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Let's help each other get the best auto loan finance interest rates

dck82

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..I've never had a loan more than 60 months,and paid most of them off early..but I do like the idea of 84 months,if you're going to finance...with 84 months,you get the smallest ,monthly payment..in this environment,where jobs could be suspended at any time...you have a chance to keep your ride...you can double up,or triple up your payment every month ....if you need it...the convenience is there...I'm going to try and get 1.9% with Ford Credit..
This was my thinking on my current truck. I financed for 72 but I’ll end up paying it off in just under 3 years. If my wife or I were to loose our job I would still be able to make the payment on one income. Hard to get another job if you don’t have a ride.
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andi

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If not offering your helpful financing options to give others an idea of what is out there, do no post in this thread, let’s keep it a positive place thanks
 

xXChartmanXx

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Ok, here’s my positive addition:

If you need to finance a car for 84 months, you can’t afford it. No one likes to hear the truth but whatever. At least I can tell it the way it is.

WHY encourage someone that 84 months is the way to go when a vehicle depreciates 50% off the lot??

Honestly, OP, if someone is really telling you - 72/84 finance is for you, you’re just waiting for someone to tell you what you want to hear so you can justify an buying depreciating liability.
If you finance a car for 3.9% for 84 months or you could go 4.9% for 60 months, you can take the 84 months and pay it off in 60 and save 1%. The term doesn't matter, the rate does and how much you can afford.
 

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If you have good credit, I have had dealers match my credit union rate, which makes it easier from a paperwork perspective.
 

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This was my thinking on my current truck. I financed for 72 but I’ll end up paying it off in just under 3 years. If my wife or I were to loose our job I would still be able to make the payment on one income. Hard to get another job if you don’t have a ride.
Exactly, cash is king, and if they are going to loan me money for interest rates lower than my investment return less taxes, why give up cash.
 

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DrewBronc21

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Exactly, cash is king, and if they are going to loan me money for interest rates lower than my investment return less taxes, why give up cash.
There are people who would buy all cash even with zero percent interest. People don’t do the math, they just act on emotion. They don’t want to owe money, want to feel good about paying cash for a car, not realizing they could have MADE money by taking out a longer term low interest loan.
 

shimmy825

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Exactly, cash is king, and if they are going to loan me money for interest rates lower than my investment return less taxes, why give up cash.
I think this is something a lot of people might not be aware of. The time value of money. Certainly, if one has high revolving credit card debt with astronomical interest rates, it does not make sense to carry debt in order to free up extra income for investment purposes.

Hopefully most of us are in a place to have enough self control to utilize the market with our excess funds - and frankly, even if the market does experience a correction during the 60 - 72 - 80 month duration of our loan, I'd still want that excess cash available to reinvest in a less expensive market. Over the long run, you might average 7-10% returns, thereby making the longer term loan with the smaller interest rate a viable option.

That is, of course, assuming continued income and an ability to float the note for a long time.

I also will do just about anything to justify the vroom vroom in my driveway. Never did I think I'd own a monster truck.

Thank you for coming to my ted talk.
 

MAFD

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There are multiple ways to cut the cake and eat it too….84 months has nothing to do with your financial status or ability to pay a vehicle. Instead of arguing why you should or shouldn’t and giving internet advice to someone you don’t know, open a damn excel and plug your numbers….if it works for you, great…if not, don’t assume yours is the only way and carry on!!
 

THEMANatwar

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To bring this back on track if you have USAA they have 1.89% for a new car loan.
 

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Aardvark53

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Some of us are not liking the fact info is being passed on to each of us to help. Some of you won't even see a Bronco for what seems to be another year. For those of us who will be getting delivers in the next few months, I'm looking at all my options now and it's too late when your in the hands of the dealer.
 

survivormanca

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60 months, 2.9% with BofA.
 

Compta38

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This thread is relevant to my interests.
 

survivormanca

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Ford Bronco Let's help each other get the best auto loan finance interest rates 8F2DC500-C238-4B7C-8C6A-6BC1FEC444CB
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