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post #1 of 8 (permalink) Old 12-05-2017, 04:39 PM Thread Starter
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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
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post #2 of 8 (permalink) Old 12-05-2017, 07:11 PM
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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.

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post #3 of 8 (permalink) Old 12-05-2017, 07:23 PM
Del
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84 months? A car loan for 7 years? Holy cr*p. And back in the day, I thought 3 years was onerous.

Del

Seattle

1989 Milano, Shankle Sport
1991 164S, stock
1994 164LS (~Q)
1972 Morgan 27

previously owned since 1964:

62 Morris MiniMinor 850, 67 Austin 1275 Cooper S (Downton 3/4 race), 64 Giulia Sprint GT (1st red one made), 72 Fiat 128 Sedan, 75 Alfetta Sedan, 78 Alfetta Sedan, 78 GTV, 81 GTV6, 86 GTV6
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post #4 of 8 (permalink) Old 12-05-2017, 07:37 PM
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Quote:
Originally Posted by Del View Post
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.

Tom

1963 Giulia Spider (1750 engine)
1974 GTV
1991 Spider
Former: 1987 Milano Gold
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post #5 of 8 (permalink) Old 12-05-2017, 08:03 PM
Del
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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).

Del

Seattle

1989 Milano, Shankle Sport
1991 164S, stock
1994 164LS (~Q)
1972 Morgan 27

previously owned since 1964:

62 Morris MiniMinor 850, 67 Austin 1275 Cooper S (Downton 3/4 race), 64 Giulia Sprint GT (1st red one made), 72 Fiat 128 Sedan, 75 Alfetta Sedan, 78 Alfetta Sedan, 78 GTV, 81 GTV6, 86 GTV6

Last edited by Del; 12-05-2017 at 10:46 PM.
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post #6 of 8 (permalink) Old 12-07-2017, 04:36 PM Thread Starter
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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%
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post #7 of 8 (permalink) Old 12-08-2017, 03:24 PM
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Quote:
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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.

Tom

1963 Giulia Spider (1750 engine)
1974 GTV
1991 Spider
Former: 1987 Milano Gold
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post #8 of 8 (permalink) Old 12-08-2017, 04:20 PM
Del
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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.

Del

Seattle

1989 Milano, Shankle Sport
1991 164S, stock
1994 164LS (~Q)
1972 Morgan 27

previously owned since 1964:

62 Morris MiniMinor 850, 67 Austin 1275 Cooper S (Downton 3/4 race), 64 Giulia Sprint GT (1st red one made), 72 Fiat 128 Sedan, 75 Alfetta Sedan, 78 Alfetta Sedan, 78 GTV, 81 GTV6, 86 GTV6

Last edited by Del; 12-08-2017 at 04:24 PM.
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