Quote:
Originally Posted by motorhead
Well that doesn't make sense either. If you take out a loan for 84 months along with putting no money down, as most folks do these days, you will be upside down very quickly and will owe more than the car is worth in those two to three years. Plus the intrest rate is higher on longer term loans. It's ironc that you use your family member being a GM of a BMW dealership to counter my first post. That gave me a good laugh. Thanks. 
There is no good reason to good that far with a car other than wanting more than you should. The same goes for houses. I can't believe that people take out 30yr mortgages for a house. Yikes! I would hate losing all the intrest. |
I'd think that most people probably take 30 years mortgages. It's almost the only way one can buy a house nowadays. Everything is so expensive.
We had a 30 yr loan, but put extra money directly on the principle with each payment. End result: Paid off the mortgage in ten years, two months, 122 payments. Saved almost 200K in interest.
Craziest part, the bank wouldn't approve me for a 15 yr mortgage, we had to take the 30.