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Whatzamattayou 12-05-2017 04:39 PM

Financing new QV
 
Any suggestions on a good place for financing? Dealer wants 3% for 84 months, and I am putting 50% down on the car. I heard people were getting around 2% but not sure where... side note my credit score is over 800

ossodiseppia 12-05-2017 07:11 PM

If you are a USAA member, they are offering 2.99% for 60 months. 3% for 84 months is a great deal. 2% for 84 months doesn't seem right.

Del 12-05-2017 07:23 PM

84 months? A car loan for 7 years? Holy cr*p. And back in the day, I thought 3 years was onerous.

Gubi 12-05-2017 07:37 PM

Quote:

Originally Posted by Del (Post 7954025)
84 months? A car loan for 7 years? Holy cr*p. And back in the day, I thought 3 years was onerous.

Well, cars last a lot longer than they used to. And if you're planning to keep the car for seven years (which isn't at all unreasonable) 3% is *almost* free money.

Del 12-05-2017 08:03 PM

Well, that's one way of looking at it I guess, lol.

Another way of looking at it is that maybe some are spending more money than their life budgets can really allow, ie, living too high a lifestyle. People are living longer now than before, so much more money is needed to maintain their old age lifestyle in a sustainable manner. I've known too many who ended up penniless in a minimum care facility, their minuscule retirement savings, if any, gone long ago.

Our neighbor was always one house payment away from being broke, and he said he didn't understand it. We replied that we noticed that he and his wife always spent everything they had in their collective pockets for stuff like high end cars, above their life income budgets, (and since expensive cars depreciate at a tremendous rate, they were basically dumping their money down the drain).

Whatzamattayou 12-07-2017 04:36 PM

I like the longer load s to get the payments down... I never make it to the end of the loan, I like the option to put a bonus check to the payment when I want to, and I pay them off a lot earlier... it's just nice using the banks money even at 3%

Gubi 12-08-2017 03:24 PM

Quote:

Originally Posted by Del (Post 7954097)
Well, that's one way of looking at it I guess, lol

It's the smart way of looking at it. My wife tends to keep cars for 10 years (6K miles a year doesn't add up so fast) so a seven year loan is no big deal. Inflation is ~2%, so if I borrow at 3% that's very nearly free money anyway. And over seven years I'm pretty confident I can beat 3% by investing the cash that I didn't sink into the car.

3% is really good for a loan that long. Typically you can only get that sort of rate for 48 months.

Whether or not one can afford the car is a completely separate question.

Del 12-08-2017 04:20 PM

True but I suppose one might argue that those sorts of rates end up enticing someone to buy something that they cannot afford in their life budgeting. Money spent is still money spent.

So, yes, if you can afford it without screwing up your future financial picture, go for it.


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