Honda Car Forum

#1 (**permalink**) 13 Mar 2006, 03:56 pm

Out of curiosity, what is a typical financing deal for buying a new
car? Let's say the car is $20,000. What is a typical down payment, APR,
length of loan, monthly payment?

#2 (**permalink**) 13 Mar 2006, 05:30 pm

There are several good calculators out there for this sort of thing,
including this one: http://www.automart.com/calculator.php

Basically, the better your credit, the less of a down payment they will
expect. Some of the terms of the loan are up to you, but again, it
depends on your credit. Typically, car loans are 60 months, but the
APR can vary widely. Sometimes your bank will offer a better APR than
the dealer, sometimes not.

#3 (**permalink**) 13 Mar 2006, 05:39 pm

"Bucky" <uw_badgers@email.com> wrote in message
news:1142283415.502975.15670@v46g2000cwv.googlegro ups.com...
> Out of curiosity, what is a typical financing deal for buying a new
> car? Let's say the car is $20,000. What is a typical down payment, APR,
> length of loan, monthly payment?
>

The APR depends on your credit rating. The higher your credit score, the
lower the APR. For example, America Honda Finance is currently offering an
APR of 4.99% but your credit score has to be 725 and above.

#4 (**permalink**) 13 Mar 2006, 06:40 pm

or join a credit union, which isn't a bad idea anyways.

<ryan.g.williamson@gmail.com> wrote in message
news:1142289011.132507.239860@i40g2000cwc.googlegr oups.com...
> There are several good calculators out there for this sort of thing,
> including this one: http://www.automart.com/calculator.php
>
> Basically, the better your credit, the less of a down payment they will
> expect. Some of the terms of the loan are up to you, but again, it
> depends on your credit. Typically, car loans are 60 months, but the
> APR can vary widely. Sometimes your bank will offer a better APR than
> the dealer, sometimes not.
>

#5 (**permalink**) 13 Mar 2006, 06:55 pm

ryan.g.williamson@gmail.com wrote:
> Basically, the better your credit, the less of a down payment they will
> expect. Some of the terms of the loan are up to you, but again, it
> depends on your credit. Typically, car loans are 60 months, but the
> APR can vary widely. Sometimes your bank will offer a better APR than
> the dealer, sometimes not.

Thanks. I also looked up the national average for 60 month car loan
from bankrate, looks like it is about 6.5% right now. So if you put 20%
($4000) down, you'll have a $16,000 loan, which comes out to $313
monthly payment.

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