Would you take out an 8 year car loan for a car you cannot afford?

Discussion in 'General Automotive Topics (non 6th Gen Mustang)' started by 1MEAN18, Nov 24, 2019.

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Would you do an 8 year auto loan to get a car you really couldn't afford?

  1. Yep, I want what I want and if this is how to get it so be it!

    12.9%
  2. Ah hell no, never!

    43.8%
  3. I don't buy cars I know I cannot afford under any circumstance.

    43.3%
  1. qtrracer

    qtrracer Well-Known Member

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    FWIW, we're about 16 months from paying off the 2016's zero interest Ford loan (100% financed - none of our money was used). But the payment is getting old; very old. Believe me when I say we've considered paying this thing off early. But my financial sense knows that is not the way to go because the money earns more invested. Notwithstanding, we're tired of paying on this thing. 5 years is too long; 8 years, even at zero interest, would be like a death sentence. Funny how a 30-year mortgage doesn't seem to have the same "boat anchor" sort of feeling.
     
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  2. Bikeman315

    Bikeman315 Well-Known Member

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    Interesting thought. I went 0%/72 on my 19' GT/CS. Why not, it's free money. I wonder how I"m going to feel a couple of years down the road.
     
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  3. qtrracer

    qtrracer Well-Known Member

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    We didn't start getting tired of this until recently. We're just done but stay with it given the stock market returns. We've also got another car project that uses some resources. It would be nice to not have to budget both.
     
  4. vernonator

    vernonator Well-Known Member

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    #94 vernonator, Feb 6, 2020
    Last edited: Feb 12, 2020
    If its your only loan then you are good. The wife just bought a new SUV (replaced the Explorer Sport with a Jaguar)

    There is your point...its FREE money. Even if you have the cash to pay it off why? Put that cash in a frikin savings account getting 1% interest and pay the loan out of there...you will be ahead, its really simple math. Pay your highest interest loans first. The wife just replaced our Explorer Sport with a Jaguar (broke my all Ford rule). Rather than put 10k down on the Jag (rate was 1.9) I paid of the Mustang that was at 2.4%. Its not rocket science...look at the interest you will be paying on a loan and pay off the one that is highest.
     
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  5. Big Boss

    Big Boss Well-Known Member

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    Absolutely not

    5 years is the most I am comfortable going....maybe 6 if there is 0 for 72 available
     
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