84 month Financing,Crazy?
Junior User
Joined: Sep 2017
Posts: 51
Likes: 2
I would’ve loved a new king ranch or platinum but went cheapskate and got a premium xlt because that fits the bill for our needs. Got her all payed off after 3 months so im loving thet part! I’ll just live vicariously through everyone else and admire those platinum and king ranch pics from afar 
Laughing Gas
Joined: Mar 2018
Posts: 1,147
Likes: 309
Mods if this is inappropriate for this thread I apologize.
My buddy and I were talking the other day as we’re both ordering trucks soon.He then tells me he’s gonna finance the truck for 84 months.He said he wants a reasonable payment and that he doesn’t mind the term. I’ve never even considered 84 months and seems crazy to me.
So thinking,How long did you guys finance for if you don’t mind me asking?Am I weird and he’s normal?My curiosity has peaked.....
My buddy and I were talking the other day as we’re both ordering trucks soon.He then tells me he’s gonna finance the truck for 84 months.He said he wants a reasonable payment and that he doesn’t mind the term. I’ve never even considered 84 months and seems crazy to me.
So thinking,How long did you guys finance for if you don’t mind me asking?Am I weird and he’s normal?My curiosity has peaked.....
More Turbo
Joined: Oct 2017
Posts: 741
Likes: 234
From: S. Indiana
A long, long time ago, FWIW - After paying off my "first" new vehicle (seems like a hundred years ago), I continued to make the "car payment" to myself - I looked at the payment as an ongoing "fixed" monthly expense - like my mortgage. After a few years, I bought another car - sold the current car outright, (I've NEVER had a trade in) then borrowed the money from "myself" (the money I'd saved), wrote the dealer a check, then "paid' myself back for the "loan" from myself, at an interest rate 5% above whatever rate was available at the time. I started doing this in the mid 70's. Since then, I've paid cash for every new vehicle and managed to save a couple bucks as well. (paid "cash" for my 2018 Super Duty, the difference between what I sold my old truck for and Super Duty price) Note: as car and truck prices have increased over the years, my monthly car payment "expense" increased as well, but so did my income.
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Fleet Mechanic
Joined: May 2006
Posts: 1,376
Likes: 12
From: Illinois
for people taking out a long term loan, I always recommend an extended service plan for the length of the loan. At least get a basecare which will cover the high dollar issues. They come in an 84 month plan. If he needs to go 84 months, chances are your buddy can't write the check for a $5,000 repair, so he risk's paying on a truck that sitting in the driveway immobile. Not good. I've seen it before. What usually happens is the person quits paying on the vehicle and ruins their credit.
Senior User
Joined: Nov 2017
Posts: 156
Likes: 0
It is amazing how many people on here are financially secure enough to pay cash for a Super Duty. When stats show that 57 pct of Americans with bank accounts have less than 1k in the bank per cnbc and Forbes reports the number to be higher at 69 pct.
Fleet Mechanic
Joined: Jun 2011
Posts: 1,865
Likes: 34
From: Annandale, VA
I do find it interesting as well, but online truck forums talking mostly about diesel engines does seem to attract a very small and concentrated cross section of society.
We are in no way an accurate representation of America's cross section.
We are in no way an accurate representation of America's cross section.
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More Turbo
Joined: Oct 2017
Posts: 741
Likes: 234
From: S. Indiana
I agree.........
Tuned
Joined: Apr 2018
Posts: 454
Likes: 25
How would 84 month guarantee you'd be upside down for the life of the vehicle?? Just wondering.... especially if you had a decent trade in and cash down.
I guess that's also why I bought a certified used vehicle... that 'instant' depreciation and better warranty just makes more sense to me. I doubt I'll be upside down at the end of the year, I barely am now and I've only had it a month or so.
I guess that's also why I bought a certified used vehicle... that 'instant' depreciation and better warranty just makes more sense to me. I doubt I'll be upside down at the end of the year, I barely am now and I've only had it a month or so.
Elder User
Joined: Apr 2017
Posts: 523
Likes: 0
From: Eagan, MN
I financed $12,900 at 6.75% to get the $750 financing rebate. I paid off $12K on-line as soon as I got an account number in the mail, about two weeks later. I let the $900 run out as part of the dealer request to have the loan go 3+ months, although I did not have to.
No payments.
No payments.
Cargo Master
Joined: Oct 2005
Posts: 2,866
Likes: 515
From: WNY
Remember guys, if you have equity in your home, the best way to finance is from ahome equity loan. The reason? The interest is 100% tax deductible. So your vehicle will cost you less, and you can choose your own payment schedule.
Cargo Master
Joined: Aug 2010
Posts: 3,226
Likes: 63
Check the mortgage interest deductions for 2018
Cargo Master
Joined: Aug 2010
Posts: 3,226
Likes: 63
Credit cards and mirtgages are different.
Lead Driver
Joined: Nov 2005
Posts: 5,227
Likes: 4,242
From: Kaysville Utah
I put too many miles on a truck to finance for that long. I usually get a 60 month loan and pay it off in 36 months. I usually buy a new truck between 3 and 5 years. So my current truck is usually paid off when I buy the next new truck. Giving me a big chunk of equity towards the new truck. I'm on construction jobsites daily and often asked how I afford a $70,000 new truck. I just tell them I don't have a $70,000 loan. So my payments are not that bad. When you trade in a $40,000 truck the loan is only $30,000 which gives me reasonable payments.