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.
I never finance. I always use straight saved up cash OR I don't by vehicles I can't afford.
Less than 1 year.
1 year.
2 years.
3 years.
4 years.
5 years.
More than 5 years.
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.
Looking around
Wondering what became
Of what I once knew
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
4 years max with 30% down.
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.
Looking around
Wondering what became
Of what I once knew
Originally posted by pheoxs
Depends on the interest rate.
Do you have no expenses that allows you to pay 3k a month on a car?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.
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.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...?!
Looking around
Wondering what became
Of what I once knew
No more than 4 years, and less if I can make the payments.
2007 GMC 2500 Duramax
1981 GMC C1500 454
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
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.This quote is hidden because you are ignoring this member. Show Quote
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.
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.
Did you create this thread just to toot your own hornOriginally 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.
...
Last edited by Sugarphreak; 08-15-2019 at 04:58 PM.
4 years max but I don't think I will ever finance a car again.
Haha exactly what I thought.Originally posted by Rocket1k78
Did you create this thread just to toot your own horn
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.
Looking for a new VW? How about a used vehicle? We are Central Albertas #1 source for pre-owned vehicles
I will beat any deal on a new VW for beyonders
Gary Moe Volkswagen/Gary Moe Used Car Superstore!
Red Deer, AB
Thats fuct, I believe it 100%. But fuct.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.
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.This quote is hidden because you are ignoring this member. Show Quote
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?
Toma the homophobe?Originally posted by Toma
rx7_turbfoags best friend
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.