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I'm thinking about trading my jeep in for a challenger in a few weeks. I'm wanting a 2010 R/T, but I'm hoping to have close to the same monthly payment amount. The few that I've narrowed it down to are around $35,000 and they are already $4000 below MSRP. I was just wondering what everyone's payment is and if the dealerships will finance for 7 years. Did anyone else finance for 7 years?
 

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There are too many variables unknown. Do you owe anything on your trade in? What will the dealership give you for it? Would you consider trying to sell it yourself since you could get more going that route? What is your credit score because the interest rate you get is based on your credit score. Do you have any $$ to put down as a down payment?

If you google search for car payment calculator you will get a better idea of playing with some numbers. Don't forget sales tax! Also, what you think your trade in value is probably won't match what a dealership will give you.
 

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what moparohio said
 

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Since I plan to keep my car forever when I refinanced my home (3.47%) I took out enough to pay for my Challenger ...just 360 payments and its mine ...all mine.
 

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Since I plan to keep my car forever when I refinanced my home (3.47%) I took out enough to pay for my Challenger ...just 360 payments and its mine ...all mine.
Good strategy. Your car will be a classic and worth twice as much... :)
 

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....+2 what MoparOhio said. ....and do yourself a favor by thinking twice before getting upside down on what you owe (if that is what you are contemplating).
 

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I financed my R/T for 5 years, but that was just so I could get a rebate based on the financing. I plan to have it paid off in less than two.

Some banks do offer 7 year terms on new cars, but it's usually on the much more expensive ones ($50K and up). I financed a Corvette for 7 years one time and swore I'd never do it again. It seems like you have those payments hanging over your head FOREVER and you're upside down on the equity for years because the principle drops so slowly.

You may think that's not a problem because you plan to keep the car forever, so if it takes forever to pay off, so what? However, if it gets totaled or stolen you could find yourself paying off debt for a car that you no longer have. If you do end up going for long-term financing, you need to look into gap insurance to keep something like that from happening.
 

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My advice to the OP is NOT to negotiate buying/trading a car on monthly payments. Yes, you need to make sure you can afford the payment on the car, but dealers love people that focus only on the payment, and NOT on what they are paying for the car, or just as importantly what they are giving you for YOUR car.

Certainly many dealerships make it easy for you to walk in, and walk away with a new car. This will only work for you a few times. One day, you'll walk into a dealership and find you are so far upside down on your car there's no deal that's going to work that you can afford. Not to mention you will be so far under that home ownership will be totally out of reach.

My opinion will probably not be popular on a car forum, but I feel it would be irresponsible to offer advice to "go for it" at any cost.
 

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My advice to the OP is NOT to negotiate buying/trading a car on monthly payments. Yes, you need to make sure you can afford the payment on the car, but dealers love people that focus only on the payment, and NOT on what they are paying for the car, or just as importantly what they are giving you for YOUR car.

Certainly many dealerships make it easy for you to walk in, and walk away with a new car. This will only work for you a few times. One day, you'll walk into a dealership and find you are so far upside down on your car there's no deal that's going to work that you can afford. Not to mention you will be so far under that home ownership will be totally out of reach.

My opinion will probably not be popular on a car forum, but I feel it would be irresponsible to offer advice to "go for it" at any cost.
You are 100% correct. I hope he reads your post.:thumbsup:
 

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I can appreciate your tastes in cars, but sounds like you need to sort some other financial matters first. The fact you are contemplating a 7yr loan tells me it's a stretch because of lack of down payment, loss on trade-in, bad credit or any combo of those factors.

Personally I'd revisit the idea when the 2012's are rolling onto the lots and you can pick up a 2011 model for dirt cheap. That's just me.
 

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I took out a 7 year loan on a 2009 challenger SRT8. I paid $500 over invoice in November 2008, and after gas guzzler tax, and sales tax, with $5,000 down I financed approx. $39,000 at 4.9% for $560/mo. Just over 2 years later I have 28,000 miles on the clock, and blue book says the car is worth approx. $31,000, and I owe approx. $28,300. Conclusion, a 7 year can make sense, but requires a good interest rate, and a decent size down payment to stay ahead of the depreciation.

I did it because at 4.9% I wasn't paying that much more in interest over a 5 year term, approx. $1,500 over the life of the loan, and it will make it easier to afford if my wife were to lose her job. (she's in the relocation business, and if you haven't noticed real estate isn't doing so well ). I couldn't bring myself to cancel the order, so I looked at it like an insurance policy insuring me against a loss of income, in a down economy. Luckily I have not suffered any loss of income, at least not yet, but I wouldn't say I'm feeling that much more confident about the economy today than I did then, and I'm still glad I chose the smaller payment. It's like a lease with no mileage restriction, and no term limit.
 

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True

I financed my R/T for 5 years, but that was just so I could get a rebate based on the financing. I plan to have it paid off in less than two.

Some banks do offer 7 year terms on new cars, but it's usually on the much more expensive ones ($50K and up). I financed a Corvette for 7 years one time and swore I'd never do it again. It seems like you have those payments hanging over your head FOREVER and you're upside down on the equity for years because the principle drops so slowly.

You may think that's not a problem because you plan to keep the car forever, so if it takes forever to pay off, so what? However, if it gets totaled or stolen you could find yourself paying off debt for a car that you no longer have. If you do end up going for long-term financing, you need to look into gap insurance to keep something like that from happening.
GAP is a must in that circumstance, I agree. But you have to be careful as it covers a total loss. So, if you get in a wreck make sure to wreck it good.
 

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I just ordered my 2011 SRT8, I will also be financing for 7 yrs. My credit union's rate is 3.24% for all new car loans(36-84 mo). I will put 25-30% down and make extra payments and try to pay off in 4-5 yrs. The nice thing w/the longer terms is it provides a cushion in case of any financial problems should they arise. I have always financed longer and paid extra each month when able.
I agree w/what was previously stated if you put less than 10% down pick up the gap insurance if available. I have seen ths help many people if their car was totalled w/in the 1st few yrs of the loan
 

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I did it because at 4.9% I wasn't paying that much more in interest over a 5 year term, approx. $1,500 over the life of the loan, and it will make it easier to afford if my wife were to lose her job. (she's in the relocation business, and if you haven't noticed real estate isn't doing so well ). I couldn't bring myself to cancel the order, so I looked at it like an insurance policy insuring me against a loss of income, in a down economy. Luckily I have not suffered any loss of income, at least not yet, but I wouldn't say I'm feeling that much more confident about the economy today than I did then, and I'm still glad I chose the smaller payment. It's like a lease with no mileage restriction, and no term limit.
Yup, that's exactly why I financed mine a hair over 6 years. I wanted the extra cushion in case something were to happen to either my job or the wife's. Can't count on anything in this economy
:werd:
 

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i found a brand new b5 blue srt for $36k in IL....also found some loaded DY's & an HO for $37-38k ($9,300 off sticker)

i dont think 7 years is typical for a car is it?....i assume 5 year is typical

i would never spend $35k for a 2010 RT right now
 

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i found a brand new b5 blue srt for $36k in IL....also found some loaded DY's & an HO for $37-38k ($9,300 off sticker)

i dont think 7 years is typical for a car is it?....i assume 5 year is typical

i would never spend $35k for a 2010 RT right now
Sadly I think a 6 year loan is more the norm these days. Heck I can still remember when 5 years was long, they "preferred" 3-4 years, and 6 year loans were only available for great credit and big purchases. Truthfully a 7 year loan scares the crap out of me. Too much stuff can happen in that time that forces a sell, and more times than not people financing over that long don't have big down payments to keep themselves in a positive equity position.
 

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My advice to the OP is NOT to negotiate buying/trading a car on monthly payments. Yes, you need to make sure you can afford the payment on the car, but dealers love people that focus only on the payment, and NOT on what they are paying for the car, or just as importantly what they are giving you for YOUR car.

Certainly many dealerships make it easy for you to walk in, and walk away with a new car. This will only work for you a few times. One day, you'll walk into a dealership and find you are so far upside down on your car there's no deal that's going to work that you can afford. Not to mention you will be so far under that home ownership will be totally out of reach.

My opinion will probably not be popular on a car forum, but I feel it would be irresponsible to offer advice to "go for it" at any cost.
I agree with this.
 

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$35k for a 2010 RT? You can get a used 2010 SRT for less than that.

not around here where I live.

in fact I had to drive to New Jersey to buy a used 09 Rt for $29,500
at Vann dodge but they also gave me $20,000 for my 2009 SE too, so it was well worth it for me to drive 1300 miles one way to buy a car. I am only paying $25 more a month now than what I was paying on the SE.
 
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