Related Posts
Is HSA worth it?
More Posts
Guys I got my grail!!!
Any insurance suggestions? 😅
Saturdays are for barking at squirrels 🐿 🐶😂
What is your stylish go to shoe for work?
Additional Posts in Automotive
What about that bronco!?
Surprise TR on a rainy NOLA morning
Audi A6 or BMW 5 Series?
Ford throwing down some serious shade
I wouldn't settle for anything less than 96 months and 15% interest
I aim for whatever the length of the bumper to bumper warranty is. Don’t wanna have to worry about repairs and a car payment. That being said I did just finance my last car for 72 months because they offered 0% for 72 months
Always bought with cash
60 months
I just bought my first car on my own a month ago - based on a dozen+ articles I read before going in, 60 is the max recommended term, but the less you can do the better.
I went 60 with a decent down payment/trade in to keep the monthly minimum payment low if I ever have money troubles, but plan on throwing an extra chunk of cash at it per month to pay off early. Get preapproved through an outside lender too, if possible.
Conversation Starter
60mo max. Anything more than that and you might as well just lease and get another car in 3 years rather than over pay for all that interest on your >60mo loan
Pro
I did 72 on my new Defender, but then paid it off in 3 months lol
My current truck I financed for 72 months at 2.29%. Borrowing money is cheap rn.
I’d say it depends on the cost of money, the car & my plans for it as well as terms.
Example: I financed my last car for 60mo at 1.99% (used car) because money is cheap. I had no intentions to keep the loan that long but no reason not to, since there was no lower interest for shorter periods offered.
I paid it off when I sold the car two days ago (2 years into the loan).