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Thread: Would you finance over 96 months?

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    Administrator DannyITR's Avatar
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    Default Would you finance over 96 months?

    An ad on Redliners.ca is announcing a 96 month finance term for the Hyundai Veloster. Discuss if this is a good financial decision or not (asks the guy with a 84 month finance on his van lol).


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    Legacy Member scottxkillyou's Avatar
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    If you have to finance a 25k car for 96 months then you're doing it wrong.
    LOL

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    i wouldn't as i don't know if i will have the car that long. there is something wrong with paying for a car that is either broken or you no longer own.

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    God no. You can't afford it if you NEED to finance a car for that length of time.

    Now, if the loan was 0% and you were planning to pay the car cash, well I'd finance the car and invest the money and make money off the deal per se
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    Super Moderator radam's Avatar
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    Quote Originally Posted by captobvious75 View Post
    Now, if the loan was 0% and you were planning to pay the car cash, well I'd finance the car and invest the money and make money off the deal per se
    This.

    Instead of paying 30k cash on a depreciating asset, if I can put that 30k somewhere else and make $$ out of it while i'm paying for the car with low interest rates. The better.

    However as soon as you see anything under 3.9%, usually they roll in part of the finance rate int he total of the car, meaning if you ask for the cash price of the car without financing, you will find they usually have another discount available to you from 500-1500$ depending on the car/dealer. That's the money they need to finance your low interest rate
    Click, Click... Click... shit it's empty.

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    Legacy Member The Full Monty's Avatar
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    That explains the abundance of new Hyundais on the road lately being drive by ex-Pontac owners!
    Some people call me the Space Cowboy.

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    Legacy Member Ross's Avatar
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    I always thought 72 months was long...
    Since 2002

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    Legacy Member ImPuLsIvE.ca's Avatar
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    72 months is a long time, feels like forever. I wouldn't consider 96 at all.

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    Also depends. Some living conditions. Mom wants a cute car for a small family and only making min wage and intents on owning the car for a while. So long as like others said 0% or even .9%.
    But really for most people no. It's great marketing for the stupid people that only think day to day

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    Legacy Member scottxkillyou's Avatar
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    Quote Originally Posted by CVVT View Post
    Also depends. Some living conditions. Mom wants a cute car for a small family and only making min wage and intents on owning the car for a while. So long as like others said 0% or even .9%.
    But really for most people no. It's great marketing for the stupid people that only think day to day
    Of course at 0% it makes sense, who cares about term when you're not paying any interest. The only shitty thing is if you hate the car you're sort of stuck with it until the amount owing is closer to whatever its depreciated value is and when it's a 96 month term that would take a lonnnnng time. Basically if you want to trade in or sell 3 years into your finance you're gonna bend over and take a good one. But like you say, if you plan on keeping it for a long time then it works out well at 0%.
    LOL

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    Legacy Member The Full Monty's Avatar
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    In most cases, and most likely with Hyundai, You'll be paying more on your loan than whatthe car is actually worth.
    Ex: you're paying off a remaining 5 grand on your accent after 6 years, well, it's now worth 4000 in the market.
    Some people call me the Space Cowboy.

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