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re: Is it super dumb to finance a vehicle for 72 months?
Posted on 3/5/17 at 11:10 am to Overbrook
Posted on 3/5/17 at 11:10 am to Overbrook
quote:
really low rate.
What's a really low rate to you all? Was presented some preliminary numbers for a note yesterday and they seemed really high. When I asked what interest rate they were using they told me those numbers were based on the average customer who gets around 8%!!! That blew my mind. I've never financed for anything over 4% and that was right out of college. We did 72 months yesterday at 2.4%. 60 months was 1.9%. This thread really convinced me to look at 72. If I pay it off at a 5 year term, it's just 400 dollars more overall to get the 2.4 instead of 1.9. And the 400 was worth the ability to pay less if I wanted to. Hopefully we pay this off in 3 anyway.
1
Posted on 3/5/17 at 4:38 pm to KG6
In general, I would say less than 3%. But if you have a project going on and you need a car and 6% is the best you can do, then fine...as long as that project yields above 6%.
But car loans for people who just "want a new car" is generally a bad move. Keep your car for another 5 years, take what you would have paid on your note and save/invest it, and in 5 years you'll have a nice nest egg and be able to get off of the endless car note merry go round.
But car loans for people who just "want a new car" is generally a bad move. Keep your car for another 5 years, take what you would have paid on your note and save/invest it, and in 5 years you'll have a nice nest egg and be able to get off of the endless car note merry go round.
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