96 and 108 Month Car Loans Are Becoming the New Norm | How Cars Keep You Broke and Poor People Poor

preview_player
Показать описание

___________________
___________________
Buy me a drink and support the channel...
___________________
___________________
Mail:
Anton Daniels
P.O. Box 27
Union Lake, MI 48387

#Broke #CarLoans #Poor
Рекомендации по теме
Комментарии
Автор

If a dealership wants a 5k down-payment take that money and buy you a used Toyota camry it will last you 5 to 7 years

stlouismook
Автор

🙋🏾‍♂️i took the 72 month plan. realized my fuck up and paid it off in 3 1/3 years tho. i couldnt let em get me like that lol.

BlakDynamite
Автор

When I saw 96 and 108 I thought this was talking about radio stations!?😏 Ain't no way you should have a car loan that long! Worst financial decision I ever made was getting a car I really couldn't afford when I was 25 yrs old took 7 years to pay off plus a lot of maintenance expenses set me back. I love cars and wanted what I wanted but that wasn't smart. Self-discipline is key 🔑 to life.

MrAntd
Автор

No matter the make and model, all cars end up in a junk yard. Toyota, Nissan. Bentley, Ford, doesn't matter. Making an $60K purchase that cost you $72K after interest and worth $10K after 10 years of depreciation will never be a good financial move.

BigRonJ
Автор

Man my co worker was bragging about a 700 car payment for a 2021 Honda Pilot

JTGEAGLE
Автор

That car engine can die before that 96 month loan is up.

handleyobusiness
Автор

72 months is too long for a car loan, your car value drops after 3 years. If you need an expensive car lease it. Do not buy, These new cars. Some of these cars are not worth the money that you pay for it.

ldwalker
Автор

I always take the longest term with car loans as the interest rate is normally low. I have no intent to take this loan to expiration date. I make payments to the principal doubling or triple the rate especially in the beginning. I take months off when I feel like it, why would I pay up front for a depreciating asset? Paying the minimum payment for any asset is never a good idea but a better option than handing them 100% cash. Unless they give me a huge discount upfront, I'll keep my cash and buy stock instead.

tigaagul
Автор

never heard of 96 mos. but they always been doing 72 or 84 mos. and i'm 45 yrs old
when i was in high school the homie bought that NEW Dodge Neon 😉 and had an 84-mo. note

QR_Code
Автор

My last car loans were 72 months. I paid them both off in 4 in a half and 5 years. Interest rate was 8% on both. $270 and $197 a month. Used the cars to make food deliveries. Made about $200, 000 in the 5 years. Paid $0 in taxes. My only regret was that I should've paid the cars off sooner. I had the money just used it on other stuff that wasn't making me anymore money. You live and you learn.

viperjodete
Автор

A beautiful credit score comes out when you actually purchase a brand new car vs getting a used up one paying cash

Puzzles
Автор

It depends. It might be a more advanced topic than the average person but if you are financing longer term and you are paying 2800 but over those 72 months you used the money you are saving in payments monthly to invest and that investment made you 50k it makes sense

OPM. Other people’s money

I want a new C8 corvette or an LC 500. Prices are coming down. I m looking to pay about 60k for one when this car bubble pops or even less.

If I pay 60k up front, that’s money I can’t use to invest...

I rather use that 60k as a down payment for a rental property that will make me income which will actually help me pay for the financed car...

BUT you are right. The average person who is using the longer term just to afford the payments are doing it wrong

UrbanBDKNY
Автор

I like this dude he keep me motivated and on top of my game with making good decisions lol

dandraewhite
Автор

Look this been happening. I spoke to finance managers and some them rich be financing for 10 years. However they rent them out and use the depreciation for taxes. They say 3 years or buy cash. I say take the cash and buy real estate to buy the car.

tam
Автор

I always have a paid off vehicle and anything I finance I trade after 2 or 3 years. I finance whip under the business though. 🙃

jmars
Автор

Is it the same thought pattern for lease?

poofbah
Автор

Preach!! 2 year minimum depreciation when I purchase a car. 24 months or older unless it's a new Business lease

undercovernewsnetwork
Автор

It depends on the rate and down payment. I did a 72 month loan as the rate was the same as the 60 month, but I also put $25k down on the car that doesn't depreciate much at all. I could have paid cash but why would I when the interest rate is just 2.5%?

With that said, the vast majority of people buy cars based on monthly payment. Extending the loan term is a way to lower payment with higher overall car prices and interest rates.

UncmmonSense
Автор

What if I wanna get a brand new car and keep it long term after the loan period?

OnlyWinner