Quote:
Originally Posted by ineedae46m3
Quote:
Originally Posted by chmura
The longer term you go the more interest pay at the end of your loan. If someone has to get more than 60 months for a loan than they truly cannot really afford the car and should look at something more realistic IMO.
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Not true. If you finance at a low rate, it's like free money, better to put money into something that will make money. Especially on the M2. With the used car values this good, you will never really be upside down on the loan. Also you can always pay the car off at any time without pentalty, so it's really Personal preference. |
This.
Again, I can easily do a 72 month loan, even a 60 month. But I would rather keep my monthly payments low on a car that holds its value well, and put my money elsewhere. In addition, the car will be tax deductible for my business. Unlike a lease where the monthly payments get deducted, a percentage of the purchase price is what gets deducted instead. So I appreciate the financial advice from others here, but I got that covered already
