High interest rates and long-term auto loans can make new car shopping pricier. We crunched the numbers to see how expensive these popular models can get.
? We calculated the amount buyers can expect to pay after interest to figure out just how much of a difference a few percentage points can make.Popular cars, even affordable favorites, can become far more expensive when financed at a high interest rate over a long loan term., the most popular vehicle in the United States, starts at $36,340.
5 percent instead of 6 percent, those figures drop to $439 a month and $31,608 overall. Taking out $45,380 forresults in a total expenditure of $54,216, with monthly car payments of $753 until the loan is paid off. If you can find a 2.5-percent rate, the same Model 3 would cost $48,960 per $680 payment over the same period of time. Check out the chart below to see the difference between the amount paid at MSRP, a 72-month loan at 2.5 percent, and a 72-month loan at 6.0 percent for popular cars.
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