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What's your monthly payment on your Challenger?

63K views 76 replies 46 participants last post by  keegs 
#1 ·
I plan on purchasing a 2015 very soon, but I'm trying to see what is a normal payment for Challenger owners. So I can make sure I don't get ripped off.

How much did you put down?
How many months?
Total cost of model?

Thanks.
 
#3 ·
Hey,
It all depands on your credit score...
you can do up to 72 , and i heard 84 too...
put as much down payment u can to keep payments low....

Dont know if u want a v6 or a v8...loaded or not....
 
#8 ·
Ditto here I paid cash for mine though on my wifes 50k Armada the payments were $692 then we paid it off early. A lot of variables like others point out, depends on how much you put down vs credit score and what your able to pay without putting yourself in financial trouble.
 
#9 ·
Figure out what you can pay for what monthly payment BEFORE you go in to talk price.
DO NOT tell them what you want your payment to be, classic way for them to F&*K you on the interest rate.
You can make a $500 payment for 3 years, 4 years, 5 years, 6 years, all depends on the interest rate.

Go to your bank or credit union and set up the loan BEFORE you go shopping, A decent loan officer will help you out and explain how it works. XX dollars for the new car, YY dollars for trade in, so much for tax,title and license. They should be able get you within a few dollars of what you should be writing a check for.

NOW, go shopping, tell them straight up, I have financing set up, here's where I need to be for an out the door price, either make it work or you walk.

Be VERY careful about letting them do they financing, there's lots of ways to get burnt when you let them do the numbers.
 
#10 ·
Ditto on telling the dealer how much of a payment you can afford. That is the classic way to get ripped off. They'll get you the payment, but with an extra year or more of payments you weren't planning on. Walking into a finance office is a bit like stumbling into a street game of Three Card Monty. Numbers will be shuffled around in a way that you won't realize you've been screwed until after you get home.

Go in with your own financing. I have done that and they ask if they can try to beat it. Most of the time, I refuse.
 
#16 ·
Ditto on telling the dealer how much of a payment you can afford. That is the classic way to get ripped off. They'll get you the payment, but with an extra year or more of payments you weren't planning on. Walking into a finance office is a bit like stumbling into a street game of Three Card Monty. Numbers will be shuffled around in a way that you won't realize you've been screwed until after you get home.

Go in with your own financing. I have done that and they ask if they can try to beat it. Most of the time, I refuse.
Why wouldn't you let them try and get a better rate?

When I bought mine, the sales manager shot me 4%. I thought I could do better, made some calls, went back to them and told them I'd do the financing myself for 2.8%. The business manager shook his head when he heard what the sales manager quoted me. He ran my credit, laughed, and said "Yea...we can do much better than 4%". Ended up getting 2.6% through the dealer.
 
#13 ·
There is no such thing as a normal payment... there are variables to everyone's situation that can differ... that said, MSRP on my rig was almost $39k and I'm paying less than $395/mos on 60mos term. I'm a senior buyer by trade.
 
#14 ·
Yeah, way to many variables to this question. And having a car payment doesn't mean you can't afford a car ...

I put 25-30% of my paycheck into my 401k and other investments. Id rather have a payment on a car with a 0-3% interest rate rather than invest less and hold onto my cash to use on a car since those investments earn anywhere from 10-25%. Like many have said - everyone's situation is different

Whenever I get a loan I see what the best rate they will give me is and ask if it matters what the term is. If it's the same rate regardless of 36, 48, 72 months etc... I choose the longest term so I have a smaller payment, but then overpay on my payments to pay off the vehicle early. By doing this if I did God forbid have some sort of hardship I wouldn't be stuck with a large payment. You have to make sure there are no penalties for early pay off with his strategy though.




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#15 ·
$0.00. Paid mine off a year ago. I financed exactly $30,000 and my payment was $566 for 60 months. Interest rates are lower now than they were in 2008. My credit rating was near-perfect.
 
#17 · (Edited)
Settled for an Out the Door price of 30k in 2013 for a fully loaded SXT (should've bought the RT, but that's another story). Put down 10k.

1.9% on 75 months. Payment would've been around $290/month, but I opted in for the extended warranty and I'm at $303.

Do your own calculations before going to the dealership. They always try to add crap to the payment. I calculated my payment based on the dealerships out the door price.
 
#19 · (Edited)
That's pretty damn close to what I have. I sold my 2009 R/T for 22k but opted to keep 3k of that for wheels and tires so I put 19k down on my scat pack. I got a 1.99 rate @ 75 months from the sales mgr at my dealer (cool guy and helped me out a bunch to get that rate) and my payments are 302 :)
 
#20 ·
Well I guess a lot of you guys are in a better position in life than me by paying cash for your cars.

I don't mind a loan payment on a car....because I enjoy cars. But I don't carry any other type of debit though. No home loan, no student loans, and NO CREDIT CARDS. Only time I use a credit card is when its something I can put on 0% interest for xx amount of months. I pay cash for everyting except my cars.

My Hellcat payments will be sliding in right at about $600.00
 
#21 ·
There are too many variables to answer your question but you may want to check out the current incentives on the 2015 Challengers. Dodge has 0.9% on most models except SRT which is at 3.84%. In my case I would normally pay cash but at .9% I can do far better keeping my money invested in other instruments. With 0 down at 36 months the payment for a $42K out the door scat pack is $1128. Taxes are 6.75% here in Florida which added almost $3K to the price of the car.
 
#22 ·
horrible credit, but I got lower interest rate by 10 points than the unit I traded in.
$0 (zero) down
payment a bit higher than I wanted, but I will refi in a year and get a lower rate.
the car is a 2014, sticker was $39,850 and I got it for $31,825.
(after incentives and such)

bottom line is,

I love this car so it doesnt matter to me.
 
#23 ·
I must say I am blessed and I'm not a kid any more so my finances are in much better shape. I know you are looking for payment amounts but I paid cash for mine. Have not had a car payment in 20 years. If I had to make payments I probably would be scared away from buying a nice car these days!
 
#29 ·
There are more people coming forward here saying cash only than I would of thought.

IDK guys I understand the no car payment thing...but on the flip side I would rather keep the 20 to 50k (depending on what model and what your trade in is) in my savings account than to drop it all at once on a car.

To each their own I guess.
 
#30 ·
Well, depends on your situation. What is the interest rate of the loan versus what is the interest rate on your savings account? Best money market or savings account is about 0.9% or so today. Not much at all. So, you're going to lose money borrowing for a car rather than paying cash. Now, if you have some investment that can return more, than maybe your better off borrowing. But that's a risk, and some will do that. Some also just don't like to owe money, don't like to have any debt at all.

I paid off my house and cars a few years ago and its a great feeling. I love not owing anything for the first time in 30 some years. Nothing like it to finally be 100% debt free. I'll never have another car payment or any real loan ever again. I can understand why people borrow money, I did it for years, but I'm done with it. There is just something about owning your own car from day 1 that is real nice. It may not always be the most cost effective way to do things, but for me, it will always be cash from now on.

For others, they may be better off leasing or borrowing at a low interest rate, or what ever. All of us are in different positions. I won't judge any one. I'll advise against going overboard and getting into too much debt and buying more than you can really afford, but hey, do what makes you happy.
 
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