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Toddlers: 24 Months+
buying a minivan tonight
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.
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Re: buying a minivan tonight
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.
welcome to the club! :P
i do love our minivan. not that i ever had a choice! heh.
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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!
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.?