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Toyota's financing doesn't MAKE ANY SENSE?

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Old 22 Oct 2010, 03:39 pm   #1 (permalink)
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Default Toyota's financing doesn't MAKE ANY SENSE?
Monthly payment for every $1,000 financed: 0.0% for 36 months = $27.78; 0.0% for 48 months = $20.83; 0.0% for 60 months = $16.67.















































So if it's 0% for 36 or 60 months, why are there different monthly payments? And wouldn't it make more sense that someone who chose to pay over 60 months would have to pay a HIGHER monthly rate? Makes no sense at all to me...
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Old 22 Oct 2010, 03:54 pm   #2 (permalink)
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I think that you are misunderstanding the financing. The reason that the payments are lower for a longer rate is because you are taking longer to pay off the loan. As a for instance, say the vehicle is $20,000. With a 36 month loan, the payment would be 20 x $27.78 = $555.60 per month for 36 months. The $27.78 is how much each $1,000 costs. This isn't a finance charge, this is just how long it would take to pay off $1,000 over 36 months. With the 60 month loan, it would be 20 x 16.67 = $333.40 per month for 60 months.
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Old 22 Oct 2010, 04:09 pm   #3 (permalink)
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Financed cars is more expensive to insurance cause it requires full coverage. You can compare how much you would pay for full coverage of this car using this tool - carquotes.sinfree.net
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