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How long do you finance a new vehicle purchase? - Beyond.ca - Car Forums

View Poll Results: How long do you finance a new vehicle purchase?

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  • I never finance. I always use straight saved up cash OR I don't by vehicles I can't afford.

    64 34.41%
  • Less than 1 year.

    4 2.15%
  • 1 year.

    0 0%
  • 2 years.

    4 2.15%
  • 3 years.

    9 4.84%
  • 4 years.

    34 18.28%
  • 5 years.

    45 24.19%
  • More than 5 years.

    26 13.98%
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Thread: How long do you finance a new vehicle purchase?

  1. #1
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    Default How long do you finance a new vehicle purchase?

    Interested to see the average time frame for Beyonders financing a vehicle purchase.

    Financing in this poll means using a Line of Credit or taking out a loan.

    Use your most recent vehicle purchase for your respective vote.
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  2. #2
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    Depends on the interest rate. If 0% I'll ride it out as long as I can. If it's 2-3% or more, usually 3 years max and try to pay it down asap. I hate monthly bills

  3. #3
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    Default

    4 years max with 30% down.

  4. #4
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    My last vehicle purchase was my truck. $30k after trade-in and I have it paid off in 9 months. But I had a fairly aggressive pay down discipline behind it.
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  5. #5
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    Originally posted by pheoxs
    Depends on the interest rate.

  6. #6
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    Originally posted by 16hypen3sp
    My last vehicle purchase was my truck. $30k after trade-in and I have it paid off in 9 months. But I had a fairly aggressive pay down discipline behind it.
    Do you have no expenses that allows you to pay 3k a month on a car?

    Why not just pay cash then...?!

  7. #7
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    Originally posted by Team_Mclaren


    Do you have no expenses that allows you to pay 3k a month on a car?

    Why not just pay cash then...?!
    A lot of my savings are tied up in TFSA and RRSP accounts. I considered cashing out most of my TFSA to pay in cash but then decided against it. That money was invested and I didn't want to mess with it.
    Looking around
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  8. #8
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    No more than 4 years, and less if I can make the payments.
    2007 GMC 2500 Duramax
    1981 GMC C1500 454

  9. #9
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    Historically 3 years have the best dealer rates.

    My last big time purchase was 8 years financed, got an additional couple bucks off the car and a free cover. Your haggling has much better punching power if you're 8 years up front - tell them this is the reason you want max loan time.

    Immediately move that loan to Heloc much lower interest and power pay.

    Never more than 3 years total.
    "The most merciful thing in the world, I think, is the inability of the human mind to correlate all its contents... some day the piecing together of dissociated knowledge will open up such terrifying vistas of reality, and of our frightful position therein, that we shall either go mad from the revelation or flee from the light into the peace and safety of a new Dark Age."

    -H.P. Lovecraft

  10. #10
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    100% depends on the finance rate. more than .5% below par? As long as possible. Any higher than that as short as possible.

    High finance rates would make me more likely to Invest in a Heloc.
    Originally posted by Thales of Miletus

    If you think I have been trying to present myself as intellectually superior, then you truly are a dimwit.
    Originally posted by Toma
    fact.
    Quote Originally Posted by Yolobimmer View Post
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    guessing who I might be, psychologizing me with your non existent degree.

  11. #11
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    I normally do 5yr financing but have it paid off in two or 3 at the longest. I hate car payments but can't bring myself to pay cash outright even if I could. I like having that emergency fund intact.

  12. #12
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    I've done 7 years in the past but I rarely keep a vehicle more than 2 years, so it depends on the interest rate. When I was at BMW yesterday even used rates are only 1.9 so I was thinking of going 7 years based on that.

  13. #13
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    Originally posted by 16hypen3sp
    My last vehicle purchase was my truck. $30k after trade-in and I have it paid off in 9 months. But I had a fairly aggressive pay down discipline behind it.
    Did you create this thread just to toot your own horn

  14. #14
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    Default

    ...
    Last edited by Sugarphreak; 08-15-2019 at 04:58 PM.

  15. #15
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    4 years max but I don't think I will ever finance a car again.

  16. #16
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    Originally posted by Rocket1k78


    Did you create this thread just to toot your own horn
    Haha exactly what I thought.

  17. #17
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    Here are some new car industry stats.

    Average term on a new car = 84 months
    Average time it takes to pay off a $30K balance using a line of credit = 10 years

    That's why I loving leasing new, used I buy outright since that's just basically moving money around.
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  18. #18
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    Originally posted by Redlyne_mr2
    Here are some new car industry stats.

    Average term on a new car = 84 months
    Average time it takes to pay off a $30K balance using a line of credit = 10 years

    That's why I loving leasing new, used I buy outright since that's just basically moving money around.
    Thats fuct, I believe it 100%. But fuct.

    Whenever you listen to news reports about consumer debt and shake your heads. This is 100% what causes it.

    Originally posted by Thales of Miletus

    If you think I have been trying to present myself as intellectually superior, then you truly are a dimwit.
    Originally posted by Toma
    fact.
    Quote Originally Posted by Yolobimmer View Post
    This quote is hidden because you are ignoring this member. Show Quote

    guessing who I might be, psychologizing me with your non existent degree.

  19. #19
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    Completely dependant on the interest rate. If my money is earning more for me elsewhere why tie the cash up in a depreciating asset?
    Originally posted by Arash Boodagh
    Before I start pwning all the members with my findings.
    Originally posted by Arash Boodagh
    Plus, is it true you can feed a pig elephant dong and it will still grow and build meat?
    Originally posted by Toma
    rx7_turbfoags best friend
    Toma the homophobe?

  20. #20
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    Under 10-15k I will buy outright but there's no way I'm throwing 40k at a vehicle that is going to depreciate unless it benefits me somehow. I paid my 2013 ram off in a year but that was because I wanted no debt on my record for a higher mortgage.

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