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Posted by
Message
Is it super dumb to finance a vehicle for 72 months?
Posted by LSUengineer12 on 3/3/17 at 11:05 am20
Asking for a friend..
re: Is it super dumb to finance a vehicle for 72 months?Posted by redfishfan on 3/3/17 at 11:08 am to LSUengineer12
Yes
re: Is it super dumb to finance a vehicle for 72 months?Posted by castorinho on 3/3/17 at 11:09 am to LSUengineer12
Indeed.
What kind of rate
What kind of rate
re: Is it super dumb to finance a vehicle for 72 months?Posted by jsk020 on 3/3/17 at 11:10 am to redfishfan
60 even feels long. can't imagine 72
re: Is it super dumb to finance a vehicle for 72 months?Posted by LSUengineer12 on 3/3/17 at 11:10 am to castorinho
Let's just say 3.25
re: Is it super dumb to finance a vehicle for 72 months?Posted by swanny297 on 3/3/17 at 11:10 am to LSUengineer12
0% for 72mos all day every day
re: Is it super dumb to finance a vehicle for 72 months?Posted by redfishfan on 3/3/17 at 11:11 am to jsk020
A few of my friends went that route and you just get instantly upside down.
re: Is it super dumb to finance a vehicle for 72 months?Posted by barry on 3/3/17 at 11:16 am to redfishfan
quote:
A few of my friends went that route and you just get instantly upside down.
So? Why would you want to have cash tied up in a depreciating asset, especially if you have a low or no interest rate?
quote:
So? Why would you want to have cash tied up in a depreciating asset, especially if you have a low or no interest rate?
That's kind of what I was thinking. At 0% there is very little reason I can think of to not do 72 months. At 3.25% there is only slightly more little reason I can think of.
re: Is it super dumb to finance a vehicle for 72 months?Posted by GaryMyMan on 3/3/17 at 11:21 am to redfishfan
quote:
A few of my friends went that route and you just get instantly upside down.
Put me in the "who cares" camp. The only way to avoid being "instantly upside down" is to put a big down payment. I can use that cash better in other places. I'll finance TT&L if it's under 2%.
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re: Is it super dumb to finance a vehicle for 72 months?Posted by redfishfan on 3/3/17 at 11:22 am to barry
quote:
So? Why would you want to have cash tied up in a depreciating asset, especially if you have a low or no interest rate?
I don't disagree with you but most people wouldn't be smart enough to take the extra money and invest it. Most are just going to blow it and be screwed when they need a new vehicle.
re: Is it super dumb to finance a vehicle for 72 months?Posted by tigersnipen on 3/3/17 at 11:36 am to LSUengineer12
Depends on the interest rate. Anything under 2.5% I would finance as long as possible. I make sure I have enough money to pay cash for my car, if the current interest rates are cheap enough I just use that cash to make my payments. I keep a year of cash available and the rest in my taxable account (made over 10% last year).
If you are not financially disciplined enough then no never finance for more than 3-4 years.
If you are not financially disciplined enough then no never finance for more than 3-4 years.
re: Is it super dumb to finance a vehicle for 72 months?Posted by LSUFanHouston on 3/3/17 at 11:37 am to LSUengineer12
I'd do it if:
1) The interest rate is under 3 percent
2) You are not using the extra time to buy more car than you can afford.
3) You are going to keep the car at least 72 months
4) If you are worried about being upside down and totaling your car, consider GAP insurance.
1) The interest rate is under 3 percent
2) You are not using the extra time to buy more car than you can afford.
3) You are going to keep the car at least 72 months
4) If you are worried about being upside down and totaling your car, consider GAP insurance.
re: Is it super dumb to finance a vehicle for 72 months?Posted by castorinho on 3/3/17 at 11:42 am to LSUengineer12
quote:try to shop for a better rate. Look at credit unions
Let's just say 3.25
re: Is it super dumb to finance a vehicle for 72 months?Posted by dshort_bruh on 3/3/17 at 11:49 am to LSUengineer12
I financed my truck for 84 months at 2.75
re: Is it super dumb to finance a vehicle for 72 months?Posted by coachLSU on 3/3/17 at 11:52 am to LSUengineer12
I would never do that. You can't afford it if you have to go 72 months.
re: Is it super dumb to finance a vehicle for 72 months?Posted by tigernation81 on 3/3/17 at 12:02 pm to coachLSU
I've always done 72 months on every vehicle. I pay based on 36 months but in case something happens I always have the lower note to fall back on. I've you're not responsible enough to pay more each then this won't work for you.
re: Is it super dumb to finance a vehicle for 72 months?Posted by Mossive on 3/3/17 at 12:07 pm to tigernation81
quote:
I've always done 72 months on every vehicle. I pay based on 36 months but in case something happens I always have the lower note to fall back on. I've you're not responsible enough to pay more each then this won't work for you.
I was just about to say the same! Pay it as if it is a 36 month loan but if something terrible happens you have the room
re: Is it super dumb to finance a vehicle for 72 months?Posted by Teddy Ruxpin on 3/3/17 at 12:22 pm to LSUFanHouston
I can get financing on a used car at 1.99% and you can of course, get 0% on a new one, so I'm not sure from a mathematics perspective why anyone would care much at how many months.
As you said, as long as it isn't an excuse to buy more car etc. I don't see the big deal.
As you said, as long as it isn't an excuse to buy more car etc. I don't see the big deal.
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