Quote:
Originally Posted by motorhead
Well that doesn't make sense either. If you take out a loan for 84 months along with putting no money down, as most folks do these days, you will be upside down very quickly and will owe more than the car is worth in those two to three years. Plus the intrest rate is higher on longer term loans. It's ironc that you use your family member being a GM of a BMW dealership to counter my first post. That gave me a good laugh. Thanks. 
There is no good reason to good that far with a car other than wanting more than you should. The same goes for houses. I can't believe that people take out 30yr mortgages for a house. Yikes! I would hate losing all the intrest. |
I never said they don't put anything down did I? Nope...
There are advantages to longer term loans as outlined in a previous post. People also think paying with cash is always the way to go, it's not. Loans build credit, and keeping that cash as emergency funds, or for investment purposes can put more money in your pocket in the long run. I get why you think the way you do, it's very old school, but in many cases those aren't the best options.