The Maths in Finance. 

"My citroen won't start" (lucasboechat) 01/22/2018 at 21:35 • Filed to: None

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I usually finance the newer/more expensive car of the fleet. With the 3008 it is no different. I got it with 70% down payment (price is $44,000 so the downpayment was around 30k) and the rest financed in the duration of the warranty (36 months) at 0,80% interest. How is this compared to rates in your country?

More curious about the Land o’ Freedom.

E90M3 > My citroen won't start 01/22/2018 at 21:35

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70% down?

My citroen won't start > E90M3 01/22/2018 at 21:36

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70% of the price as a down payment.

E90M3 > My citroen won't start 01/22/2018 at 21:37

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Right, that just seems like a lot. I thought putting 40% + taxes down on the M3 was a lot.

My citroen won't start > E90M3 01/22/2018 at 21:39

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I wanted low monthly payments.

Dr. Zoidberg - RIP Oppo > My citroen won't start 01/22/2018 at 21:40

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Burying the lede, boi!

You haz new car! :D

nermal > My citroen won't start 01/22/2018 at 21:40

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70% down? 36 month term?

In the US, 1 out of 3 new car buyers is rolling negative equity from their trade on a new car, and the average amount of that is $5k.

Interest rates are also currently rising and will continue to rise, along with average loan terms.

It’s a good time to buy a pickup though, because nothing says GODDAM FREEDOM like a new pickup. You can also get crazy rebates (or lease deals) on the right ones.

My citroen won't start > nermal 01/22/2018 at 21:43

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Yeah, 70% down and the rest in 36 months. Is this a weird scenario? I’ve done most of my cars like this.

What is the average on a new car in the US? 1.5%? 2.0%?

My citroen won't start > Dr. Zoidberg - RIP Oppo 01/22/2018 at 21:44

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I haz succumbed to the crossover. But it has butt massagers! And Apple Car Play!

Bourbon&JellyBeans > My citroen won't start 01/22/2018 at 21:47

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I financed my Mustang with 1.92% APR, which is considered low in the US. I put about 28% down with a 72 month term, but will have it completely paid off very soon (about a year and two thirds early).

Dr. Zoidberg - RIP Oppo > My citroen won't start 01/22/2018 at 21:47

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Congrats on the new wheels!

My citroen won't start > Dr. Zoidberg - RIP Oppo 01/22/2018 at 21:49

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Thanks! It was sad to see the old Subaru go, that thing was very reliable, but it was getting old.

DipodomysDeserti > My citroen won't start 01/22/2018 at 21:49

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You can get 0-1% with nothing down on new cars if you have decent credit. You can even get certified used cars for under 2% with zero down.

Dr. Zoidberg - RIP Oppo > My citroen won't start 01/22/2018 at 21:50

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It depends on your credit and other factors I believe. Lots of people on here have had 0.0%... Never financed a car myself.

nermal > My citroen won't start 01/22/2018 at 21:50

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Depending on the term you want on the loan, 3-4% as long as your credit is good. The credit union my truck is through will do 3.84% for 84 months, up to 110% of the value of the car.

Dr. Zoidberg - RIP Oppo > My citroen won't start 01/22/2018 at 21:51

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Hah! I know that feeling!

[hides old cars]

Highlander-Datsuns are Forever > My citroen won't start 01/22/2018 at 21:54

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My last finance was 60 months at 1.9%. I just paid it off in December.

E90M3 > My citroen won't start 01/22/2018 at 21:57

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That’s fair enough. At the same time, why didn’t you just pay for the whole thing up front and have no monthly payments?

AestheticsInMotion > My citroen won't start 01/22/2018 at 21:57

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I love that interior

Spanfeller is a twat > My citroen won't start 01/22/2018 at 22:00

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I suppose Brazil and other more openly socialist countries have stricter finance rules than the US, and to me it seems like a great rate for someone like you: most of it is already paid, and if you plan on getting an apartment too I suspect you have impecable credit.

I think most plans here are at around 1.2% yearly rate.

Be weary of deregulation, you don’t know you’re being screwed until its too late!

My citroen won't start > E90M3 01/22/2018 at 22:03

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Because the low monthly payments won’t ding my monthly income that much. Much of that downpayment was the Subaru, and to pay for the whole thing would have me take too much out of my investment fund. 

My citroen won't start > Spanfeller is a twat 01/22/2018 at 22:06

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I got lucky with the apartment. My grandfather left a lot of real estate for us, I ended up with my current apartment and the other grandchildren with the other of his properties. I’m selling it to buy something smaller but closer to the office and the city center.

My citroen won't start > AestheticsInMotion 01/22/2018 at 22:07

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That’s the coolest part of the car, it also has massaging seats which are very cool.

E90M3 > My citroen won't start 01/22/2018 at 22:07

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Fair enough.

Since you asked about loans for us Americans; I put 23k down on my M3, which was 53k with taxes. Financed the rest at 4.5% for 60 months. I was also 24 at the time and only had a credit card as part of my credit history.

My citroen won't start > DipodomysDeserti 01/22/2018 at 22:08

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See, that’s better than there. Thanks to government incentives we get 0-1% on new cars with little down, but used cars are much worse, unless you have a great down payment you will get between 3-4%

Spanfeller is a twat > My citroen won't start 01/22/2018 at 22:10

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I mean, sure. Real state is also a good collateral, thus its a good credit score. Or is 0.8% a bad rate over there?

My citroen won't start > Spanfeller is a twat 01/22/2018 at 22:13

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On a new car it’s alright, some car makers offer 0% but rarely that includes imported cars, no such luck with this one.

AestheticsInMotion > My citroen won't start 01/22/2018 at 22:13

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It somehow looks futuristic and modern while at the same time clean and simple. Super cool!

Spanfeller is a twat > My citroen won't start 01/22/2018 at 22:16

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I hear Brazil has heavy import fees...

My citroen won't start > Spanfeller is a twat 01/22/2018 at 22:18

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Yep, all in we have around 40% tax on imported cars

Spanfeller is a twat > My citroen won't start 01/22/2018 at 22:21

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Holiest of shits! Thats a lot of tax.

It kind of reminds me of Mexico back in the 70s and 80s, very protectionist, quite off limits to many international companies.

Then NAFTA came....

My citroen won't start > Spanfeller is a twat 01/22/2018 at 22:24

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Mercosul helps a bit, especially with the cars built in Mexico.

But the big boys are expensive, a Cayenne S is $150k here, compared to $77k in the US.

Spanfeller is a twat > My citroen won't start 01/22/2018 at 22:30

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I bet y’all rejoiced when the GTi moved here.

Or the new Q5.

I guess to each its own, I can’t fault Brazil for being protectionist. After all, for all the perks that NAFTA brought, it was very badly implemented. Because of that implementation now we’re having, in my opinion, the greatest diplomatic crisis since the Zimmerman telegraph or even the pastries war.

DipodomysDeserti > My citroen won't start 01/22/2018 at 22:31

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3-4% would be a decent rate here for a used car from a bank rather than a manufacturer. I financed my “certified” used BMW from BMW for 1.9 and my six year-old Jeep through a bank for 3.5%. For reference, the mortgage on my house is a tad over 3% and I bought it as a 22 year-old straight out of college.

Banks can basically charge whatever they want on loans here, so a lot of it depends on the buyer. I had a dealer try to sell me a loan for 10% in exchange for a $2k discount on a used car. I took the deal then refinanced the car the next day with another bank at 3%. 

My citroen won't start > Spanfeller is a twat 01/22/2018 at 22:33

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I’ve always been a social democrat, so I really don’t mind protectionism and higher taxes if it brings a perceivable result or improvement in life quality for the poor, which obviously never happens here since most of the money seems to disappear.

Spanfeller is a twat > My citroen won't start 01/22/2018 at 22:42

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Remember when Calderon approved the purchase of a 700,000,000 usd boeing 787 for use by the Mexican executive branch?

Well, the people in the colonias populares do!

There isn’t a real left here, I’d probably vote for more taxes too and settle with a cheaper home and car but then not pay medical insurance or for private college, or school, or worry every time I walk at night.

But at least I can say it from a situation where it won’t dramatically change my life, and I feel blessed and lucky to be in such position.

NAFTA could’ve been great! If the government figured out a way to actually manage their money properly through wealth redistribution, investment incentives that actually made sense, and actual investment in public infrastructure rather than outsourcing to pigs like OHL or Odebrecht. NAFTA could’ve made Mexico a substantially richer and better country. Had we played our cards right I’d bet we’d be looking at a North American Union right now rather than a watered down NAFTA.

interstate366, now In The Industry > My citroen won't start 01/22/2018 at 22:44

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My TSX, 8 years old at the time I bought it, was $11,000, $500 down, 4.49%. My monthly payment on a 48 month loan is $264, but I’ve been aggressive with payments and am already a few months ahead.

Eric @ opposite-lock.com > My citroen won't start 01/23/2018 at 00:01

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That’s a crazy high down payment. I’ve never seen anyone finance with more than about 20% down. It’s either that or buying outright... I got my loan with $0 down at 0% for 60 months with all the rebates I would have received had I paid cash (I was on the fence until a rebate dropped the day I picked the car up and signed the paperwork), hence I took their loan.

I’ve made so much in the market with that money that I may actually be ahead at this point...