Quote:
Originally Posted by Scroopy Noopers
96 months is crazy. Unless you’re putting money down, you’re going to be seriously upside down on your $90,000 truck.
96 months means you can’t afford it. It’s not reasonable at all to do that for a vehicle, when there are plenty of other options. Those who “need” something like this for work are few and far between.
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If I was buying an 80k vehicle, had the cash in hand, and they offered me 0%, I’d take it for whatever term it was offered for, put the money in a high interest savings account, and have my truck payments pull out of there while I made interest on the tens of thousands sitting there for the first several years.
The length is irrelevant if it’s 0%, you’re paying the same amount. Now, obviously, the key is to agree on a price first and make sure the financing fees aren’t wacky, but outside of that the only decision you’re making is whether you want to pay the same amount all at once or over time.
Term matters once there’s actually a percentage attached, but even then, just calculate what you’re paying for the vehicle all things considered. 8 years is not a long time to keep a vehicle, but yeah, if you’re going to end up paying thousands more just to drop your payments by a few tens as you stretch out the term, then it’s stupid.