buying a new motor

[chasem]

If you buy a new motor and finance it , what<br />is the lowest you can pay on it a month.

 

[CHANNEL459]

Re: buying a new motor

It would depend on the amount borrowed, the <br />intrest rate and the duration of the loan.<br />example: $15,000 @9.25% intrest, for 7 years<br />(84 payments) would come to $243.24/mo. plus insurance. The total would be $20,432.46<br />with $5,432.46 of the $20,432.46 being the intrest you would pay over the course of 7 years.

 

[JB]

Re: buying a new motor

Sorry, Chasem. You are asking at the wrong place. It depends on the selling price of the motor, your down payment, the quality of your credit and the interest rate. <br /><br />Let's say, (in your dreams) you bought a new motor for $4995, paid $995 down and your bank financed the remaining $4000 for 7 years at 7%. Your payments would be $60.38 per month.<br /><br />More realistically, say you bought a new motor for $7000, got $1000 trade in for your old motor, and added $1200 for rigging, sales tax, document fees and a spare prop. Predatory Finance Co. gives you a 5 year loan at 10% on the $7200 Balance. Now your payments are $152.98 per month.<br /><br />To answer the question you really asked, "If you buy a new motor and finance it, what is the lowest you can pay on it in one month?" The answer is probably zero, because you paid it off before the first payment was due.<br /><br />I have other dreams, if you want to hear them someday.<br /><br />Red sky at night. . . <br />JB

 

[JB]

Re: buying a new motor

Hmmm. We were both writing at the same time and posted without seeing the other's post. Well, that should give you enough examples to estimate what you want to do.<br /><br />Good luck.<br /><br />Red sky at night. . . <br />JB