84 month car loans

[Hirev]

I guess I'm getting old had no idea that 84 month car loans was a thing these days.

 

[pudge]

most people don't take care of their cars/ trucks so most likely the vehicle will be worth a whole lot of nothing by 84 months

 

[skyactiv]

We’ve had the $1000 a month payment and 84 month auto loan threads on here. Very predictable what will be said.

 

[Pew]

It's become more common since the cv19 onset.

 

[Creekside]

It was presented as an option when I looked at a new Maverick on Monday.

 

[JavierH19]

There's 120 month ones too though rare and the interest rate is usually double over a "standard" 60 month which back then was the 120 month of today which is still crazy to imagine.

 

[SC Maintenance]

There's 120 month ones too though rare which is still crazy to imagine.

I was going to say - I thought 96 months was a thing also ( 8 years).

10 years is sort of nuts but I guess at some point its functionally a lease anyway.

 

[KrisZ]

That’s how the dealer can “lower” your payment, many people think they have negotiated their payment down

 

[oldcodger]

A lot of people apparently can't pay for their $80,000 SUV/Pickup any other way. Low or no down payment and finance the whole thing. Chances are good they will trade it off before it is payed for and repeat the cycle again.

 

[SC Maintenance]

I think the song my dad used to sing was

"St Peter don't you call me,
cause I can't go,
I owe my soul to the company store".

 

[fdcg27]

That does seem like a rather long term.
Begs the question of why not just lease instead?

 

[2strokeNorthstar]

With low interest and high inflation, it really doesn't matter. 96 months at 8% is a different story

 

[Variant_S]

That’s how the dealer can “lower” your payment, many people think they have negotiated their payment down

You reminded me of an experience long ago when we were looking at new cars. The salesman was unable or unwilling to tell us a firm price for the car. Instead, he kept asking us, "If I can get you a $300 a month payment, will you buy the car?" We walked out.

 

[danstraylee]

Why in the world would anyone get a loan on a depreciating asset? Makes no sense whatsoever. I always pay cash or cashiers check for my vehicles.

The ONLY time it makes sense is for a business owner trying to build credit.

Even deducting the loan interest for taxes is not smart. It just means you over extended yourself for the tax year. Does anyone have an education anymore?

And the old argument of using the on hand cash you have to build money in an interest bearing account is laughable. How about purchasing within your means instead of getting a loan.

Ask any good investment advisor and they will tell you the same.

 

[Zee09]

I love these threads....
Those with 84 month loans disparage the 96 month loan folks
Neat huh...

 

[Hirev]

That does seem like a rather long term.
Begs the question of why not just lease instead?

That what I'm thinking. Those tesla lease deals are looking better every day.

 

[Hirev]

You reminded me of an experience long ago when we were looking at new cars. The salesman was unable or unwilling to tell us a firm price for the car. Instead, he kept asking us, "If I can get you a $300 a month payment, will you buy the car?" We walked out.

Had the same thing happen years ago.

 

[fdcg27]

That what I'm thinking. Those tesla lease deals are looking better every day.

If you look around, a lot of the real deals across many brands involve leases, although there are some concessionary retail installment contract rates out there as well.
As always, a buyer needs to look carefully at what's out there.
Also as always, the most powerful negotiating tool a buyer has are his two feet.

 

[nomas]

Why in the world would anyone get a loan on a depreciating asset? Makes no sense whatsoever. I always pay cash or cashiers check for my vehicles.

Who didn't see that coming ?

 

[supton]

We’ve had the $1000 a month payment and 84 month auto loan threads on here. Very predictable what will be said.

But we need to say it several more times. Because we can.