I just bought a 2000 Jeep Grand Cherokee I pay $237 /month is that a good monthly payment?

Question:
does not include Insurance Bill

Answers:

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Go to www.kbb.com to get a decent idea on what your vehicle is really worth.

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Then use a loan payment calculator and make sure everything checks out. If you financed the vehicle through a bank or credit union other than the dealership, you are probably in an acceptable price range, because good banks usually won't finance more than the vehicle is worth.

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Or include milage, trim, location, options, condition of the vehicle, etc.

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We still don't know if its a limited or laredo edition, 2 or 4 wheel drive, 6 or 8 cylinder, or what APR you are getting on the loan. But it looks like you got a deal right on the money. Not good, not bad. Using KBB's suggested retial value, and an APR of 6% your payments would be 234.85, so you are right on.

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later.

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i bought one a little over a year ago and my payment is 298 so yeah id say that is a good payment but mine has leather and a cd changer with a v8. for about 5 years if your loan is longer than that i say no its not good.

What do you think could be wrong with my car?

i think no. my mom bought me corolla S 2005 last 2 yrs Bnew and she downpayment 3000bucks, and she pay 321$ /month 3 yrs to pay.

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It isn't about if the payment is good. What you want to be most concerned about is the interest rate and how long it will take you to pay the loan off. If your interest rate is above 8% it will take you quite a long time to pay it off at $237. month payments. You could owe as much as 4,000 plus in interest. Do the math.

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Monthly payments vary depending on your credit and down payment. If you can afford it then I would say it's good, because there's no way to go back and change those variables.

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You bought a 7 year old vehicle and your paying almost $250 a month on it! That sounds outrageous to me! Did you get this from a dealer? Did you research this vehicle on Kelleybluebook.com? Depending upon the model type, the sale price is anywhere from $5000 to $8000.
We traded in our 1999 Land-rover for a 2002 Chevy Avalanche that has us paying $450 a month! So you have a better deal but having that much of a payment still seems much for a 7 year old car. Just my thoughts.

A reliable, cheap, fuel efficient and sturdy car?

Depends. Mileage, interest, duration of loan.

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Well, that makes your total amount financed a little over $11,000. Depending on how your Grand Cherokee is equipped, that's probably a fair deal. Most 2000's are anywhere from $5-9,000 as a selling price so with that in mind, the interest doesn't appear to be killing you. Again, depending what you've got. If your car is worth $5,000 then yes, you're being screwed because you're paying about $6,000 in interest. A 48 month term is good, if you were talking 60 or 72 months then I would have to say you are going to be paying more in interest than you would be on the car itself.
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