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  #25  
Old 06-09-2014, 08:59 PM
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Re: 84 Month Financing?

I'm right, and I'm witty, all at the same time.

I figured you'd be unable to respond with substance.

It's not your fault though. You were just on the wrong side of the argument. Because, again, you don't know enough about the op's situation to make any kind of recommendation or give any kind of opinion that is of value.

I did get a laugh out of your last post tho. I'm funny. Haha. Like I'm a clown? Im here to amuse you? He's a big boy he knows what he said.

My favorite scene from any movie ever quite possibly.

Now, stop googling strangers on the Internet to determine their creditworthiness, it's creepy.


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  #26  
Old 06-09-2014, 08:59 PM
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Re: 84 Month Financing?

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Originally Posted by SnoFire View Post
To much car for the money. If you can't pay off in 5yrs or less, then get something less expensive. People did the same stuff when they bought houses and then the market crashed. Buy to much but don't have the dough to pay for it. If you want to do it, by all means it is your money and don't let us stop you. I would look at the big picture of this before jumping into it.
Good advice. It will devalue faster than you can pay it.

I got 36 months and I'm considering paying if off within the first year.
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  #27  
Old 06-09-2014, 09:03 PM
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Re: 84 Month Financing?

Opinions are cheap, everybody has one. The only post here that actually answered the OP's question was the link to the credit union site. It's his money, and that credit union is ready to talk business.
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  #28  
Old 06-09-2014, 09:04 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.
And what if the Market Tanks AGAIN and you took on Debt to leverage those investments?

I'd target a new lower optioned Jeep than a Preowned loaded one.

Look at the long haul in what level of luxury you want to live in vs retirement security.

I also factor in safety, which is priceless.

If you want to maximize investments, buy a 10 year old beater. But to me a 10 year old beater isn't as safe as a brand new one today. Safety includes reliability and not breaking down on the road etc.
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  #29  
Old 06-09-2014, 09:05 PM
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Re: 84 Month Financing?

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Originally Posted by jacko15 View Post
Opinions are cheap, everybody has one. The only post here that actually answered the OP's question was the link to the credit union site. It's his money, and that credit union is ready to talk business.

Agreed 100%.


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  #30  
Old 06-09-2014, 09:13 PM
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Re: 84 Month Financing?

Quote:
Originally Posted by mswlogo View Post
And what if the Market Tanks AGAIN and you took on Debt to leverage those investments?

What if he shorts the market before it crashes?

You guys with all this advice should come on board as his financial adviser and earn a commission. This free education in finance doesn't make sense does it when you could be charging....just wondering aloud i guess.....




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  #31  
Old 06-09-2014, 09:28 PM
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Re: 84 Month Financing?

Some of us are trying to help the o.p. not make a dumb financial decision and it sounds like he is listening. That is the best answer anyone can give, to help them financially and help their life be more secure with a brighter future. Yes, it is completely dumb to finance. Really, if you're not paying cash on depreciating consumer goods like vehicles, boats, jet-skis, and even Jeep Grand Cherokees, you are only hurting yourself financially. Well, there's a reason most Americans are broke and this would be one of them. Leasing is even worse.
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  #32  
Old 06-09-2014, 09:39 PM
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84 Month Financing?

Some would say a wise thing to do if you have the cash is to use the banks money instead of your own. But, that may or may not apply to the op. Because AGAIN, NONE OF US KNOW HIS SITUATION.

Until he posts all his financials no one can give advice on financing, rates, terms, down payment amount or anything.

Now, if the op tells us he makes 39k a year and he has 12 bucks in his checking account then I'm going to make the recommendation that he not jump on an 84 month loan.

Until then no one, myself included, can help the op with financial advice because we don't know what we would need to know to give that kind of advice.

Generally speaking 84 month loans are a set up, that is a fact.

What isn't a fact though, contrary to the assumptions of some on this board, is that 84 months is bad for the op. We just don't know. Too much info missing to give educated advice. Bottom line.

I love unsolicited advice on how to spend my money, what about you guys?


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  #33  
Old 06-09-2014, 10:27 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.
Since we don't know all the facts, I have to say this is nothing more than an assumption.

I elected to finance my current ride over 72 months (about $400/month). $0 down. I'm actually paying $700/month to pay it off faster. However, if I would have chosen to finance it over 36 months, it would have increased my minimum payment to what I'm actually paying right now.

So please enlighten me why a higher minimum payment all of a sudden indicates that I can afford a car although a lower payment doesn't? How is committing to a payment almost twice as high as necessary a smart idea? I can always pay as much as I want to - but certainly not less than I have to, right?

In addition to that, we don't even know if the OP is planning on keeping the vehicle for 84 months. Honestly, the majority of these long term loans will be paid back much, much earlier - most of the time via trade-in. Same is going to happen with my 72 month loan...
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  #34  
Old 06-09-2014, 10:31 PM
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Re: 84 Month Financing?

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Originally Posted by dubwarren View Post
I love unsolicited advice on how to spend my money, what about you guys?
Me, too - because you always know what's going to happen. It's really amazing to read the detailed conclusions some people are able to make based on...well...almost nothing at all.

So can anybody tell me if the OP is married? C'mon, the info is out there...
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  #35  
Old 06-09-2014, 10:38 PM
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Re: 84 Month Financing?

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Originally Posted by GCOverland View Post
Me, too - because you always know what's going to happen. It's really amazing to read the detailed conclusions some people are able to make based on...well...almost nothing at all.



So can anybody tell me if the OP is married? C'mon, the info is out there...


Well said. Home run.



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  #36  
Old 06-09-2014, 10:50 PM
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Re: 84 Month Financing?

Hey, if you get the money (i.e., loan) cheap then why not. I got free money for 36 months. I suppose I am underwater at some point...who cares.

The underwater concern is a nonissue. The value is what it is regardless of whether you pay cash or finance it.

People jumped to a conclusion that a long finance term meant the vehicle was a struggle to pay for or was some way not affordable to the poster. That is not a good assumption at all. Wealthy people finance homes if the money is cheap. If I can borrow at 1.5% and on average make 6% then why not. Now, it certainly makes more sense to do that with an asset that should appreciate versus depreciates (vehicle) but hey, if you got the wealth cushion anyway, there is no risk even if stocks go down and that is what you used the money to invest in.

People get way way way too focused on the price of a stock in the short term anyway. You're buying a part of a company...that's where your "faith" should be placed, not in the daily, monthly or even yearly value others are willing to pay for it at the moment.

Buffet recently made that exact point too in his letter to shareholders using a farm analogy. Worth reading.
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