84-Month Auto Loans Are Becoming More Common Because People Can't Stop Buying Trucks

[crippen]

View attachment 1596647Same here Bro...I paid this one off in 99' and swore off of auto loans.

I’ll take it

 

[Kyzrsoze]

Im not at all against using credit wisely. It exists for a reason and you can actually use it to come out ahead. But the few % of people that will use it to their advantage are colossally dwarfed by those who won’t and will pay interest and fees through the nose and remain in perpetual debt. Yes, it’s very profitable.

Unfortunately, under the current structure a certain percentage of folks spending above their heads and using credit like toilet paper is what defines a booming economy, and everyone choosing to spend wisely crashes the system. I'd love to see how the long term economy would shift and grow if it wasn't built on stupid credit practices.

 

[HoopDawg42]

I’ll take it

Better hang on to it. Just had the drivers seat repaired from where my fat@$$ has been sliding off the leather for 22 years.

 

[fast306stang]

As most of you know I am a General Sales Manager for Harley Davidson and everyday I see people buy a new big shiny Harley and ad several thousand dollars in accessories then finance it out to 84 months sometimes at 22.99% they put the lowest money down they can, Then come back in less than a year wanting to trade and lower there payments, Not likely to happen but they find a way to buy another and trade it in , increasing there payments. I seen one customer buy a new bike and pay 1100 month for 84 months. Instant Gratification is a Mother F . this is the world we live in and why the economy and peoples values are the way they are.

$1100/month for a BIKE!?!?!?!?! How is that even possible?

 

[Allsmiles]

We replaced 2 vehicles a couple of years ago. 0 and 0.9% on them with nothing down. I figured I would use their money instead of mine. I still have my 08 Miata as a fun cR and not a daily driver.

 

[dakota port]

now if the people whom have large auto payments trades in their car after they pay it off then they are doing it wrong.

a new auto should be bought and kept till it's on its last wheel even after the payment are over

 

[AceTracker]

60% of Americans are buying trucks per a report I seen yesterday.
U.S. vehicle purchases used to be split 50 percent trucks and 50 percent cars, but now it is about 60 percent to 40 percent.
Gasoline Vehicle Purchases on the Rise - IER
https://instituteforenergyresearch.org/analysis/gasoline-vehicle-purchases-r

 

[Bucket99]

$1100/month for a BIKE!?!?!?!?! How is that even possible?

New CVO, some bling bling and leather, 22.9% interest and wallah. That would be my guess.

 

[spencer60]

I got no issue with financing a purchase if it makes sense. After all, it's not like you can buy a house with cash anymore.

But I find it hard to believe you aren't upside-down on a car loan, a depreciating asset, with those kinds of terms.

 

[DADI03]

We haven't had a car payment for around 6 or 8 years. I remember when we went in looking for newer van about 10 years ago. We went a lot of places. Nissan was the worse. They offered a 78 month loan which l had never heard of. The payments were over 600 a month. Needles to say we didn't buy it. He asked what we were looking for l said 3 years max on a loan. We ended up getting a Honda and love it. We have a 92 f150 and a 05 Honda odysse. They're not pretty but they are paid for and nothing is more beautiful than that. I will never buy a new car. They're to damn expensive and l can't justify paying half of what l did for my house on something that will break down. Especially these days new cars seem to break down constantly. And if you don't have the computer program to hook it to you're not fixing it. They put way to much technology in this stuff and it tears up way to often. Then they marry you to it for at least 7 years. F that

My brother in law is a finance major. He is in the millennial age. He was telling us he'll never buy a house and that it is stupid to spend that much money on something that you will have to pay to maintain. I was astounded. I get not wanting a 30 mortgage but unless you living somewhere for free it's damn near impossible to save up that kind of money. He is now currently paying about 150 dollars a month more a month for his 1 bedroom apartment than l pay for my house that l will one day own. Student loan debts he has he said he'll probably never be able to pay off. He has the minimum payment written into his budget which takes 35 years (if l remember correctly) to pay it off like that. There is a different mindset coming along with out a doubt. And it's scary.

I have no problems with loans but you have to use your head. When we bought our house 18 years ago the bank approved us for 250000 loan. Our real estate agent kept taking us to house close to that range. I told her l wouldn't spend more than 100000 on a house. She couldn't believe it. She was pushy about it. We parted ways. I told her l want to be able to go out and have fun and have a house. If l paid 250000 for a house l would be house poor. I'm not sure if l could of even had power or gas if l bought a house that cost that much. Lenders make money on what you think you can pay. That doesn't mean you need to use all of it.