Financing My First Car:

2017 Chevrolet Cruze

Name:Yudith Tornero

Teacher’s Name: Cheronne Edwards

Date:11/17/2020
 My First Car
● The care I choose is a 2017 Chevrolet Cruze
LT FWD Automatic.
● Location: 664 Thomas Lane EL Centro, CA
92243
● Price: $9800
● Mileage: 87,694 miles
● Model: 1BT68
● I think I would need an income of at least $300 to
be able to pay the month payment offered by the
loan from bank I choose.
● The loan term of 48 months would be best.
○ I would pay $221.23 for monthly payments
○ And would have an APR of 3.99%
 My Bank Options
I picked Chase bank for my car loan because it has APR lower than other banks and
because it is the bank we use. The APR chase offers is from 3.84% to 3.99% while other
did a 12.32% to 13.99% compared to wells fargo.
 My Credit Union
Options
I researched a few credit
unions and I liked AEA Federal
Credit Union because it has an
APR as low 1.75% and it gives
you cash back.
My Calculations
A -3, -4, and -5 year monthly payments with at least two different down payments
of no more than $1000.00 are down below:

● The two different down payments are from $500 to $1000.

● There is a Summary included of the total cost and the rest of the information.
 Comparing Loan Options
Comparison of option with a Down
payment of $1000
Name of Bank: Chase
Interest Rate: 3.99%
Financing Fees:$9800
3-Year Monthly Payment:$271.72
4-Year Monthly Payment:$210.73
5-Year Monthly Payment:$74.25
Comparison of option with a Down
payment of $1000
Credit Union:AEA Federal Credit
union
Interest Rate: 1.99%
Financing Fees: $9800
3-Year Monthly Payment:$280.65
4-Year Monthly Payment:$212.57
5-Year Monthly Payment:$17.73
I believe that both options have their pros and
cons.The bank offers you credit to keep and
establish a good credit. But the Credit Union
has a APR as low as 1.99% and compared to
the bank that is 3.99%. The monthly payments
are a little different but does really change the
outcome.
I would personally pick the bank loan because I
would like to establish a good credit while make
a purchase of that amount. Now from the
monthly payments I would choose to pay in 3
years because the interest grate might go up
depending on what happens.
 My Best Option
I would choose the bank and the 3 year plan because is the one that gives credit
back and would give me a good credit. I wouldn’t have to pay much per month only
around $280. And that bank we use already to have a stable credit, so it would only
add to that. I believe it was close but this one is more accurate to the car I want and
will purchase. I really did learn hands on how o find a loan for a car I would like to
purchase. It is amazing to have this kind of resource available.
 Cite source:
● https://autofinance.chase.com/auto-finance/auto-loans?offercode=WDXDUXXX28
● https://www.ivhonda.com/viewdetails/used/3g1be6sm1hs522436/2017-chevrolet-cruze-hatchbac
k?type=cash
● https://emissary.edgenuity.com/https://media.edgenuity.com/contentengine/Common///passages/
2007/2007-10-05/2007_10-05-15_Financing_a_Car_OC.html
● https://emissary.edgenuity.com/https://media.edgenuity.com/contentengine/Common///passages/
2007/2007-10-06/2007_10-06-15_Leasing_vs_Buying_a_Car_OC.html
● https://emissary.edgenuity.com/https://media.edgenuity.com/contentengine/Common//passages/
3314/3314-06-11/3314-06-11-20_Mortgages_A.html
● https://emissary.edgenuity.com/https://media.edgenuity.com/contentengine/Common//passages/
3314/3314-06-11/3314-06-11-20_Mortgages_B.html
● https://www.aeafcu.org/news/auto-loan-sale-2020.shtml?gclid=Cj0KCQiAhs79BRD0ARIsAC6Xp
aX2DF4hU4WbuXWwXZX_BPqPt1n6_p_rsJs-7PizoIWjxHZcSkRTiJcaAtuJEALw_wcB
● https://www.calculator.net/auto-loan-calculator.html?cloanamount=9800&cmonthlypay=380&cloa
nterm=36&cinterestrate=3.99&cdownpayment=1000&ctradeinvalue=0&cstate=AZ&csaletax=7&c
titlereg=300&cttrinloan=1&printit=0&ctype=standard&x=72&y=18#autoloanresult
● https://www.onlineloancalculator.org/
● https://www.cars.com/car-loan-calculator/