Go Back   Great Lakes 4x4. The largest offroad forum in the Midwest > General 4x4 Stuff > The Pub
GL4x4 Live! GL4x4 Casino

The Pub A friendly forum where everybody is nice, and will answer any questions you have about life.







Search
Reply
 
Thread Tools
Old October 11th, 2012, 03:54 PM   #1
C.K.
Dont Feed the Cyco
 
C.K.'s Avatar
 
Join Date: 11-05-05
Location: 48386
Posts: 17,298
iTrader: (21)
Auto loan question

So I am finally in a position to get out of debt and get myself the car I have always wanted. If I get it I know I will always have it so I am trying to get a long loan to lower the monthly payment so we can continue to save money at the same time. The problem is so far all I can find is a 72-84 month loan. Is that about it or is there a longer term for higher priced vehicles?
C.K. is offline   Reply With Quote
Old October 11th, 2012, 04:05 PM   #2
XJ90
Do Work
 
XJ90's Avatar
 
Join Date: 04-20-08
Location: Montague/Michigan
Posts: 106
iTrader: (0)
Generally That's about as long as a bank or other financial institution feels comfortable having there money tied up for. If you get any further than that there are many factors that could affect them from not getting there money back in full. For example loss of job, bankruptcy, divorce, death etc...
XJ90 is offline   Reply With Quote
Old October 11th, 2012, 04:05 PM   #3
dreezy
Haggard Fab
 
dreezy's Avatar
 
Join Date: 03-28-08
Location: Holland Mi
Posts: 9,722
iTrader: (7)
Send a message via AIM to dreezy Send a message via MSN to dreezy
Quote:
Originally Posted by C.K. View Post
So I am finally in a position to get out of debt and get myself the car I have always wanted. If I get it I know I will always have it so I am trying to get a long loan to lower the monthly payment so we can continue to save money at the same time. The problem is so far all I can find is a 72-84 month loan. Is that about it or is there a longer term for higher priced vehicles?
Are you trolling?
__________________
"you think you're precious, I think you're shit."
dreezy is offline   Reply With Quote
Old October 11th, 2012, 04:08 PM   #4
XJ90
Do Work
 
XJ90's Avatar
 
Join Date: 04-20-08
Location: Montague/Michigan
Posts: 106
iTrader: (0)
some companies do 10+ yr terms for high end exotic cars, motorhomes and such
XJ90 is offline   Reply With Quote
Old October 11th, 2012, 04:09 PM   #5
C.K.
Dont Feed the Cyco
 
C.K.'s Avatar
 
Join Date: 11-05-05
Location: 48386
Posts: 17,298
iTrader: (21)
Quote:
Originally Posted by dreezy View Post
Are you trolling?
Are you serious?
C.K. is offline   Reply With Quote
Old October 11th, 2012, 04:11 PM   #6
dreezy
Haggard Fab
 
dreezy's Avatar
 
Join Date: 03-28-08
Location: Holland Mi
Posts: 9,722
iTrader: (7)
Send a message via AIM to dreezy Send a message via MSN to dreezy
Quote:
Originally Posted by C.K. View Post
Are you serious?
How in the hell is dragging out a loan saving money?
__________________
"you think you're precious, I think you're shit."
dreezy is offline   Reply With Quote
Old October 11th, 2012, 04:13 PM   #7
C.K.
Dont Feed the Cyco
 
C.K.'s Avatar
 
Join Date: 11-05-05
Location: 48386
Posts: 17,298
iTrader: (21)
Quote:
Originally Posted by XJ90 View Post
some companies do 10+ yr terms for high end exotic cars, motorhomes and such
Thats along the lines of what I am looking for. I have only found 1 place so far that offers long term loans. I was just looking for more options.

My plans were to wait until spring to get the car but due to model changes it looks like I will need to get it sooner than expected and would like to start with a lower payment and as time goes on double it and pay it off earlier than the full term.
C.K. is offline   Reply With Quote
Old October 11th, 2012, 04:15 PM   #8
C.K.
Dont Feed the Cyco
 
C.K.'s Avatar
 
Join Date: 11-05-05
Location: 48386
Posts: 17,298
iTrader: (21)
Quote:
Originally Posted by dreezy View Post
How in the hell is dragging out a loan saving money?
Its top secret. Unless you are going to pay my bills you don't need to worry too much about my finances.
C.K. is offline   Reply With Quote
Old October 11th, 2012, 09:02 PM   #9
sumpter1
Senior Member
 
Join Date: 04-22-11
Location: Maybee, MI
Posts: 164
iTrader: (0)
If you have to finance a car for more than 60 months you are probably trying to buy something you really can't afford.
sumpter1 is offline   Reply With Quote
Old October 11th, 2012, 09:06 PM   #10
booblinker
Trailer Trash
 
booblinker's Avatar
 
Join Date: 10-29-06
Location: Leonard, mi
Posts: 9,336
iTrader: (5)
Send a message via AIM to booblinker
Quote:
Originally Posted by sumpter1 View Post
If you have to finance a car for more than 60 months you are probably trying to buy something you really can't afford.
that was my thought.
__________________
-2001 Tahoe original 5.3 4x4 only 430k
-A Metric Butt ton of three wheelers
-1985 V65 Magna
-1983 Nighthawk 650
-1969 F250 Highboy built 360
booblinker is offline   Reply With Quote
Old October 11th, 2012, 09:19 PM   #11
barry1me
Just another day
 
barry1me's Avatar
 
Join Date: 06-09-06
Location: Howell, MI
Posts: 2,845
iTrader: (9)
Quote:
Originally Posted by sumpter1 View Post
If you have to finance a car for more than 60 months you are probably trying to buy something you really can't afford.
what about a boat
barry1me is offline   Reply With Quote
Old October 11th, 2012, 09:31 PM   #12
BlooMule
Devout Atheist
 
BlooMule's Avatar
 
Join Date: 11-08-05
Location: A little North of Deetroit and a little South of Roseville
Posts: 23,171
iTrader: (12)
I wouldn't count on being able tp double up on payments. A long term loan pays off for the bank with the extra interest, so you may face penalties for an early payoff.
__________________
-rw-rw-rw
BlooMule is offline   Reply With Quote
Old October 11th, 2012, 09:35 PM   #13
WSU JK
Senior Member
 
WSU JK's Avatar
 
Join Date: 04-25-08
Location: Lowering the Per-Capita Income of Bloomfield Hills since 2009!
Posts: 2,477
iTrader: (4)
Quote:
Originally Posted by barry1me View Post
what about a boat
With the boat - if it has a bathroom, kitchen, and berthing area you could claim it as your primary or secondary residence and deduct the interest. When you factor that in to the increased length of the loan and then subtract those tax savings from the total cost of the boat, it could make that 10+ year loan a slightly better deal.
WSU JK is offline   Reply With Quote
Old October 11th, 2012, 09:40 PM   #14
RockyMtnMike
Senior Member
 
RockyMtnMike's Avatar
 
Join Date: 02-14-06
Location: Brownstown
Posts: 1,315
iTrader: (6)
Not sure how it really works but I've been checking out some cars and while at the Mercedes dealer I read something about baloon financing. From what I gather it is a way to get a cheaper payment for a few years and at the end you can either refinance it, sell it, or turn it back in like a lease. Thats about all I know since I didn't get any info from the finance person.

So what kind of car have you always wanted?
RockyMtnMike is offline   Reply With Quote
Old October 11th, 2012, 09:46 PM   #15
Trendsetter
Senior Member
 
Trendsetter's Avatar
 
Join Date: 11-06-05
Location: Annapolis, MD and Holland MI
Posts: 1,921
iTrader: (0)
Send a message via AIM to Trendsetter Send a message via Yahoo to Trendsetter
Old man taught me long long ago don't take out a loan for a car for terms longer then the manufacture will warranty it for.

Makes pretty good sense, you don't want to be paying on a car you will be making repair payments on as well

As for the rationale about boats and rv's being longer, normally they are over 50k and at that point they normally have a galley and a head so it qualifies as a second home and you can write some of it off. And those are LUXURY items as well

Smart money if you can't put enough down to make the payments right then hold off a little bit until you can
Trendsetter is offline   Reply With Quote
Old October 11th, 2012, 10:13 PM   #16
Nuggets
Professional Pisser Offer
 
Nuggets's Avatar
 
Join Date: 09-15-06
Location: Bay City, MI
Posts: 13,302
iTrader: (12)
Buying a new car is a piss poor use of money in today's economy. I'll take my turd car and lack of payment over shine and a self propelled mortgage.
Nuggets is offline   Reply With Quote
Old October 11th, 2012, 10:42 PM   #17
barry1me
Just another day
 
barry1me's Avatar
 
Join Date: 06-09-06
Location: Howell, MI
Posts: 2,845
iTrader: (9)
Quote:
Originally Posted by Nuggets View Post
Buying a new car is a piss poor use of money in today's economy. I'll take my turd car and lack of payment over shine and a self propelled mortgage.
having a payment is never fun and I will agree that it shines not having a payment but if ever looking to buy a new car now is the best time as used car prices are so high. If you are looking at a car that is less then 3-4 years old in most cases you are better off just buying new with the incentives available right now.
barry1me is offline   Reply With Quote
Old October 11th, 2012, 10:51 PM   #18
C.K.
Dont Feed the Cyco
 
C.K.'s Avatar
 
Join Date: 11-05-05
Location: 48386
Posts: 17,298
iTrader: (21)
Quote:
Originally Posted by sumpter1 View Post
If you have to finance a car for more than 60 months you are probably trying to buy something you really can't afford.
Oh really? So RVs are financed for 60 months?

Quote:
Originally Posted by BlooMule View Post
I wouldn't count on being able tp double up on payments. A long term loan pays off for the bank with the extra interest, so you may face penalties for an early payoff.
Never had an issue with that before. I have always maxed out the loan terms and paid them off in half the time without penalty.

Quote:
Originally Posted by RockyMtnMike View Post

So what kind of car have you always wanted?
Shelby Mustang - 2013 GT500


Quote:
Originally Posted by Trendsetter View Post
Old man taught me long long ago don't take out a loan for a car for terms longer then the manufacture will warranty it for.

Makes pretty good sense, you don't want to be paying on a car you will be making repair payments on as well

Smart money if you can't put enough down to make the payments right then hold off a little bit until you can
So you wouldnt take out a loan for a used car? No warranty on an old classic. I can put money down but I would need to put down $30K to get the payments where I want them for the next year.

If I hold off I wont be able to get the same car.

Quote:
Originally Posted by Nuggets View Post
Buying a new car is a piss poor use of money in today's economy. I'll take my turd car and lack of payment over shine and a self propelled mortgage.
It's no more a piss poor use of money than dumping it into a wheeling rig/ trailer/tow rig/.... Cable is a waste of money too. Hell now that you mention it cell phones and video games are a waste too.
C.K. is offline   Reply With Quote
Old October 11th, 2012, 11:14 PM   #19
Nuggets
Professional Pisser Offer
 
Nuggets's Avatar
 
Join Date: 09-15-06
Location: Bay City, MI
Posts: 13,302
iTrader: (12)
As I said, not as good use for money in today's economy. Vehicles devalue so quickly the first few years, it's hard to justify (to me) losing that money. Cell phones, and cable can be shut off if you are in a financial pinch, toys can be sold, but if you have a 6 or 7 year note on a car, you're committed to the payment no matter what.

To each their own. I don't carrying a lot of debt and I'd rather let somebody else take the spanking on a car before I purchase it. Because of the way I do things, I have lots of "stuff" to show for my life's work, not just a stack of receipts for interest I've paid.
Nuggets is offline   Reply With Quote
Old October 11th, 2012, 11:22 PM   #20
SportRedGT1
Member
 
Join Date: 08-17-08
Location: Flint/Novi
Posts: 96
iTrader: (0)
Quote:
Originally Posted by Nuggets View Post
To each their own. I don't carrying a lot of debt and I'd rather let somebody else take the spanking on a car before I purchase it. Because of the way I do things, I have lots of "stuff" to show for my life's work, not just a stack of receipts for interest I've paid.
It's not even spanking on a new car anymore, it's butthurt on used cars too. I bought a 2009 Cadillac CTS for $27k in March 2011 ($46k MSRP). It's worth $17k trade in....and that was after a little negotiation. I thought my CTS would be held on to for a long time. 18 months later it has been in the shop 22 times and my yearly mileage almost doubled from 13k to 23k due to a new job.

"Getting out of debt" and "Getting the car I always wanted" are pretty contradictory statements, especially when you consider you're going into debt and looking for a loan term that is greater than acceptable for a dime-store hooker car.
SportRedGT1 is offline   Reply With Quote
Reply
Great Lakes 4x4. The largest offroad forum in the Midwest > General 4x4 Stuff > The Pub
Thread Tools

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off

Forum Jump



All times are GMT -5. The time now is 08:23 AM.


Powered by: vBulletin, Copyright 2000 - 2012, Jelsoft Enterprises Ltd.
Copyright 2005 - 2012 Cracker Enterprises - Powered by Linux
vB Ad Management by =RedTyger=
Page generated in 0.24481 seconds with 52 queries