Auto refinance

[megadheera]

Ee rate cut tho auto loan rates emaina tagge avakasam unda? Maree 6% undi ippudu. @csrcsr @Konebhar6

[csrcsr]

1 minute ago, megadheera said:

Ee rate cut tho auto loan rates emaina tagge avakasam unda? Maree 6% undi ippudu. @csrcsr @Konebhar6

Taggutayi e rate degara consolidate avutayo chudali all mortgages,  credit cards , auto but some lenders have factored  25 , as it is 50  we should see new rates soon anna , koni padeyi model s x etc etc 

Niku endi kotta job , kotta car

[Konebhar6]

2 minutes ago, megadheera said:

Ee rate cut tho auto loan rates emaina tagge avakasam unda? Maree 6% undi ippudu. @csrcsr @Konebhar6

Of course, they should also drop. 2 more rate cuts this year (25 basis points each), 4 rate cuts in 2025 (25 basis points each), 2 rate cuts in 2026 (25 basis points each)

Year end elago cars manchi deals untai kada, go for it. Also auto sales anta baga levu ani vinna, you should get better prices and better finances.

[megadheera]

Just now, csrcsr said:

Taggutayi e rate degara consolidate avutayo chudali all mortgages,  credit cards , auto but some lenders have factored  25 , as it is 50  we should see new rates soon anna , koni padeyi model s x etc etc 

Niku endi kotta job , kotta car

Already konna daanike $1400 kaduthunna Anna every month..vaachi pothundi. Koncham rate taggithe refinance chedhamani chusthunna

[SwamyRaRa]

5 minutes ago, megadheera said:

Already konna daanike $1400 kaduthunna Anna every month..vaachi pothundi. Koncham rate taggithe refinance chedhamani chusthunna

Elaborate more 

[megadheera]

4 minutes ago, SwamyRaRa said:

Elaborate more 

Bought GLE 350 last year. 70K loan at 6% for 60 month. Paying 1400 every month

[kevinUsa]

7 minutes ago, megadheera said:

Bought GLE 350 last year. 70K loan at 6% for 60 month. Paying 1400 every month

Ante almost by now u must have paid at least half of your interest 

[megadheera]

2 minutes ago, kevinUsa said:

Ante almost by now u must have paid at least half of your interest 

Anna manam lekkallo weak aa? Last year ye kada teesukundi.. appude half interest ela pay chesunta 😁

[kevinUsa]

8 minutes ago, megadheera said:

Anna manam lekkallo weak aa? Last year ye kada teesukundi.. appude half interest ela pay chesunta 😁

As far as  I know banks collect interest first and then they go after the principal amount so if you have taken a car for 70 grand and it's been over 12 months so it means that it's 1400 * 12 that's around 16,800 so I believe that for the total interest you would be paying is around 21,000 so I think you have paid half of your interest on the loan you have taken

I may be wrong please throw some light even I did not know this one Spartan has mentioned about this so

[csrcsr]

38 minutes ago, megadheera said:

Anna manam lekkallo weak aa? Last year ye kada teesukundi.. appude half interest ela pay chesunta 😁

His point is amortization schedule initial months lo majority if your payment goes to  interest not principle. 

[csrcsr]

30 minutes ago, kevinUsa said:

As far as  I know banks collect interest first and then they go after the principal amount so if you have taken a car for 70 grand and it's been over 12 months so it means that it's 1400 * 12 that's around 16,800 so I believe that for the total interest you would be paying is around 21,000 so I think you have paid half of your interest on the loan you have taken

I may be wrong please throw some light even I did not know this one Spartan has mentioned about this so

 

Just now, csrcsr said:

His point is amortization schedule initial months lo majority if your payment goes to  interest not principle

 

[VanceChilukuri]

52 minutes ago, megadheera said:

Bought GLE 350 last year. 70K loan at 6% for 60 month. Paying 1400 every month

how were you able to afford a 70K car ? what's your household income ?

[megadheera]

35 minutes ago, kevinUsa said:

As far as  I know banks collect interest first and then they go after the principal amount so if you have taken a car for 70 grand and it's been over 12 months so it means that it's 1400 * 12 that's around 16,800 so I believe that for the total interest you would be paying is around 21,000 so I think you have paid half of your interest on the loan you have taken

I may be wrong please throw some light even I did not know this one Spartan has mentioned about this so

 

5 minutes ago, csrcsr said:

His point is amortization schedule initial months lo majority if your payment goes to  interest not principle. 

Usually house mortgage ki ala untadi. Auto loan payments are not like that

[kevinUsa]

45 minutes ago, megadheera said:

Anna manam lekkallo weak aa? Last year ye kada teesukundi.. appude half interest ela pay chesunta 😁

If you are taking refinancing you will be paying  interest again so better to stick and payoff the car asap and dispose it

You would have been in a  far better situation if have had taken a lease 

[megadheera]

5 minutes ago, VanceChilukuri said:

how were you able to afford a 70K car ? what's your household income ?

Emo Anna.. @csrcsr uncle Peru cheppagane ichesaru loan