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    Financing My First Car

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    natonmnk
    Nathan is looking to finance a used 1990 Toyota MR2 Turbo for $15,000, which has been his dream car. He estimates needing an income of $60,000-$75,000 per year to qualify for an auto loan. Nathan researched loan options from Wells Fargo Bank and Desert Financial Credit Union, finding Wells Fargo has a lower interest rate of 3.99% compared to Desert Financial's 7.74%. Based on his calculations, Wells Fargo would result in lower monthly payments of $442.79, making it the best financing option for Nathan to purchase his first car.

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    Financing My First Car

    Uploaded by

    natonmnk
    3 views7 pages
    Nathan is looking to finance a used 1990 Toyota MR2 Turbo for $15,000, which has been his dream car. He estimates needing an income of $60,000-$75,000 per year to qualify for an auto loan. Nathan researched loan options from Wells Fargo Bank and Desert Financial Credit Union, finding Wells Fargo has a lower interest rate of 3.99% compared to Desert Financial's 7.74%. Based on his calculations, Wells Fargo would result in lower monthly payments of $442.79, making it the best financing option for Nathan to purchase his first car.

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    Nathan is looking to finance a used 1990 Toyota MR2 Turbo for $15,000, which has been his dream car. He estimates needing an income of $60,000-$75,000 per year to qualify for an auto loan. Nathan researched loan options from Wells Fargo Bank and Desert Financial Credit Union, finding Wells Fargo has a lower interest rate of 3.99% compared to Desert Financial's 7.74%. Based on his calculations, Wells Fargo would result in lower monthly payments of $442.79, making it the best financing option for Nathan to purchase his first car.

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    3 views7 pages

    Financing My First Car

    Uploaded by

    natonmnk
    Nathan is looking to finance a used 1990 Toyota MR2 Turbo for $15,000, which has been his dream car. He estimates needing an income of $60,000-$75,000 per year to qualify for an auto loan. Nathan researched loan options from Wells Fargo Bank and Desert Financial Credit Union, finding Wells Fargo has a lower interest rate of 3.99% compared to Desert Financial's 7.74%. Based on his calculations, Wells Fargo would result in lower monthly payments of $442.79, making it the best financing option for Nathan to purchase his first car.

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    of 7

    Financing My First Car

    Nathan Soria
    October 24th
    My First Car
    ● Miles- 8,200

    1990 MR2 Turbo - $15,000


    ● Model- 1990 MR2 Turbo
    ● Manufacturer- Toyota
    ● 6-speed Manual Transmission, Rear wheel drive
    ● Location of Purchase- Japan

    The reason I chose this car was because it has been my dream car
    since I was little and now that it is this attainable, it would be a steal.

    My predicted income needed to get a loan for this car is most likely
    around $60k-$75k a year. I would be comfortable to pay about
    400-500 a month on it.
    Bank Options Credit Union Options
    Wells Fargo Desert Financial Credit Union

    I chose Wells Fargo because they are I chose Desert Financial because the auto
    a trustworthy bank and with a good loan rate is 7.74%, I also chose this because
    credit score, your interest rates will be my family already uses this bank. I believe this
    relatively low. I believe it will be the will also be a safe option
    best and safest option.
    Calculations

    (Insert Calculations here)


    Comparisons

    Wells Fargo Desert Fin

    3.99% 7.74%

    N/A N/A

    $ 442.79
    468.25

    $ 338.62 364.37

    276.18
    302.28
    My Best Option
    My best option would be Wells Fargo Bank because there interest rates are lower
    and I won’t have to be paying as much monthly.
    Cites
    https://carsandbids.com/auctions/KV2Y56d0/1990-toyota-mr2-gt

    https://www.wellsfargo.com/auto-loans/

    https://www.desertfinancial.com/rates

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