Who thinks taking 5 years to pay for a car is crazy? I know I do!?

Answer 1

Taking five years to pay is crazy.....financing for five years to get a lower interest rate and then doubling up on the monthly payment isnt. Big difference! Some people think that just because the car is financed for 60 months that you have to take 60 months to pay it....not good financial sense. I financed with Dodge for 60 months to get a zero percent interest rate! I just double the payments and will pay it off in 30 months! What a bargain!

Answer 2

I don't and like junglaman said some people don't have that kind of money so the only way to do it is to take a loan. I can understand if you are talking about a car that costs about 10,000 new, but when someone buys a car that costs 30,000 or so, well most people don't have that money. And don't you think its more crazy paying for a house for 30years? I mean imagine you buy a house when you are 40 and by the time you pay it off you will be 70, and to tell you the truth most people die around 70 or so.

Answer 3

Its the only option for people who really need a car and do not have the resources or knowledge to find a good used car or even to do repairs to a used car. In order to get something dependable, whether new or used, is actually the smartest option for many people.

Now if you finance a car over 5 years simply because you like fine jewelry and go on vacation 8 times a year, and you buy the latest model plasma TV every time a new one comes out, that is crazy. Also, it is crazy to finance a car over 5 years simply because it is more car than you can actually afford even though I figure that if I HAD to finance something, I would make sure that it was a car that I really wanted.

There aren't too many things worse than making payments on something that you really do not like.

Answer 4

I don';t.
I paid for my car over 5 years.
I got my self a good deal on a car loan, bought a new one.
I saved on maintenance that I would have paid for the used one, I saved on gas since brand new cars usually have better gas consumption rates, and I was sure that no one else has used my car.

Meanwhile, the cash I already had and did not use to buy the car, helped me start my own business which helped me pay the installments.

Answer 5

Guess what? 6 year car loans are now available and don't forget 40 and 50 year mortgages, but of all the great car scams ever invented, leasing a car has to be the best.

Answer 6

If that´s the time you can pay for the car, why should anyone think it´s crazy? but... the price will be very high because of the interests you´ll be paying.
But sometimes that´s the only way to buy things.
DO... WHATEVER YOU WANT TO DO.

Answer 7

Try 7. I wish I had got a beater car.

Anyone considering a long-term car finance: don't do it! Do the responsible thing: grind it out, put money that you would have put into a car payment into an account and DON'T TOUCH IT for a few years.

Answer 8

For those who can pay more, they should, instead of letting the interest eat them up. It is ok for those who can only afford to pay so much per month, because they are on a tight budget.

Answer 9

i don't think it's crazy, not many people have that much money up front. what about taking 30 years to pay off a house? now that seems more crazy to me. but still you don't have 250k up front. no choice.

Answer 10

I'm sorry, I don't see what difference it makes. If you're talking interest, then that's the price you pay for using someone else's money. If you have the cash, then yes, it's kinda dumb to finance. If you don't have the cash, then it makes perfect sense.... 'nuff said?