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Old 06-24-2010, 05:31 PM   #1
techy96z
 
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8 Year Car Financing

Well, Im trying to make the deal work for my 2011 Camaro and it looks like the only real way to do it is to finance it for 8 years.

Other than the pro of being able to actually get the car at a payment that is reasonable but with the con of knowing that I have to make that payment for the next 8 years, is there anything else I am missing with the 8 year financing?

How many Camaro owners here have financed their car for 8 years?

Am I crazy or you cannot put a price on FUN?
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Old 06-24-2010, 05:33 PM   #2
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just do that and later on just refinance it at a lower rate and put another down payment. which would keep the payment the same but you likely can pay it off 2 years sooner.
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Old 06-24-2010, 05:39 PM   #3
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Quote:
Originally Posted by techy96z View Post
Well, Im trying to make the deal work for my 2011 Camaro and it looks like the only real way to do it is to finance it for 8 years.

Other than the pro of being able to actually get the car at a payment that is reasonable but with the con of knowing that I have to make that payment for the next 8 years, is there anything else I am missing with the 8 year financing?

How many Camaro owners here have financed their car for 8 years?

Am I crazy or you cannot put a price on FUN?
Let me give you some advise that I received many years ago. Do what you want with it! If you can't afford the car on a 36 month note, you are buying too much car. With that being said, That is just for financial reasons. I would say if you can't afford it on a 60 month note, DON'T BUY THE CAR!!!! You will be so upside down on the car that the debt will be with you longer than you want.
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Old 06-24-2010, 05:42 PM   #4
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Yeah take it from me dude, just wait and save up some more money, get the car once you can comfortably afford it on a standard 5 year loan. I tried to buy my baby way too early and ended up having to trade her (after several more not so bright decisions). An 8 year loan is ridiculous, you'll probably end up paying double the car's value in interest....
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Old 06-24-2010, 05:50 PM   #5
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Originally Posted by 2010 2-Tone View Post
Let me give you some advise that I received many years ago. Do what you want with it! If you can't afford the car on a 36 month note, you are buying too much car. With that being said, That is just for financial reasons. I would say if you can't afford it on a 60 month note, DON'T BUY THE CAR!!!! You will be so upside down on the car that the debt will be with you longer than you want.
X2 - in two years time the car will be just another car with dings, dirty seats and a weired smell coming out of the vents. 60 months is fairly normal with extra payements being made to pay it off in 36-48.

My fatherly advice - don't do it.
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Old 06-24-2010, 05:55 PM   #6
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If you take a loan for $40,000 on an 8 year term, at 6.25% interest (the current new car rate offered by my credit union), you will in the end pay $60,000 in interest on a simple loan.

Put your figures in here:
http://webmath.com/simpinterest.html

and you can figure out how much you'll actually be paying, based on your real figures.
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Old 06-24-2010, 05:55 PM   #7
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Originally Posted by formare View Post
X2 - in two years time the car will be just another car with dings, dirty seats and a weired smell coming out of the vents. 60 months is fairly normal with extra payements being made to pay it off in 36-48.

My fatherly advice - don't do it.
I totally agree with your assessment. If you set up split payments to boot it may not hurt as bad. If you can afford it, pay more than what your monthly payments are. More money will go towards principle instead of interest. However, don't opt for a loan with like 20% financing at 8 years.
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Old 06-24-2010, 06:01 PM   #8
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Where do you even find an 8 yr loan?
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Old 06-24-2010, 06:03 PM   #9
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well here's my plan if it helps any.

I was approved for a line of credit at a very low interest rate, but I was only approved up to 5k less than the cost of the car. SO I took the 6 year financing because it brought my monthly payment down a bit, and then once I get it paid down to the amount of my line of credit. I'm going to pay off the car loan with the LOC, and only be paying a third of the interest. (essentially re-financing to a MUCH better interest rate)

there are a couple other reasons I'm doing it this way. I've never had a car loan before, and I'm trying to build up my credit to buy a house next spring. There are two kinds of credit. I don't remember the exact mumbo jumbo, but one is a fixed term (loan) and the other is indefinite term (LOC, credit cards etc) your credit score gets better faster if you have both kinds, and treat them both well.

so this way it'll look like I paid off my fixed 6 year term loan in less than a year, and I'll be able to make payments on a new LOC to start building the "other" type of credit. This should help make it nice and easy to get a mortgage when the time comes. It's a win win win. I get lower payments because of better interest rates, credit people think I'm awesome, AND I get a Camaro out of the deal!
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Old 06-24-2010, 06:04 PM   #10
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60 months Max
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Old 06-24-2010, 06:05 PM   #11
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get what you can afford

I went 4 years and 50% down, never go that many years the car will never be worth what you owe. You will always be upside down in the loan. Get a car you can afford and mod it as extra money comes available. Tons of hot cars for sale to play with, just dont live for your car. Yes its a camaro and yes it is sexy, but you can make other cars sexy and yet affordable.
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Old 06-24-2010, 06:21 PM   #12
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8 year loan for a car....
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Old 06-24-2010, 06:30 PM   #13
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Never heard of an 8 year loan. If you can actually do that, I wouldn't. 60 months max and less is even better.
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Old 06-24-2010, 06:40 PM   #14
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Um, bad idea.
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Old 06-25-2010, 03:49 AM   #15
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how much will camaro cost after 8 years i suppose 12-15 k not more don`t do it.. I prefer to lease cars..
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Old 06-25-2010, 03:54 AM   #16
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I wouldn't do an 8 year loan. If you need a new car get something cheaper and in 3 years you can trade that in and order a new 6th gen and it will lighter and faster.
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Old 06-25-2010, 04:15 AM   #17
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8 years is a long time, especially with a high interest rate. Don't do it.

Which model are you buying? Save for a better down payment.
Beware of the finance people.

In the inner-city (ghetto), we say, I can live in my car but, I can't drive my house
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Old 06-25-2010, 05:25 AM   #18
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Thanks to everyone for their replies.

I knew in the back of my head that it was going to be a bad idea, I just needed to hear some sane minded people confirm it for me.

I guess Im off to the dealer today to get my deposit back on the 2011 2SS I had ordered and put that away to a down payment on a 201x Z-28 instead.

Cheers!
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