Financing Questions

[ForbiddenX]

hey guys i'm getting ready to buy my first brand new car and was going to finance it.

I'm looking at getting a Hyundai Elantra and right now they have it at 2.9% for 72 months. Does this mean that I only have to pay the 2.9% once over 72 months or will it be compounded monthly/yearly?

Thanks!

[defencerulez]

hey guys i'm getting ready to buy my first brand new car and was going to finance it.

I'm looking at getting a Hyundai Elantra and right now they have it at 2.9% for 72 months. Does this mean that I only have to pay the 2.9% once over 72 months or will it be compounded monthly/yearly?

Thanks!

Yo I really think you should wait or negotiate a bit, I see 0% financing for Hyundai all the time! :!:

[mr_raider]

hey guys i'm getting ready to buy my first brand new car and was going to finance it.

I'm looking at getting a Hyundai Elantra and right now they have it at 2.9% for 72 months. Does this mean that I only have to pay the 2.9% once over 72 months or will it be compounded monthly/yearly?

Thanks!

The interest is compounded at least monthly (if not daily) on the remainder balance. In effect it is more than 2.9% of the financed amount.

[ottofly]

There are calculators on Hyundai's website and on the web. Why not try Mazda, 0% for 84 months. They hold their value better than Hyundai. Are you putting any money down? Just keep in mind with a long 6-7 year financing you'll have negative equity throughout the life of the car, ie; owe more than the car is worth. With Hyundai by the time you finish paying in 6/7 years car will be worth about 15% of it's current value.

[koalorka]

Why on Earth would you finance a car that loses 25% of its value the moment the ownership is transferred?

Why don't you just buy a used car that you can afford? The reliability will be the same.