I bought a car for $16,000 put down $2,000 on it and they gave me an interest rate of 17.72% my payment car payment will be 375 a month how much that goes to the interest how much that goes to ask her on
Hi I am looking to buy a new car, but I am a little confused in the video the loan amt. Is 20,000, and the interest rate is 1,562.43, why is the total cost to own 31,562.43 shouldn’t it be 21,562.43?
So I bought a car last year on 75 months at 4.7%. How can I figure out how much I should pay weekly, in order to pay it off in 48 months? My balance is 29850.00.
Honestly, I have an engineering degree and I find it absolutely complex to understand this calculator. If only you could explain this with examples and with pen and paper you would benefit most of us..
I agree, anyone that likes to understand the math or formula would benefit a lot when you wrote it out. Sure I can spend time to figure out the formula, but writing it out is the best classical method.
@@TravisSickle yes for example when you write it out side by side with different scenarios like high versus low apr, how and low amoint financed, shorter versus longer time frame, it helps explain the numbers more. The calculator method youve shown helps, but for new people into the market like myself, it helps to explain it with writing.
Ok, I’ll do that soon. I did the calculator so it’s quick and practical to run numbers on the spot in a dealership. That’s what I do while negotiating. I’ll do another video to show the formulas. Thanks for watching and feedback.
I literally made this video after I bought my car and the sales team tried to fudge the numbers. When I broke out my calculator they backed off and I got what I needed.
Car Loans are for FOOLS! Who cares what you drive! Stop your EGO. Buy a cheap Dependable car for CASH! Save your $ and Sanity. Wanna be rich when you get old? Don't take out Loans! If you have a car loan, you MUST insure the loan for the bank, and you're a FOOL!
Is it better paying it weekly then paying it all in one month??? I pay 740 a month When I pay 740 , in one month I m charge 60 dollar interested But when I pay it weekly for 4 weeks I ended up paying 200 dollars on interested.
My question is, what if you pay off you interest rate, so lets say I have a loan for 17.000 with 3% interest rate so it’s 1400 what if I just pay off it all off wouldn’t that now allow me to just may my car note, because let’s say your only paying 399 a month 168 is going towards the car payment and the half is going towards the interest so you in your car for a longer period of the time. But if I pay the interest rate off I can focus on paying the car not off faster, I meant principal payments
I’m having a hard time with the i/yr I was under the impression that the interest at a dealership was yearly But they told me it was monthly so every month my interest is based on my remaining principal So if I have an interest rate of 3% then my yearly interest rate is 36? Or still 3%? I’m just trying to figure out if I should put 3.00 or 36.00 in the I/YR
Can you please help me understand .I'm trying to finance a car 🚗 with 27% the loan is $3600 .and they told your monthly payments would be $1180 .can please get back to me thanks
@@TravisSickle So please 🙏 explain my interest rate is 26% the car is 36000 how much I have to pay a month or 60 months financing I don't understand I look it at your video . But please can you make a video .with 26.99 or 27 % rate
This does not help… I would like to see the actual steps including the actual price plus interest and what the total amount of the load would be and monthly payment without it a special app that’s even more confusing than multiply or dividing
hmmmm. It's all here. I'm using a financial calculator. The actual price plus interest is the payments ($359.37). The total amount of the loan would be payments multiplied by months (in this case, 60 months).
I hope people are ready for real numbers after they watch this video...the dealership isn't there for charity and you also have to pay local and state taxes in almost 100% of the cases. If you have to finance something, that means you can't afford it.
![2020 Estimated Tax Payments [Self Employed]](/img/n.gif)
Link to 10bii calculator -- bit.ly/31vePhC
The calculator is a generic 10bII Financial calculator. I’m sure they are on android too. If you find one, send me the link. I don’t have an Android
6 dollars for a calculator 🙄🙄
Oh man that’s what they’re charging now?
I bought a car for $16,000 put down $2,000 on it and they gave me an interest rate of 17.72% my payment car payment will be 375 a month how much that goes to the interest how much that goes to ask her on
I think there may be something missing. How long is the loan, 5years? They’re charging for something else.
After watching this video I think bicycle is better for me
60 monthly payments of $16.67 for every $1,000 financed. What's this all about on a 0% apr loan?
Hi I am looking to buy a new car, but I am a little confused in the video the loan amt. Is 20,000, and the interest rate is 1,562.43, why is the total cost to own 31,562.43 shouldn’t it be 21,562.43?
The example said the car was $30,000 and making a $10,000 down payment, so you're financing $20,000.
@@TravisSickle I’m confused. Loan amt is 19,000. Interest Rate is 1,484.31 = $20,1484.31
Oops I meant $21,484.31
Outstanding class Travis, thank you for sharing your knowledge sir.
So I bought a car last year on 75 months at 4.7%. How can I figure out how much I should pay weekly, in order to pay it off in 48 months? My balance is 29850.00.
What’s the app for the calculator?
Where's the link you said you would post????????????
Excellent explanation, thank you
great video. Thanks
Honestly, I have an engineering degree and I find it absolutely complex to understand this calculator. If only you could explain this with examples and with pen and paper you would benefit most of us..
What is the name of the app for the calculator?
I agree, anyone that likes to understand the math or formula would benefit a lot when you wrote it out. Sure I can spend time to figure out the formula, but writing it out is the best classical method.
So you want to see how the actual formulas work?
@@TravisSickle yes for example when you write it out side by side with different scenarios like high versus low apr, how and low amoint financed, shorter versus longer time frame, it helps explain the numbers more.
The calculator method youve shown helps, but for new people into the market like myself, it helps to explain it with writing.
Ok, I’ll do that soon. I did the calculator so it’s quick and practical to run numbers on the spot in a dealership. That’s what I do while negotiating. I’ll do another video to show the formulas. Thanks for watching and feedback.
A more accurate description of this tutorial would be “How to use a financial calculator.”
🤔
For real lol
I literally made this video after I bought my car and the sales team tried to fudge the numbers. When I broke out my calculator they backed off and I got what I needed.
I was hoping you would do a tutorial on the physical calculation without the use of a calculator. Thumbs up anyway.
As in the formula I did using the calculator?
@@TravisSickle Yes! I wanted to see the calculation on paper.
@dapperly grungy did he ever provide a better example ?
Car Loans are for FOOLS! Who cares what you drive! Stop your EGO. Buy a cheap Dependable car for CASH! Save your $ and Sanity. Wanna be rich when you get old? Don't take out Loans!
If you have a car loan, you MUST insure the loan for the bank, and you're a FOOL!
Is it better paying it weekly then paying it all in one month???
I pay 740 a month
When I pay 740 , in one month I m charge 60 dollar interested
But when I pay it weekly for 4 weeks I ended up paying 200 dollars on interested.
My question is, what if you pay off you interest rate, so lets say I have a loan for 17.000 with 3% interest rate so it’s 1400 what if I just pay off it all off wouldn’t that now allow me to just may my car note, because let’s say your only paying 399 a month 168 is going towards the car payment and the half is going towards the interest so you in your car for a longer period of the time. But if I pay the interest rate off I can focus on paying the car not off faster, I meant principal payments
I’m having a hard time with the i/yr
I was under the impression that the interest at a dealership was yearly
But they told me it was monthly so every month my interest is based on my remaining principal
So if I have an interest rate of 3% then my yearly interest rate is 36? Or still 3%? I’m just trying to figure out if I should put 3.00 or 36.00 in the I/YR
This video is excellent!!!!
Thanks! I appreciate it
@@TravisSickle how is 3% of 20,000, not 600 dollars but instead 1,562 ? Please simply explain
Good day sir, I wasn't able to find the app financial calculator you use to do this demo? Will shared the link if possible thank you
It's also on our discord server Join Link discord.gg/enuJThjHJ9
Can you please help me understand .I'm trying to finance a car 🚗 with 27% the loan is $3600 .and they told your monthly payments would be $1180 .can please get back to me thanks
Doesn’t make sense. Your monthly payment is $1,180?
@@TravisSickle
So please 🙏 explain my interest rate is 26% the car is 36000 how much I have to pay a month or 60 months financing I don't understand I look it at your video . But please can you make a video .with 26.99 or 27 % rate
I also got two biweekly paystub for my loan to be approved
Omg will this work in Canada or is y’alls loans in the states different lol
Same. It’s just math.
Excellent presentation. Well explained.
Any free 10Bii financial calculator?
I finally got a Lexus with the biweekly stubs I got to prove my income
This would have been so much easier to understand with a normal calculator
It's just not possible with another calculator.
Just down load car payment calculator it works . Free
Where is the link for the financial calculator pls?
@@TravisSickle no I have an android phone
You don't need a app lol
And + Sale tax + license fee + registration + doc fee + all kinds of fee.
those don't change regardless. Just a video on the finance costs.
They have apps for that
sidharth chand this is an app for that lol
This does not help… I would like to see the actual steps including the actual price plus interest and what the total amount of the load would be and monthly payment without it a special app that’s even more confusing than multiply or dividing
hmmmm. It's all here. I'm using a financial calculator. The actual price plus interest is the payments ($359.37). The total amount of the loan would be payments multiplied by months (in this case, 60 months).
10bii emulators -- GOTTA LOVE IT! (Every finance student's forced marriage.)
From Credible cyber tbh
Thought this was tom hardy for a second
haha, I get that a lot. Hopefully it's a good thing.
Could’ve used a regular calculator
Not possible. But you can download a financial calculator app too.
I literally did it with a regular calculator lol.
It’s not simple math. Need a fin calc
@@TravisSickle dude. If you know how to work a plain ass calculator. You will get the same results lol. Fin calculators are for dummies lol.
Do a video, I’m curious.
👍
Who gets a 6 year loan with the same rate as a 5 year??? Like 10%? Probably less
Thanks🙏 I hate math but could understand this.
It’s 8 bucks in Canadian lol but I don’t care 8 bucks is less then the thousands I’ll save
I hope people are ready for real numbers after they watch this video...the dealership isn't there for charity and you also have to pay local and state taxes in almost 100% of the cases.
If you have to finance something, that means you can't afford it.
Cyber credible legit 👍
Their math ALWAYS gets fuzzy
sure does!
He looks like a skinny Tom Hardy
Haha who me?
Lol my car payment is $2,600 a month lmfso
… waste of time. I was looking for help in my mathclass.
Stormcrow Legendary what’s the math problem you are trying to solve?