eightoneze

Did anyone here finance 72months or greater? Like 84 months?
Thanks

RFFG

You can do 84 months on a new car

eightoneze

Is that through a Lexus dealership?

Thanks for the response

Giggity

You can also do 84 months on a used car as long as it's over $30K (depending on the lender)

RFFG

Yep, Lexus dealership

PNice972

iTrader: (6)

wow, why would u do this??

sincityIS

If you have to finance it that long you can't afford it.

Ramon

Exactly... Don't kill yourself over a car, get something within your means.

eightoneze

Guys, thanks for the information. That is helpful.
Regarding the 84mo: Yes it sounds crazy. But I drive 35,000 miles a year. I need to change cars every 1.5 years just to stay in the warranty period. I can't lease obviously, so I just extend the loan as far as I can. I don't plan to keep the car so what's the difference. I did this on my 300zx, 350z and G35c. My payments were only + $50/month each time I changed cars. I also didn't put any money down on the Z or G.

Usually the interest rates suck on the longer loans so I refinance through my credit union. This is the only way I've found to own a $40k+ luxury/sports car, drive 35k miles a year and stay within the warranty period.

nighthawk

I still think leasing is your better option, mostly due to resale prices and the initial depriciation hit.

That said, I financed mine for 72 months, but will try and pay more when possible. I have always financed my cars for 72 months. Adding one extra year got me a Lexus instead of a Toyota or Nissan, etc...not that theres anything wrong with those cars, just paying for an extra year gets me the better car. I also trade every two years so it don't really matter. I need to lease next time....

gsrthomas

iTrader: (1)

If im racking that many miles a year a luxury car would be my last choice to buy. Get a Accord 4 cly or something along those lines with good gas mileage.

FiveOhNine

Though I appreciate the logic in this, paying more interest and taking a tax & depreciation hit every 2 years is also keeping you from owning better cars.

Assuming that you finance 30k, you are probably paying an extra 2-3k every two years in taxes/fees, another 3-4k (minimum) in depreciation, and at least another few grand in extra interest over a 48 or even 60 month lease.

All in total, think about what another 10k (every few years) could buy you, or better yet, think about what 10k invested now will be worth when you retire.

dusouth

i think that is the most intelligent answer so far.........

sincityIS

Every time you swap out you are just rolling the depreciation into the next loan you get, hence burrying yourself deeper into debt. Pretty soon you will be driving a hyundai for 5000/ month.

Zanorath

To finance at 84 months you will need an A rating on your credit, I suggest using a credit union. I almost up(down?)graded to an 84 month from a 72 month with the intent to just pay extra when I could. Anyways, if you have good credit the interest rate shouldn't be too much higher than a 72 month, if any higher at all, for mine the difference between a 60 and 84 month finance was .1%, so as long as you can pay extra here and there, I don't see anything wrong with it, especially if you work in a commission environment where you may have down months. If you have a steady income though I don't see a good reason to go that high other than having more money to blow, making an assumption there that you'd just waste the extra money, but hey thats where most of us are with long financed cars. Personally I cut out $20 a day in fast food and replaced it with home cooked meals to afford my car, and couldn't be happier, or healthier for that matter.