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+--- Thread: 96 month car loan? (/thread-10277.html)
96 month car loan? - Nargis - 04-26-2013
8 years to pay off a loan?????
Re: 96 month car loan? - chairman - 04-26-2013
yes thats a new thing
Re: 96 month car loan? - Snoopster - 04-26-2013
[quote author=~Nargis~ link=topic=79606.msg496256#msg496256 date=1366993440]
8 years to pay off a loan?????
[/quote]
Run away from these 96 months arrangements.
At the end of it you end up paying way more in interest and the car depreciates to point where it's worth less than what you've paid for the 96 months.
I would much rather suck it up and finance the payments over 36 months.
Re: 96 month car loan? - Nargis - 04-26-2013
i guess thats how every one and i mean EVERYONE owns a C class mercedes right now.
Re: 96 month car loan? - Snoopster - 04-26-2013
[quote author=~Nargis~ link=topic=79606.msg496266#msg496266 date=1366997330]
i guess thats how every one and i mean EVERYONE owns a C class mercedes right now.
[/quote]
Possibly. People tend to choose the 96 months of financing to reduce their bi-weekly payments. But in the long run they end up paying more (in interest) and they have a car which has depreciated 8 years!
It's not a sound financial decision but to each their own.
Re: 96 month car loan? - Nargis - 04-26-2013
im sorry - bi weekly?
you see how long its been since i had my car i did mine monthly
at that time - i didnt have the bi weekly option
Re: 96 month car loan? - Snoopster - 04-26-2013
[quote author=~Nargis~ link=topic=79606.msg496288#msg496288 date=1367001841]
im sorry - bi weekly?
you see how long its been since i had my car i did mine monthly
at that time - i didnt have the bi weekly option
[/quote]
Mine was bi-weekly for 36 months. Saved some money on interest and I have a car which has only depreciated 3 years as opposed to 8 years which means it's still worth something on a trade-in or sale. 8)
Re: 96 month car loan? - ketchim - 04-26-2013
Bi weekly gives U 26 payments per year ( 52 divided by 2 )... or 13 months
Monthly give you 12 payments...............................................12 months per year
Therefore over 3 years , Snoopster has saved 3 months interest
