Nearly 30% of new-car shoppers are choosing to finance for 72 months or longer. If you can't afford the payments for a 48 month loan, you really shouldn't be buying a new car.
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- Doesn't it depend on individual circumstances? For a low mileage driver who plans to properly maintain their car, isn't new for 72 months perhaps better than used for 48? Shouldn't factors such as true cost of ownership be a part of the finance decision?Jan 6, 2014
- The problem is that you're throwing away money on interest charges on that 72 month loan, regardless of circumstances. The higher the interest rate, the more important it is to get a shorter loan term. Here's a related article for more info: http://www.realcartips.com/carloans/108-shorter-term-car-loans-better.shtmlJan 6, 2014
Sir Please help me with advise on what my next step should be, I typed this plea for help for I am not sure how much or how far I can go, I know it is a buyer beware situation, and it is a used car, however I am a man that earns a meager salary and feel I was grossly taken advantage of. I realize this is outside the scope of what you intended regarding the subject matter of your post, but I am sort of desperate to communicate with you.
Hello to all and may peace be with all of you!! I purchased a used Santa Fe 2009 with 87000 miles on it, Basically I guess I just purchased someone else's problem and the dealership in CT starting with the salesman to the assistant mgr. we're basically dishonest and not very forthcoming with me, even the Finance officer denied stating to me I had one particular warranty which covered electrical included come to see, The contract shows mechanical only. I purchased the car in Dec. 2015, and now many issues are arising. I spoke to the Asst. Mgr. Which it seems he has no interest in assisting me. The Manager Seems interested, but when I brought the car to the shop, he was not there, and he was aware that I had an apt. That morning. Look, I need help from someone, This was to be a family car and have concerns that the car is going to be unreliable. Can someone offer advice on what my next step should be?? They are stating the 4 wheel drive module needs to be replaced, a $800.00. Part which I can't afford now, and that is not including the labor. I have not even owned the car 4 months.
Thank you.Mar 21, 2016
Hello, I appreciate very much want to do the same thing you can give me advice ? and because I speak SpanishApr 22, 2016
- Want to lease new 2015 mid size.
Is this possible?
- thanks for all your information on buying a car15w
- I dont know about the advice of it can't be done in 48 you shouldn't buy a new car. As if the reason for going longer has to do with not being able to afford it. I prefer lower payments and interest is accrued daily so if i wish to make extra payments on my 72 month loan i can save on the interest that way and just pay it off early. With that im not tied to the higher payment from going into a binding short term contract. And i still have the flexibility to pay it off in 48 months if I choose to. I've read a few of your thoughts and im just not convinced. You do have some good information available but ut seems you have a bad taste from a bad experience and in turn you are trying to bash the buying process. In this new age there is so much information out there available and so much competition with vehicle prices and interest rates its is very difficult to get over on people.2w