7 yr financing ???
08-04-2002, 10:27 AM
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7 yr financing ???
Looking at buying a 99. Would prefer to buy person-to-person and keep the dealer mark-up in my pocket. Plus, this way I can actually see who owned the car, and get a feel for how well it was taken care of. 84 month financing keeps the monthly payment respectable... but I've learned that banks that offer 7 yrs on a car work only through the dealer. Does anyone know of a bank that will actually work with their potential customer, and not a dealer???
08-04-2002, 10:43 AM
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Re: 7 yr financing ??? (kennbarb)
Try People first they are great to deal with. http://www.peoplefirst.com/pff/site_...ates_terms.cfm
08-04-2002, 11:45 PM
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Re: 7 yr financing ??? (2000 Pewter Hardtop)
Welcome to the Forum, and good luck in your search! :cheers:
08-05-2002, 01:56 AM
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Melting Slicks
Re: 7 yr financing ??? (kennbarb)
I agree with your way of finding a good used car. That is the only way I would do it.
However, most accountants will tell you that any car loan over 4 years is not a good idea. Unless you put a large down payment on the car, you will be upside down on the loan in a hurry and stay there for many years.
Most people don't keep cars for 7 years so if you sell earlier than that it is hard to build up any equity.
I would think seriously about the 7 year loan.
Dave
However, most accountants will tell you that any car loan over 4 years is not a good idea. Unless you put a large down payment on the car, you will be upside down on the loan in a hurry and stay there for many years.
Most people don't keep cars for 7 years so if you sell earlier than that it is hard to build up any equity.
I would think seriously about the 7 year loan.
Dave
08-05-2002, 01:21 PM
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Re: 7 yr financing ??? (kennbarb)
Honestly, if you have to finance a car 7 years you should probably just look for something cheaper... its to much cost, with more interest and usually loans with higher rates you find there is not a huge difference 5 vs 7 years. Peoplefirst does 6 yr notes person to person, 7.45%, quite a bit higher than the 5yr, but probably the best you will find. If you have equity in a home, a equity loan is the best way to go, ~5% and tax deductable but variable.
08-05-2002, 02:05 PM
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Re: 7 yr financing ??? (corvette dave)
I agree with your way of finding a good used car. That is the only way I would do it.
However, most accountants will tell you that any car loan over 4 years is not a good idea. Unless you put a large down payment on the car, you will be upside down on the loan in a hurry and stay there for many years.
Most people don't keep cars for 7 years so if you sell earlier than that it is hard to build up any equity.
I would think seriously about the 7 year loan.
Dave
However, most accountants will tell you that any car loan over 4 years is not a good idea. Unless you put a large down payment on the car, you will be upside down on the loan in a hurry and stay there for many years.
Most people don't keep cars for 7 years so if you sell earlier than that it is hard to build up any equity.
I would think seriously about the 7 year loan.
Dave
Gee, it only took about 1-1/2 years to be upside down on my 01 coupe; including tradeins! :U
Equity is nonexistant in cars. Unless you are lucky enough to have the right car at the right time, such as a midyear. I feel lucky and relieved to have gotten the payoff for my coupe on trade before GM came out with some other incentive to screw over the resale values of the C5's.
I'd have to say you'd have to be damn sure you want that car and want to keep it before going that long!
:seeya
