What is the largest monthly payment you'd take on for a new Tacoma

I don't ever think about the the amount of the payment, I care more about the interest rate and the terms of the loan. That being said, my current payment is about $330 with 2.9% interest on a 72 month loan. I put $9000 cash down.

 

Measure it by the interest rate and what you can afford. I don't have payments, but if I did, I'd make sure their duration doesn't exceed the warranty life.

 

curious as to the correlation to financing term and warranty term?

 

That's really a question of how much a person can afford. What is alright for one person is not always the same for another.

 

653 but i pay 800 to 1000$ a month so i can pay it off fast as i can.

 

if all payed cash for their vehicles...they would buy what they can afford.

most who finance buy more vehicle than they can afford.

"what's another $100 bucks a month...I don't really need 4x4 but hey, it's only a hundred a month"

 

There's not a direct correlation except in my own personal finance preferences: I don't want to be stuck with a payment on a vehicle I can't afford to have fixed.

ETA: I'm not saying I expect lots of problems with a Tacoma or any other vehicle in particular. Just that all vehicles will inevitably have some things that need fixing, and it's best if the dealer is paying rather than me.

 

I have two vehicles:

10 Tacoma Dbl Cab Sport 4x4 - 387/m
11 Highlander Base w/Tech Package - 424/m

Total $811 for both vehicles. Another 127/month for insurance on both vehicles.

I sink $938/month on our two cars.

 

fair enough...thanks

 

My monthly payment is $228 but I average $600-$800 a month. Trying to pay it off in under 3 years

 

Yup and you're paying $32760 for a Pre Runner . That's why dealers love people who negotiate a monthly payment....

 

actually, that interest went to the lender not the dealer.

 

What's the difference? Second, how do you know he didn't finance through the dealer, or the dealer offered him the loan though a secondary lender. Dealers get a kickback in those circumstances. Still doesn't negate the fact that he's paying the price on a Pre-Runner truck the sticker price of what the same truck fully loaded 4x4 would of cost.

 

The way the interest is calculated its more paid to the interest rate at the beginning of the loan and much less at the end of the loan,
If you want to pay it off early, you're better off to take the extra money in to a interest savings account and when that balance meets the pay off balance, then withdraw it and pay it off.
Thats what I do, plus I know how to drive a manual transmission

 

567 a month but i pay 600 but I love my truck

 

most new truck buyers secure their loan through the dealership...yes, the dealership gets paid to sell the loan, as they should...however, the interest is paid to the lender.

most new car dealerships do not have in house financing...meaning, they hold the note.

if he has the cash, of course his buying power is greater...this applies to all purchases, especially large purchases.

 

I mean no offense (I'm a finance guy and just trying to help), but there may be a correlation between you having a 'ton' of credit cards and thinking about your finances in terms of payments. For the most part, I don't think about a car in terms of payments, I think about it in terms of how much I'm paying for it. I do understand you have to meet your monthly budget, but there's a reason why the dealership wants to quote you in monthly payments and not the total price. Only you can answer the question about how much, don't use someone else's decision (good, bad or indifferent) to justify what might be a bad decision for you.

Best of luck in whatever you decide!

 

Actually it's probably better to pay it off as fast as you can versus putting money in the account - you're paying down the interest rate on the loan (6%? or so...), and earning probably well under 1% in your checking account (%0.25 probably). By paying it off early, you're reducing the principle amount that the interest is calculated on each month.

 

i pay 431/mo for my 2011 reg cab base 4x4 manual, traded in a POS jeep GC that i still owed on and it was not worth what i owed. basically it wasnt worth shit bc no chrysler product is lol.

 

I pay $850 - 3 yr interest free loan...