solekeeper

Hey guys quick question, thinking about jumping on a C63, for 45k. I'll pay up 20 cash. I'm not sure what the interest rate of the loan would be, but how much a month would financing 25k be? (roughly)


I tried looking on MB's website but it's a long *** process, so i figured i could get rough idea on here before i go into the stealership. Credit is excellent.

abcut973

I remember seeing cpo offers for 2.99% interest rate.
But it will depend on your credit history. Putting 20k down will definitely help.
Check credit unions like penfed or else. At some point they were doing 1.99% for 72 months.
From that point on when you know the interest rate you can simulate your monthly payment with any online calculator.
GL

solekeeper

It's tough deciding what to do. I was in the midst of buying an IS250 cash tomorrow for about 23-24k. and hold out for another year for a 2012-13 c63.

But i may possibly be doing some investing this year and don't want to tie the money up. So i figure i could drop 15-20 on the 63, finance the rest and dump it in 2 years. (I get bored easily)

Leasing is out of the question. I just don't know how i feel about making monthly payments on a depreciating asset. Plus i've never had car payments before, so this is kinda bugging me as well.

RW Carbon

Go to a credit union. You should certainly be able to get a great deal putting 20k down on a c63. With a credit union you should be able to get 2-3%.

rentzington

Just search online for comparisons of rates, youll do better at a credit union like ohers said. Some are under 2%

Clark Kent

Without interest:
$25,000/48 months = $520.83/month.
Or, there are online calculators where you enter principal, interest rate, and duration. Google one of those. Good luck!

papashango

I would recommend checking your local MB dealer. Sometimes they have great rates for CPO vehicles. Although AMG's usually around my area have 3.9%.

solekeeper

thanks gents, will hold off on the IS. will check out MB of fort lauderdale this weekend

snowmuch

Do you guys use line of credit?

abcut973

If you get bored easily the lease is for you as there are no strings attached and you can save on tax (depending on your location). But i wouldn't put down that much money on a lease. Do multiple deposits instead. That will help you lower the interest rate and you get your money back assuming the car is in good condition.

8o8is

Agreed! I financed my CPO'd C63 with MBFS for 1.9%😄

PkB2014

Almost every car and bank website have loan calculators.

roadtalontsi

Other than your credit rating, and downpayment. The model year of the car is also very important. Regardless of what the book value is, the newer the car is the better the rate will be. Judging by your price it's a 2010/2011? so your rate wont be as good as you could get on a newer vehicle. I know this doesnt apply to your situation but most places only finance up to 7yr old car.

solekeeper

thanks for your reply. Let's say I were to lease, what do you think is just the right amount to put down?


Also, will insurance be different (more) if i lease? i'm 24. i'm thinking yes?

C..Mr Amg

With 20K cash i would try going to your local car auction and see if you can pick one up that way...but thats just me

avery.whss

24 and you're going to lease a C63?

Go gain some more financal sense before you jump into an AMG

I bought my C63 cash at 23, (im almost 26 now) came from dirt poor parents, had nothing, why not just go work a bit harder like I did and buy the entire car?

Just my opinion, I don't really consider people who finance/lease cars true "owners" their just renting the car similar to renting a house, just met to many cocky guys who brag over leasing a car

maybe find a way to turn that 20k into 200k first

its like this guy online, he put down 20k on a lambo and acts like hes god of his city or something, he's hella cocky but yet he's making $1500 payments a month, thats called being a idiot

ToXicXxX

While I may be like you (payed cash for my car at 20), but some people have other expenses or surprisingly like to lease/finance cars.

Don't be an ***.

avery.whss

how's trying to help someone not end up in debt in 5 years being a *******? all i see everywhere is people not being able to afford their bills and defaulting on everything, i just dont want to see a 24 yr old screw up his credit because he missed a payment


like he says, greed is when your bartender has 3 houses he can't afford...theres no logic to buying material items that will probably put you in the hole

ToXicXxX

You have no idea of his financial standing. Guy could make 150k a year and just prefer saving money, investing, and making a higher interest return vs financing rate, rather then spending it all.

Next car I buy I will finance at 0.9, just so I can put the cash into a medium risk TFSA and actually make money with my money.

avery.whss

me and you both know you can only put so much money into a TFSA ...besides TFSA is junk, go for dividends, unless TFSA's suck in canada..6 figures barely will make you 5k a year

I get financing a brand new car, cause they drop in value like crazy but if it's <5 years old it's pointless i think

ToXicXxX

$5500 a year after 18, but it's very nice to have highly accessible tax free money.

I'm just giving examples.

rentzington

Bingo, with rates this low you can finance for 2% and lower which is very minimal interest and then apply your cash into investments and let it work for you for a higher return. Such as adding more to an ira or 401k

Now if rates where the same as they were 10yrs ago it wouldn't be as good of an idea to finance

Also financing things such as cars or a house can actually increase your credit rating. Not using credit enough can hurt your loan worthiness and remove you from being eligible for lower rates elsewhere.

avery.whss

it isn't tax free you get taxed on the money it makes when you goto widthdraw it, just not on the money you put into it

ToXicXxX

You also pay a withdraw rate. It's still more tax neutral then most options.

avery.whss

agree'd ..our taxes in canada definitely are designed to suck peoples pockets dry