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re: Is it super dumb to finance a vehicle for 72 months?
Posted on 3/3/17 at 11:36 am to LSUengineer12
Posted 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.
1
Posted on 3/3/17 at 1:03 pm to tigersnipen
I financed a brand new Taco at 75 months for 2% and I am about a year and half away from paying it off. At the time I bought it, I did not want to put a ton down on a car and wasn't making nearly as much as I am now. Turned out to be a solid decision for me(at least in my eyes) and it was for a truck I truly wanted and didn't mind paying for. Also, if I had to sell it now for whatever reason I would get about $13k out of it including whats left on the loan. So how is this bad?
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