I ended up doing 72 months with my own financing, and I probably didn't finance half of what some people do.... I'm kinda wishing I did 60 months now, or maybe even 48...but it doesn't bother me because I usually pay extra against the principle every month anyways. I've always paid off my vehicles early. At the time I just wasn't sure if I could handle the higher payments along with flight training etc...

If you pay extra every month, it's not as bad.

 

 

 

 

I guess if you plan on keeping the vehicle at least that long and the interest isn't bad then do it. As for myself, I try to have them paid off in under 60 months.

 

 

Piqued curiosity? Not "peaked" just sayin'.

100 years ago consumer credit barely existed, though a new fangled invention - Radio - was changing that. Buying on time was discouraged. It wasn't just Henry, the culture was different with respect to work and money and specifically taking on debt. There was no government safety net - one could easily starve.

For many years it was also difficult to find insurance on a financed car, because someone who did not outright own their car was considered high risk. Not worth the trouble in their view. Nothing has really changed too much, but this is one reason premiums in general are so high. Your neighbors foolishness gets passed on to you.

Heck, ever notice the bankers make you pay all the freight to insure "your" truck - even though they own the note - and if you don't believe me they will repossess if timely payments are not made. Sweet deal, I mean I understand the terms but it's amazing the lengths people will go just to get in debt over their head.

The rule of thumb for a car or truck is to divide the cost of the truck by 36 months. That's what will keep you from spending too much money. If you say " I can't afford that!" you're right.

 

I financed the last one for two weeks to get the 1K rebate, cost me 20 bucks. I will do 12 or 24 months on the new one because the bank says I don't have verifiable credit. And here I thought CASH was king.

 

Financed my new 2015 Platinum for 18 months. I also shifted loans after the 1st month so I could get the Ford financing cash back and a better finance rate.

 

Just remember the payments are the minimum.

Nothing's saying you can't pay more every month.

 

 

Right on, most in the know say if you can't pay it off in 36 months "you can't afford it"

But to each their own, they make huge loan terms because well banks like to make money, if you don't mind paying all that interest then go for it. Lots of people just want to know what their minimum payment is, they don't care how thick the book is. But who has seen a payment book anymore...

 

In my opinion, if car/truck payments were limited to 36 months, at the present cost of vehicles, the manufacturers would go out of business. A lot of these so called bells and whistles are mandated by the Gov. and it gets more expansive every year. Granted, many are worth while safety devices but they still have to be paid for and the car companies still have to make a profit or they go the way of the DoDo bird.