How long did you finance for?

I love these threads on automotive forums.
They bring out all the financial gurus.. boasting about how quickly they paid off the vehicles, paying cash, investments, properties, and etc.. this thread will go on for 20 pages with not a single poor or commoner in it.

 

Anyone that says paying cash is better that borrowing free money better educate themselves on finance. High school finance courses teach this all day. Keep your cash for investing or having as a safety net and borrow free money for as long as the lender will allow.

 

Mind if I borrow your printing press?

 

yes me and my wife also listen to Dave Ramsey but I hate to say it you make a lot more money than I do so it’s easy for someone like you to pay cash. I’m sure you work very hard and long for your money but still you make more and it’s easier.

 

My money comes from bailing out drunk tourists in Teton county (Jackson hole Wyoming)

I'm a bondsman

 

nice!

 

paid half up front and financed the rest over 60 months @ 1.9%.

if financing is cheap enough, you're not putting yourself in a position to be upside-down on the loan, and you plan on keeping the vehicle at least a few years beyond the last payment; there's nothing wrong with financing.

 

Exactly. Paying cash is stupid IMO even if you can, especially with low interest rates. That 30K you just dropped is 30K you don’t have to invest. 3% APR? How about a 10% return? That covers any interest you are paying and more

 

Not sure where you get that. I financed mine for 62 months and could have paid cash and had a lot of money left over. Very low interest rate whereas my investments bring in 3 -4 times as much interest so I come out far ahead financing the truck rather than pulling money from investments.

 

very true! I have a 1998 Tacoma I love but I would enjoy a new truck also.

 

72 months @ ~6.5%.

Credit wasn't good at the time, but I wanted a 4runner. I keep saying I'm going to refinance, but I haven't gotten around to it.

I understand how some would consider it a waste of money, but IMO having a vehicle you enjoy is worth wasting money on. Everyone has their own priorities.

 

I financeed mine for 60 months at 3.49%. When I bought it there were no low low promo rates and just $1000 rebate. Dealership matched my credit union rate. I put $14k which for me was insane. My last pre-owned vehicle was only a few thousand more just over a decade ago. I did save like crazy for about two year to have that over my other savings.
Then I sold my Jeep for almost 4k and used some off the money for a tonneau cover and small things. The rest i paid in to the loan. I really wanted something new that would last and be dependable for camping and daily driving.
I'm paying some extra and I'm staying paid a month ahead too just in case.

 

totally agree!

 

I took a 60 month loan out but thankfully paid it off a little over 2 years.

 

that’s what I’m going to try and do. Maybe 72 months and pay it off in like 3 years.

 

took me 6 months to pay it off.

 

I see we have a Friday member measurement contest.


I’m poor, work in public school, but did my home work and got 1.9 on my 17 and it will be paid off in September.

 

wow. Nice

 

Definitely sometimes it good to have a nice vehicle if you have that as a priority and doing ok otherwise. Its good to have nice things. Why else would I have worked so hard to have this my first new vehicle at 46 finally?

 

I prefer taking longer term loans than l need with the intention of paying early. It feels a little safer having lower payments just in case something goes wrong for awhile.