I went through CapitalOne and financed 20K. I made my first payment of $411.20 yesterday. $200 of that went towards the interest. The APR was 8.45%.

Does this sound right. It seems pretty high to pay almost half towards interest. Not sure how it compounds. Tried calling them but its automated. Anyone else use CapitalOne or have advice on how this works?

ThX.

 

Based on a $20,000 loan amount @ 8.45 %, one months interest would be $140.83.

But auto loans are usually front loaded, meaning that the lender accellerates the interest payment.

They should have given you a "truth in lending" statement when you completed the transaction.

 

Don't worry about it. Interest is based on the loan balance: as the balance decreases, so does the interest.

 

That sounds about right. Depending on when your loan started and when your first payment was made, the interest is going to vary. After the next few payments, you will see your interest amounts SLOWLY start to decline with your principle amounts increase.

 

consider joining a credit union. I just bought my Z this week and got 6.0% I have good credit but not the best. Credit Unions give great rates.

 

Can you give me some names of a good credit unions, my lease is due to end in a 3 months and I wanna keep my Z, but not sure what to do next with regards to getting the money/financing to pay it?

Thnks!

 

Try googling it. I got mine through work.

 

hmm capitalone..I love them..

 

It's been going down. The first payment was $200 interest $200 principal, the second was $150 interest and $250 principal. We will see what the next ones are.