Monthly car payments

weekly payments mean you pay it off exceptionally fast and with the lowest amount of interest. I'll give you an example:

April 1st, you buy a $50k car all taxes fees etc in at a 7.99% interest rate, your payments are $801 a month, your total interest over 84 months is $12,087 and it won't be paid off til August 2028.

Bi-weekly, your payments are $369.50, and you have $9,377 interest and you pay it off in July 2027.

Weekly, your payments are $184.65, you pay $6642 in interest, and you pay it off April, 2026. If you paid $10k up front on the weekly (and by up front, I mean, you don't give it to the dealer, you give it to the bank), your new total interest paid would be $4235, and you'd pay it off in August of 2025.

/r/PersonalFinanceCanada Thread