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Let me guess, when the auto loan bubble explodes the taxpayer will be expected to bail the banks out and the people who signed up for these loans will play victim that they were conned into the loans, Pelosi will throw tantrums that these poor people should get to keep their cars without making payments.. etc etc., you get the idea!
Those are for the high end cars.
Usually loans 84 months and up have a 30-40 k minimum purchase. That of course depends on the the bank.
Works great when your slef employed and waiting for that investment to pay off .
The amount of money that normal people spend on car payments? I put that toward investments. Because I mean to be able to eat when I'm old.
Granted, not everybody is a Mechanical Messiah like Myself... not everybody can do that. I understand that much. But what I DON'T understand is how they manage to afford a decent vehicle.
The amount of money that normal people spend on car payments? I put that toward investments. Because I mean to be able to eat when I'm old.
Granted, not everybody is a Mechanical Messiah like Myself... not everybody can do that. I understand that much. But what I DON'T understand is how they manage to afford a decent vehicle.
I buy a new vehicle about once every 13-15 years. Pay it off in 4.
The average age of a car on the US roads is 11.5 years, Which means a majority of the cars that were bought new 120 months ago are still on the road, providing reliable transportation. And, aside from the compounding interest, there is nothing wrong with spreading out your payments that long.
If the interest rate is actually low it could make sense , if you could actually make more investing the money .
But it definitely seems like it could be used to purchase a more expensive car than one otherwise would .
I think there is going to be a big mess with auto loans the next downturn . Unlike home loans I know the dealers often aren’t even verifying income . I know the same site wrote an article about that .
We bought a car last year and the salesman asked for employer info and said “don’t worry we won’t call them” .
I'm just waiting for the "I've paid cash for my cars the past 40 years" folks to show up.
Most people can’t come up with $500 much less 30,000 to buy a car. And there are some who can.
Truthfully it’s not that hard to save and buy cash. It depends on your ability to control spending.
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