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What is the difference in payments and total interest on a…

What is the difference in...
What is the difference in payments and total interest on a car loan total of $32,000.00 paid off in three years?
Interest rate 4.99% vs 2.99%
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Answered in 12 minutes by:
11/17/2017
Chad EA, CFP ®
Chad EA, CFP ®, CERTIFIED FINANCIAL PLANNER TM, Professional
Category: Finance
Satisfied Customers: 2,520
Experience: Federally licensed IRS Enrolled Agent, Certified Financial Planner (R), MBA
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Hello! My name is ***** ***** I will assist you today.

Over a four year period for a car loan of $30,000 at 4.99% you would pay a total of $3,155.70 in interest.

With all the same variables such as 4 year time period, $30,000 loan at 2.99% your total interest paid will be $1,867.06

4.99% = interrest of $3,155.70 over the life of the loan

2.88%= interstest of $1,867.06

Difference = $1,288.64

If you have any follow up questions please let me know!!

Thank you.

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Customer reply replied 7 months ago
Chad,
My original post was for 3 years not 4 and 2.99 not 2.88 Could you recalculate based on that info.Also 4.75%I need this info before I go to the bank.

Not a problem.

Total interest for a three year $30K loan at 4.75% = $2,247.47

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Three year $30K loan at 2.99% you would pay a total of $1,402.92 in interest

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Thats a difference of $844.55

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Customer reply replied 7 months ago
The bank won't do a business vehicle at 2.99 so I need the info to check other sources. They said if I moved my line of credit cap to $250,000 they could do 4.75%.And lastly 4.99%

At 4.99% your total interest paid would be increase by $116.28 to $2,363.73.

I would consider checking with other banks such as a local credit union. Banks trip over themselves to lend money to the right type of businesses. Most banks will negotiate and have the flexibility to do so

Chad EA, CFP ®
Chad EA, CFP ®, CERTIFIED FINANCIAL PLANNER TM, Professional
Category: Finance
Satisfied Customers: 2,520
Experience: Federally licensed IRS Enrolled Agent, Certified Financial Planner (R), MBA
Verified
Chad EA, CFP ® and 87 other Finance Specialists are ready to help you
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Customer reply replied 7 months ago
Funny you should say that as my account manager said the same thing.Thank you for the back and forth.

That is funny and 100% accurate!!

Have good day and good luck at the dealership/bank

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