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  #13  
Old 06-09-2014, 12:04 PM
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Re: 84 Month Financing?

I took a loan on my first Jeep at 6%. I had the money in an 8% money market. When the interest rate on the money market dropped to near 6% I took the money out and paid the loan.

There are times when doing what the OP is talking about makes sense, as long as the risk is under control.


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  #14  
Old 06-09-2014, 12:14 PM
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Re: 84 Month Financing?

Quote:
Originally Posted by bill_de View Post
I took a loan on my first Jeep at 6%. I had the money in an 8% money market. When the interest rate on the money market dropped to near 6% I took the money out and paid the loan.

There are times when doing what the OP is talking about makes sense, as long as the risk is under control.


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  #15  
Old 06-09-2014, 12:18 PM
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Re: 84 Month Financing?

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Originally Posted by LPowers View Post
I am asking this because I figure interest rates are very reasonable lately, and I would rather use my liquid assets in stocks, options etc.

For someone who is looking to get the best financial bang for his buck, this is the most ridiculous thing you can do. You would be upside down as soon as you left the dealer. Anyone who is going into an 84 month loan regardless of how much you put down is playing with fire.

As others have said, you should stick to a cheaper vehicle.
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  #16  
Old 06-09-2014, 02:40 PM
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Re: 84 Month Financing?

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Originally Posted by s4morris View Post
Good grief guy asks a question and gets a financial lesson.
True.

To the OP:

https://nuvisionfederal.com/rates/co...vehicle-loans/
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  #17  
Old 06-09-2014, 02:48 PM
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Re: 84 Month Financing?

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Originally Posted by jeepgrady View Post
For someone who is looking to get the best financial bang for his buck, this is the most ridiculous thing you can do. You would be upside down as soon as you left the dealer.
To be fair, that applies to any loan/lease of a new vehicle with little or no money down. Personally, I wouldn't exceed 72 months simply due to the interest-rate which is generally getting much worse for loans longer than that.

But even with $0 down, financing for 72 months is not bad at all. My CU quoted me 2.74% APR and when buying a Jeep at 4% below invoice, you will have equity in it once the warranty expires. Rule of thumb is that you reach the break-even point after 50% of the loan-term.

Sure, leasing is about $150/months less but you won't have any equity after 3 years.
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  #18  
Old 06-09-2014, 04:23 PM
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Re: 84 Month Financing?

Point taken. I'll check out pre owned instead
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  #19  
Old 06-09-2014, 07:45 PM
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Re: 84 Month Financing?

Don't let these or any other people tell you how to spend your money unless you are paying them to. If you want the jeep and you can afford the payment then do it. You only live once and today might be your last day, enjoy everything life has to offer, including these awesome jeeps! Good luck.


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  #20  
Old 06-09-2014, 08:10 PM
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Re: 84 Month Financing?

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Originally Posted by dubwarren View Post
Don't let these or any other people tell you how to spend your money unless you are paying them to. If you want the jeep and you can afford the payment then do it. You only live once and today might be your last day, enjoy everything life has to offer, including these awesome jeeps! Good luck.
Great feel-good post but wouldn't you agree that putting zero $ down and getting a loan for 84 months is the definition of not being able to afford the vehicle?

Think about how little the vehicle will be worth after it is 7 years old but you will still be making the same monthly payment on the thing.

But YOLO! Rack up the debt and max out the credit cards that is enjoying life according to some people hahaha
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  #21  
Old 06-09-2014, 08:18 PM
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Re: 84 Month Financing?

People will spend and borrow money however they wish... but I could never in good conscience recommend someone going that route to finance a vehicle. It's asking for trouble.
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  #22  
Old 06-09-2014, 08:37 PM
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Re: 84 Month Financing?

circa 2004 or earlier commercial... (notice the new Jeep Grand Cherokee)

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  #23  
Old 06-09-2014, 08:46 PM
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Re: 84 Month Financing?

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Originally Posted by 5.7summit View Post
Great feel-good post but wouldn't you agree that putting zero $ down and getting a loan for 84 months is the definition of not being able to afford the vehicle?

Think about how little the vehicle will be worth after it is 7 years old but you will still be making the same monthly payment on the thing.

But YOLO! Rack up the debt and max out the credit cards that is enjoying life according to some people hahaha


I don't think about what other people can afford because usually I don't know how much they make or when they will be able to access their trust fund.

You're assuming you know this persons finances. If you have intimate knowledge of his ability to earn and his general financial situation then you can comment but if you don't you're just being a jerk in my opinion. You made a few assumptions there actually. Did the op tell you he maxed out his credit cards? Does he even have any? Just curious how you know so much about a stranger on the Internet....did you google him? You need a new hobby I think.


I guess the way you enjoy life is joining a website and telling other people who you know absolutely nothing about how to spend the money they earned. Now I'm the one assuming...that you didn't google him....

Let's be real. Warren buffet drives used vehicles. To me, he is the benchmark for fiscal responsibility. So in the end any new car can be looked at as a waste of money if you want to take that stance. Why don't we all drive 10 year old honda civics, you included? You could've spent the money you spent on your jeep better. Fact. After all, they don't appreciate.

Your argument goes both ways ya know-
Why do people buy more house than they need? I guess you could say anyone who owns a house with more room than they need is a glutton/pig if you wanted to. Own a nice watch? Why didn't that guy put that money in a 401k? Why didn't they buy an annuity instead?

The bottom line is to each his own. No one told the guy to rack up debt or knows if he has done so already. No one said he could or couldn't afford the car. You don't know the motive behind his plight. The op wanted to know about 84 month financing, (which I wouldn't do personally, but he didn't ask for my opinion) so if you don't know anything about it then why are you posting? Just spreading the love? Your post reminds me of the liberal mentality running rampant in America right now, but I digress.

I've had people give me a hard time because I bought a vehicle that gets 17mpg. I wonder what is missing from their life that they feel the need to stick their nose (which is attached to a head that has zero understanding of my situation, how many miles I drive per day/year) in my business.

:-) have a good one! And spend/save your money however you like!






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  #24  
Old 06-09-2014, 08:50 PM
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Re: 84 Month Financing?

Quote:
Originally Posted by dubwarren View Post
I don't think about what other people can afford because usually I don't know how much they make or when they will be able to access their trust fund.

You're assuming you know this persons finances. If you have intimate knowledge of his ability to earn and his general financial situation then you can comment but if you don't you're just being a jerk in my opinion. You made a few assumptions there actually. Did the op tell you he maxed out his credit cards? Does he even have any? Just curious how you know so much about a stranger on the Internet....did you google him? You need a new hobby I think.


I guess the way you enjoy life is joining a website and telling other people who you know absolutely nothing about how to spend the money they earned. Now I'm the one assuming...that you didn't google him....

Let's be real. Warren buffet drives used vehicles. To me, he is the benchmark for fiscal responsibility. So in the end any new car can be looked at as a waste of money if you want to take that stance. Why don't we all drive 10 year old honda civics, you included? You could've spent the money you spent on your jeep better. Fact. After all, they don't appreciate.

Your argument goes both ways ya know-
Why do people buy more house than they need? I guess you could say anyone who owns a house with more room than they need is a glutton/pig if you wanted to. Own a nice watch? Why didn't that guy put that money in a 401k? Why didn't they buy an annuity instead?

The bottom line is to each his own. No one told the guy to rack up debt or knows if he has done so already. No one said he could or couldn't afford the car. You don't know the motive behind his plight. The op wanted to know about 84 month financing, (which I wouldn't do personally, but he didn't ask for my opinion) so if you don't know anything about it then why are you posting? Just spreading the love? Your post reminds me of the liberal mentality running rampant in America right now, but I digress.

I've had people give me a hard time because I bought a vehicle that gets 17mpg. I wonder what is missing from their life that they feel the need to stick their nose (which is attached to a head that has zero understanding of my situation, how many miles I drive per day/year) in my business.

:-) have a good one! And spend/save your money however you like!






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Hahaha woah dude you are funny!
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