Hey guys, new user and hope-to-be owner of a Cooper S. I'm fairly young (23), have a very good job. I've been talking to my advisor and everything seems peachy, but he couldn't really tell me how much would the payments be a month. I want to know from you owners, if it isn't too personal (don't want to offend anyone), how much you think I'm looking to pay monthly. I'm planning to finance for 5 yrs. Any help will be much appreciated! Thanks

 

Need more info.
How much will your MINI cost? What will you pay as deposit? What APR?
There are lots of "payment calculator" programs on the web - one of those will let you experiment.
If you think of $17-$18 per $1000 borrowed it will give you a start.

 

welcome ivann22 to MCO

the gas attemdent at the gas station asked me the same question: I was in fact offended. Thats just me. But it all depends on how much you put down and your crediit rating as well as finance rates available in your area ETC...

 

Man, this site just rules! Well I want a BRG Cooper S with all the packages, and the H&K sound. I'll use that method to see. Didn't want to offend anyone, I was looking and looking and when I saw the MINI there was nothing else for me!

 

>> ...... Didn't want to offend anyone, I was looking and looking and when I saw the MINI there was nothing else for me!


... ya, you're hooked ... doesn't matter what the ammount of the payment is, You'll be paying for this the rest of your life ... by the way have you started to read the Performance Mod's forum yet?

 

Ivan, there is a function in Excel that will do the calculation for you. If you have Excel, open up a spread sheet, select 'insert', then 'function'. Then look for the function called "PMT" and click on that. Then you will need to put in your 'rate', which is the interest rate you will have on your loan. An example of how to enter it is "7.0%/12" for a loan at the rate of 7%. Next you will enter in the "Nper" which is the total number of payments you are making, in this case 60. Next enter in the "PV" which is the loan amount, meaning the total price of the car, plus sales tax and minus any money you put down. Then hit 'ok' and it will tell you what the payment is.

Example, BRG Cooper S with all 3 packages and the HK system is $23,725. Sales tax in my state is 7% so that brings the total to $25385.75. Put that in the function above at 7% for 60 months gives you a payment of $502.67. Simple
_________________

Member #47 2002 Dark Silver Mini S white roof and mirrors with Premium and Sport pkgs. He has come and his name is MINI ME

 

Go to the http://www.miniusa.com site and configure your car there. Once done, there's a small dropdown box that'll let you choose financing options. This will allow you to run thru the numbers. Enjoy!

 

Ivan There are many websites that offer Financial calculators a couple that come to mind off the top of my head are http://www.fool.com (calculator section), http://www.edmunds.com. You will need to know how much you plan to pay. how long you intend to have the loan for and what the interest rate you will be paying. With that information you should be able to calculate your payments down to the penny. now insurance thats a different story.
good luck

pc

 

Man! You guys are awesome! And yes, I've already got a list of mods i'd love to do, first one being that nice little air filter from BMP. I have the european car mags mighty mini issue and it has a wealth of sites and info on mods for the most wonderful MINI. I'll prob wait for a couple of yrs for my warranty to expire. But I LOVE this car (I'll love it more when I get it)! Thanks guys, you rule!

 

There are a lot of variables, but if you want an example - I had no trade in (the dealer only accepted BMW trades, and I haven't had one of those for years), got around 4% rate from BMW Bank, and had the dealer just roll the plates & taxes into the final figure cause I'm lazy (they dealt with the DMV and everything )...over 60 months it's $465/month...I should say that I hate car payments and the rest of my fleet is 100% paid for, the one exception being my wife's car - her payment is quite a bit more, so I refuse to feel guilty

 

For a quick estimate regardless of interest rate, use $20 per $1000 financed. This will usually get you in the neighborhood.

$20,000 x $20= $400 per mo