longer term financing

[Capt Sully]

Re: longer term financing

Well john john looks like you opened a can of worms... lol.... You have answers from financing long term to short, from a car to a RV from buying vs trading. Hey, buddy, it's only money, so spend it and enjoy what ever boat you want to buy. Long term financing makes the payment smaller but extends the interest, just think of that as the price to enjoy your boat. ( Life is short ) Good luck with your choice.

 

[john john]

Re: longer term financing

Thanks to everyone. Life is short. At 15 I lost my father, he was only 42. I'm 50 now with two wonderful kids 5 and 11 ( late start I know) and anything my wife, 38,(yea I know) and I do the kids are involved. Too many broken families these days. We all have to live within our means, but do what we can. And on a lighter note, speaking of interest payments, does anyone remember when interest was 20%?

 

[JimS123]

Re: longer term financing

Totally disagree, Our new Cadillac xts finance cost is 2.6% I can assure you that I make a lot more than 2.6% on my investments. The 2010 Buick Enclave that we traded in on the xts had 0% financing, that's right 0%. A person would be crazy not to finance as long as possible with these low rates.

I've found that 0% financing is a lie! That was offered to me when I bought my last car, but then when all was said and done, with a little dickering I got thousands off the price after offering to pay cash. The difference over 48 months amounted to an interest rate that was ABOVE the going CU rate.

 

[oldjeep]

Re: longer term financing

I've found that 0% financing is a lie! That was offered to me when I bought my last car, but then when all was said and done, with a little dickering I got thousands off the price after offering to pay cash. The difference over 48 months amounted to an interest rate that was ABOVE the going CU rate.

True, since the choice is generally 0% or a rebate. Generally if you have good credit you are better off taking the rebate and the market finance rate.

 

[EMW73]

Re: longer term financing

I agree with Redneck Joe. Long term financing is good for emergencies. I always max out my loans because MOST loans now days have no penalty for early payoff. Just make sure you can pay it off early. On the down side most long term loans make you pay your interest first so you still pay more. I figure it's like paying for insurence for a peace of mind if something comes up one month and you can only make a minimum payment. JMO! Good luck with you're decision.

 

[redneck joe]

Re: longer term financing

Well john john looks like you opened a can of worms... lol.... You have answers from financing long term to short, from a car to a RV from buying vs trading. Hey, buddy, it's only money, so spend it and enjoy what ever boat you want to buy. Long term financing makes the payment smaller but extends the interest, just think of that as the price to enjoy your boat. ( Life is short ) Good luck with your choice.

besides mine () the best answer on this thread.

 

[CC245]

Re: longer term financing

If changing the term of a loan because the payment difference is $50 and that actually matters if you think you can afford a boat or not, then you probably can't afford a boat.

The loan on my boat is 0% since I don't have a loan on my boat.

The 0% car loans are there to suck new car buyers in that should have bought used. 2 years later when the car is worth 50% of its new value, the 0% loan didn't do you any favors if you just lost 25% average each year does it?

What kind of car looses 50% in 2 years? A Yugo? 50% depreciation takes place at around 4-5 years.

 

[bruceb58]

Re: longer term financing

What kind of car looses 50% in 2 years? A Yugo? 50% depreciation takes place at around 4-5 years.

Here are just a few. The worst, which is a Dodge Durango, lost 67% of its value in the first 24 months.
Cars That Lose Value Fastest - Forbes

 

[john john]

Re: longer term financing

Don't care for dodge that much, but if I see 2yr old dodge 3500 for $10,000 it's coming home. Oh, only if diesel.

 

[smokeonthewater]

Re: longer term financing

Dodge doesn't build trucks... they build shipping crates for cummins engines LOL

 

[CC245]

Re: longer term financing

Here are just a few. The worst, which is a Dodge Durango, lost 67% of its value in the first 24 months.
Cars That Lose Value Fastest - Forbes

These are examples of the worst of the worst. The average car takes 4-5 years.

Of the examples in that list:
Older body style Durango, ram3500, and Sebring.
Town car,not made any more
Saab out of business

 

[bruceb58]

Re: longer term financing

These are examples of the worst of the worst. The average car takes 4-5 years.

Of the examples in that list:
Older body style Durango, ram3500, and Sebring.
Town car,not made any more
Saab out of business

You gave me an example of a Yugo. I gave you some other examples.

I agree if you take certain models of Honda or Toyota they will depreciate less. On the other hand, look at most Dodge vehicles including trucks, they are pretty dismal.

Cars change body styles, sometimes pretty often.

 

[jkust]

Re: longer term financing

If I could save 40k in one month I would be riding around in something a bit newer than an 11 year old boat.

Maybe, maybe not. Still pretty much new if you were to see and ride in it. I'm pretty conservative and keep stuff for a long time and the number on paper hasn't changed my philosophy much so far. The hard part is the reality of what I could buy with 4 quarters worth of tax payments. Bentleys, Lamborghini, large cruisers, you name it and I give that much away with nearly zero return.

Also, I seek out those high depreciation cars. I've got a #7 on that list except it MSRP'd at 49k since it has all of the optional equipment and I paid $13,750 after 36 months barely used.

 

[john john]

Re: longer term financing

Dodge doesn't build trucks... they build shipping crates for cummins engines LOL

ound:

 

[redneck joe]

Re: longer term financing

Dodge doesn't build trucks... they build shipping crates for cummins engines LOL

now that was funny