How much will I pay per month on a car if I'm a college student and my mom cosigns on the loan?
I want a $5,000 used car. I can put $2,000 down, and I want to finance the remaining $3,000. I make $1,000 a month with no expenses other than spending money. My mom will cosign for the loan because I have little credit history. How much should I expect to pay?
- 36 months: $91 per month with $286 in total interest ($3,286)
- 24 months: $133 per month with $191 in total interest ($3,191)
- 12 months: $258 per month with $98 in total interest ($3,098)