buying a minivan tonight

momofolivia

so we finally are doing it.  DH and I found a 2006 Honda Odyssey Touring (top of the line).  I think we have gotten a good price on it (based on all the internet research).  I'm a little worried about the payments.  We have the option of a 60 month at 6.74% ($417/month) or a 72 month at 7.24% ($364/month). 

 The payments on the 72-month are much easier to swallow.  and our lender won't penalize for pre-payments.  But there is just something about a 6 YEAR loan that I am not happy about.  But I'm not happy about $417/month payments either.

argh.

momofolivia

oh and it has a DVD system, which neither of us really want.  I am of the DD-shouldn't -watch-TV camp, and I want her to learn to read books and play games in the car growing up.  not watching TV. 

soontobecapek

don't let it be a 6 year loan. Pay $375 per month no matter what the payment is and it will slice close to a year off your loan.

momofolivia

soontobecapek:

don't let it be a 6 year loan. Pay $375 per month no matter what the payment is and it will slice close to a year off your loan.

so get the 72 month, but pay more than the minimum?  I was thinking that, but then our interest rate is higher.

soontobecapek

momofolivia:

soontobecapek:

don't let it be a 6 year loan. Pay $375 per month no matter what the payment is and it will slice close to a year off your loan.

so get the 72 month, but pay more than the minimum?  I was thinking that, but then our interest rate is higher.

yes it is higher, but if you pay an extra $15 a month it takes that off your next months payment so after 4 months you would only owe 255 that month, thus the extra $120 is going to you principal, not to the interest. I had a 5 year loan and paying $200 a month instead of the minimum I paid it off in 3.5 years.

pea-kay

welcome to the club! :P

i do love our minivan. not that i ever had a choice! heh. 

Mama_v2.0

If you can still find a dealer with an '08 I would bet money you could get it for less than the '06. Also keep in mind a lot of dealers charge $1-2K to set up financing.

bcn68

I love having a DVD player.  And my DD still reads a ton of books.  Most of the time I pick her up from daycare she is sitting in the little comfy chair with book.  Just because your child watches a few DVD's....Dora, Diego etc.  I don't think it will keep them from reading.  

I would get the 5 yr loan.  If you go for the 6 year loan you'll pay more in interest.  If the car costs $25K...that would be approx $1500 more in int vs the 5 yr loan.

Enjoy the new car! 

 

 

marriedchick06

Enjoy I love my mini van!

susansev

good luck!  I was very hesitant but love my Odyssey now...

HarrietNJMommy

GL with it! We just bought a 2009 Honda Odyssey Touring last Thursday. GREAT car!

I would take the 60 months. An extra year of interest isn't so great.

How come the interest is so high? We have 1.9%.

Oh, and you may want to rethink the DVD as your DD gets older. I don't let my kids watch TV before the age of 2 (DD#1 started watching at 2years 8months old, DD#2 still hasn't watched), but after that, a little bit of TV on a long ride isn't so bad. JMO.?

Blissful Me

You'll love it! We got a 2008 Odyssey in October and I LOVE LOVE LOVE it! I always said I wouldn't get a van but this is like any other van, it's amazing and it's certainly not like driving a van at all! Congrats!