Quote:
Originally Posted by dustyanddaflames
Hear ya Vlad, but I have been stung a couple times buying a used vehicle (transmission went in one 250 km after purchase), and looking for something reliable for the lady to drive from Lethbridge to Claresholm with.
I was thinking five or six years, not because we can't afford it, but within two years she'll be doing her masters, and I am going to have to shoulder the payments alone. This way we can keep payments low and put a bunch down on principal ASAP.
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Your bes tbet would be to use a Line of Credit to purchase the vehicle. (this is what I do) this way depending on the rate you can get you cabn adjust your payments accordingly.
Some months I pay $900 payment on my vehicle and some months (Like December & January) I pay the minimum Interest payment of $125.00. This is the most flexible way and it also allows you to pay off as much of the loan as you want as fast as you want.