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-> Household Management
-> Finances
itsme
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 Thu, Nov 13 2008, 9:05 am
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If you are familiar with car loans maybe you can help. I need to take out a loan for 30,000 and I wanna pay 15,000. what is better for me to dotake out a loan for only 15,000-or take out 30 and the first payment will 15? is it true that if I do take out 30 and make a first payment of 15 it will pay the loan for the first 2 1/2 years or the payment will be applied towards the last months of the loan . meaning it will make my loan shorter. thanx for you respond
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Fabulous
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Thu, Nov 13 2008, 9:06 am
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I don't know but if it was me, I would buy a car for 15k and own it free and clear.
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TwinsMommy
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Thu, Nov 13 2008, 11:41 am
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I agree. If you only have 15K... why not get a car that's 15K or less and not finance it?
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Barbara
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Thu, Nov 13 2008, 12:06 pm
| itsme wrote: | | If you are familiar with car loans maybe you can help. I need to take out a loan for 30,000 and I wanna pay 15,000. what is better for me to dotake out a loan for only 15,000-or take out 30 and the first payment will 15? is it true that if I do take out 30 and make a first payment of 15 it will pay the loan for the first 2 1/2 years or the payment will be applied towards the last months of the loan . meaning it will make my loan shorter. thanx for you respond |
Why would you take out a loan for more than you need? If you take out a loan of $30,000, you'll be paying back interest on a loan of $30,000. Even with the prepayment (AFAIK it would come off the end of the loan, not allow you not to make payments for some time), you'd probably wind up paying more money in the end. If you can afford it, take out the loan for $15,000 and make double payments (as if it were a loan for $30,000) each month, to reduce interest payments.
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