84 month Financing,Crazy?
Thread Starter
|
Fleet Mechanic
Joined: May 2006
Posts: 1,376
Likes: 12
From: Illinois
84 month Financing,Crazy?
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.....
Senior User
Joined: Nov 2017
Posts: 156
Likes: 0
There are going to be many that are like you and think it’s crazy. Mine is for 72 months. If it’s someones dream truck and this is the only way they can purchase it I won’t judge. I know folks that spend thousands a month going out to eat every night. To each his own.
Tuned
Joined: Apr 2018
Posts: 454
Likes: 25
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.
If you pay extra every month, it's not as bad.
Thread Starter
|
Fleet Mechanic
Joined: May 2006
Posts: 1,376
Likes: 12
From: Illinois
Well I feel anymore I guess 72 is starting to be the average.With how much they cost it seems that’s the only way you can afford them without losing your house cause if it.Im putting half down and financing the rest.
Cargo Master
Joined: Jul 2003
Posts: 3,358
Likes: 250
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.
Trending Topics
Posting Guru
Joined: Nov 2010
Posts: 2,043
Likes: 4
FTE Stories
Ford Trucks for Ford Truck Enthusiasts
Rezvani's Latest Post-Apocalytic Monster Is a Ford F-150 Raptor Underneath
Verdad Gallardo
Top 10 Most Expensive Ford Trucks Ever Sold on Bring a Trailer
Joe Kucinski
2027 Ford Super Duty Buyer's Guide (Every Model, Engine, & Package)
Brett Foote
Top 10 Ford Truck Tragedies
Joe Kucinski
AEV FXL Super Duty - the Super Duty Raptor Ford Doesn't Make
Brett Foote
Lobo Vs Lobo: Proof the F-150 Lobo Should Be Even Lower!
Michael S. Palmer
Ford's 2001 Explorer Sportsman Concept Looks For a New Home
Verdad Gallardo
10 Best Ford Truck Engines We Miss the Most!
Joe Kucinski
2026 Shelby F-150 Off-Road: Better Than a Raptor R?
Brett Foote
Post Fiend
Joined: Apr 2002
Posts: 19,311
Likes: 97
From: Waterloo, Iowa
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.
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.
Mountain Pass
Joined: Oct 2005
Posts: 114
Likes: 0
From: Erie,Pa
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.
Posting Guru
Joined: Apr 2017
Posts: 1,655
Likes: 21
From: Western MA
It depends on the interest rate. Obviously if you can finance for a rate lower than your money can earn somewhere else then finance for as long as possible. I financed for 1.9%..... I can get a guaranteed 3.5% rate of return on my annuity so it would be stupid to pay off the truck
Tuned
Joined: Aug 2017
Posts: 354
Likes: 15
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...
Hotshot
Joined: Jul 2005
Posts: 13,834
Likes: 25
From: Middle Tn.
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...
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...