84 months

Ricci Wright

On the radio they said you could finance your new Mitsubishi for 84 months. Hahahahahaha. Oh yea let me sign that contract before they change their mind. Can you imagine taking seven years to pay for a damn car. I heard one of the callers on Handle for the Law show out of Los Angeles saying he had bought a new car so the could be an Uber driver but cause he was upside down on his present car he purchased gap insurance. A week later someone totaled his car and guess what?? The dummy told the insurance company he was driving for Uber. The policy doesn?t cover commercial vehicles. Guess he needs to buy another new car.

mogley98

Extend the payments and Americans will buy anything!

Next I guess will be sixty year mortgages or just life leases.

hillbille

just think you could have paid $1.52 a month for 84 months for that cavalier..............

jimdeere

El Monte Slim says ?Fifty dollars down, fifty dollars a month, for fifty years?.

Ditch-Runner

many years back a couple who worked at the same place as I bought a new van more than they wanted to spend ..
they thought the salesman / dealership was lowering the price to meet there offer , they had a how much can you spend each month question .. long story short they bought the van then found out the price was not lowered they just gave them a 5 year loan ( when 3 years was the common )
the monthly payment hooked them thinking it was 3 years ..
a hard way to learn a lesson

redneckandy

Local furniture store offers seven year financing on some mattresses they sell..

Chief Shaway

Idiots out there doing 15 on a fishing boat.

allen griggs

Dave Ramsey often discusses this, and he says it is the number one way to go broke.
Dave says that the average car loan today in America is for 78 months, and is $508 a month. So the guys who don't get an 8 year loan are getting a 7 year loan.

I just bought an 8 year old Nissan pickup, beautiful truck looks brand new I paid $16,000 cash.

An 8-year car loan. Unreal. Being that it is a new car, think of the massive depreciation, and the massive interest.

WearyTraveler

I wouldn't take a 7-8 year loan now. However, there are lots of kids starting out and the only way to get credit is to build it. Maybe when starting out, all they can afford is that$88 per month strung out over 8 years. Hopefully in a year or two they'd be better employed and can double up on payments, ending the loan after only a couple of years.

I'm not saying it's a good thing - just suggesting a case where it is actually needed.

And yep - I fully understand that the majority of the payment will be going toward interest and not principle.

In '88 I bought a $12k Harley. Opted for minimum payment / lengthy term. I worked extra jobs and sent in whatever I could afford each month. It was paid in full in 2 years. But I could always send in minimum if times were hard.

jimdeere

I paid my house and land off in 7-1/2 years by paying $200 a month extra. That was about what I made with two 8 hours shifts of overtime per month in the ?90?s.

Junkballer

I'm glad now I had some tough old goats teaching me math in elementary school , I learned to add, subtract, divide and multiply......all with a lead pencil, no hand-held calculators back then. Much later in my schooling I learned just how dangerous compound interest is to ones financial freedom. Retired at 55....13 yrs. ago debt free and remain debt free today living better than ever. Numbers can be like playing games, they can be tricky......you just got to out trick the tricksters...........and read the fine print before signing anything