciate the links and what not. I will probably buy after deployment unless I find some outrageously good offer not to be passed up. Either way, it's going to be fun to have once I do.
 
Upvote 0
Cornerback6;1665047; said:
Thanks so far for all the help...I have been crunching my numbers for sure. The insurance rates (because I'm military and Geico gives us huge breaks) have been surprisingly low. Through a couple of variables, the average quote is between 95-115 a month. NOT BAD. Then again, I am 30, have a clean record and have some other positives in my corner. Regardless, much appreciate the links and what not. I will probably buy after deployment unless I find some outrageously good offer not to be passed up. Either way, it's going to be fun to have once I do.
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Good deal...I can remember (once upon a time) when I was 19, in the Army, and had a 1984 Camaro Berlinetta with T-tops. My monthly insurance payments were higher than my loan payment....2 or 3 tickets later, I was the proud driver of a 4 door Cutlass Ciera.
 
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matz2;1665120; said:
My advice is that if you can't afford a 5 year car payment, you can't afford the car....
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you can't get a 5 year car payment for a used car after a certain point in the car's life. the bank wouldn't be able to reposses it to cover the losses should you default. that is why interest rates are higher on used car purchases as well.
 
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fourteenandoh;1665130; said:
you can't get a 5 year car payment for a used car after a certain point in the car's life. the bank wouldn't be able to reposses it to cover the losses should you default. that is why interest rates are higher on used car purchases as well.
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Okay, that makes sense now. I misinterpreted the OP's comment.
 
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Cornerback6;1665105; said:
No, no...that's my solution. I've actually found a pair under the $30,000 mark and both have less than 21,000 miles. Original stickers @ around $94,000. Not bad at all.
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To me, that sounds EXTREMELY low for a Viper. Just beware that Carfax only notes things that are entered into the system. It's not full proof, and I'm not sure how someone would be made to report if they raced the car either.
 
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muffler dragon;1665152; said:
To me, that sounds EXTREMELY low for a Viper. Just beware that Carfax only notes things that are entered into the system. It's not full proof, and I'm not sure how someone would be made to report if they raced the car either.
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it is a Dodge afterall...
 
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