How exactly does a car loan work? I bought a 2007 Toyota Camry last August. It is still appraised at ,900 in the blue book. However, I have not so great credit so I still owe k on my loan from Citi. I have been thinking about trading in my car and getting a used car that is about k or so. Is that stupid? Any help would be appreciated. Thanks!
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Hey Georgiana,
Car loans are simple interest, meaning that for the first half of the loan, you will pay more interest than principal. Your first year of payments will barely scratch your balance owed. After you reach the middle of the loan, then you start to pay down more of the principal balance than interest.
If you trade your car, you will carry all that negative equity into your next car loan, and the next car you buy will also depreciate. This is why leasing is usually a far better option than purchasing if you only keep cars for a max of 3 years.
Go to http://quick-and-easy-auto-loan-usa.blogspot.com/ they have better interest rates than banks do. Good luck and you can email with questions.
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Used cars will have higher rates than new cars. The newer the car, the lower the rate. (You may find an exception to this rule at some credit unions. Some give the same interest rate for new and used cars.)
Your geographic location can also be a factor in the rate you get. Your cousin may have gotten 7 percent on the other side of the country, but in your home town, 8.5 percent may be the lowest rate you can find.
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