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Tue, Jan 3, 06 at 18:37
| I pulled a report this morning that was rather interesting. It listed the average monthly payment, the average interest rate, average down payment and the average length of term for all the vehicles that had been financed here in 2005. Would any of you care to place a guess? No prizes, of course. We are a full line dealer selling used from 7500.00 and up and new from 16000 to as high as 52000 on some trucks. |
Follow-Up Postings:
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| o.k., I'll be brave and guess first. I say the average down payment is about 5%, the average length of term 5 yrs. and the average payment $380.00. Can't wait to see how far off I am! Gina |
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| 1% down 6 years $465 Tim |
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| $1000 down 5 years $280 |
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| we don't care for monthly payments here, and we like to collect interest, not pay it. smile don't have a clue, big mike. keith in calumet debt free is the way to be |
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| OK, are you ready? The average downpayment was $3772.00, which I would guess to be about 8.5%. Average length of term was 58 months. 18 months for a low to 84 months for a high. Average interest rate was 6.442%. From a low of 0% on a few new vehicles to 15.67% for a few low credit score folks. Average payment was $539.08. Lowest payment was $62.00. The highest payment which doesn't count some $6000 to $6700.00 semi-annual farm plan payments was $986.00. |
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| Average payment was $539.08. !! I really had no idea. Have paid cash (plus trade in) for my vehicles since my mid 20's. |
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| We may be a little higher than some as we sell lots of heavy duty trucks to farmers and oil field folks, but that's what it is here. Cash is the way to go, but today's microwave mentality won't allow the patience to save money for a car. |
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