Sinner

I'm trying to borrow 15k; the total car cost should be around ~ 14k+1k depost + 1kTTL&BS

Dr.Boost

A "good" interest rate won't really save you much money considering the amount of the loan. I wouldn't worry so much about it and just make sure you make your payments ontime so next time you can get a better rate. I'm too lazy to do the math, but even if you dropped down to a 10% interest rate, you will only save a small amount of money over the course of the loan. Make a bigger payment every month and you will make that money back.
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J-SMITH69

even if you pay 10 or 50 bucks over the payment it makes a huge difference in amount of interest paid, especially if you do it at the begining

Sinner

15,000 * .18 = 2700
15,000 * .1 = 2000

I guess your right, its just a 700 difference. If I'm calculating it correctly..

Dr.Boost

Ok, I did the math.

$15k for 5 years at 10% interest is about $318/month and it will cost you $4100 in interest over the course of the loan.

$15k for 5 years at 18% interest is about $380/month and it will cost you $7800 in interest over the course of the loan.

So it will cost you $3700 more in interest($62 more a month) over a 5 year loan.

Now, if you pay an extra $20/month on that $380/month payment you will only pay $7100 in interest, saving you $700.

Pay an extra $70/month bringing your payment to $450/month and you will only pay $5900 in interest, saving you $1900.
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SpankedYA!

I just went to look at some pick ups at my buddies dealership. Used car loan at 60 months was 5.9 %

Dr.Boost

One of the things I regret was not making bigger payments in the BEGINNING of my current loan. I pay an extra ~$135/month on my loan, but didn't start for about 6 months after the loan started. I could have saved alot more money if I had done that from the beginning.
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Sinner

Boost your the man... Thanks for the info!

Dr.Boost

I'm a finance nerd. For some reason I love dealing with numbers and finances and ----. :1

I really should get a job doing ---- like that because it's actually something I love doing.
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Inquisition

That is not how interest is calculated at all. http://www.bankrate.com/brm/popcalc2.asp. I think Dr. Boosts numbers are right.

I'd say if you aren't able to search google and find out how much monthly payments are going to cost you, maybe you shouldn't go into $15k of debt. Get informed, then spend money.

I should also mention in regards to what Dr. Boost said, well if you can afford to pay $132 a month more for the payment, most likely you won't get such ---- financing options. $132 extra a month is approximately 33% of your monthly payment. Very few people can afford to do that. Basically what I'm saying is, wait and get better financing options before you go and spend $15k because otherwise you are spending $4k more because you have ----/no credit. Sounds pretty stupid to me.