More than half of all new car loans in Canada financed for 84 months

RedVenom48

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And of all that I'll take the air bags and ABS. Keep the rest of the shit as I don't need it. lol
Ford and their trailer assist for backing up? I'm paying for R&D because some are too stupid to learn how to back up a trailer.
Backup camera?
How about learn to use mirrors?

Also remember that the cost of making all that stuff should have gone down by now.
Just like the TV that was 4K 2 years ago is now $899
I agree completely, the problem is that society in general is being told that they NEED these "safety features" to drive safely or make their lives easier. They have become reliant on them as well. Society as a whole, IMO, is weak and this is just another facet of it.
 

nickf2005

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Love all the financial experts on SVTP lecturing people about how they spend their money, and how dumb everyone else is. I'm sure everyone here always buys used, with cash, right?

Sure, an 84 month loan at an interest rate anything over 0% is probably dumb. But, you're not in their shoes.
What's dumb is somebody spending $50,000 on a truck when they have the option of getting one for $25,000, but only look at an $X per month payment for 6 years.

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97WHITEVENOM

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The other thing to look at is on a 50,000 vehicle at 5% interest over 5 years you are looking at $5,000 in interest. When I bought my Ram 1500 buying new was cheaper because after the ridiculous rebates new was a few thousand dollars more expensive than used. It was very close to a wash when you account for the fact that I got 0% interest rate. You will never get 0% on a used vehicle, but it is pretty common on a new vehicle now a days.

What are used vehicle interest rates now a days for someone with perfect credit? I think my first auto loan on 08 on a used 06 was like 3% for 5 years.
 

Dusten

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The other thing to look at is on a 50,000 vehicle at 5% interest over 5 years you are looking at $5,000 in interest. When I bought my Ram 1500 buying new was cheaper because after the ridiculous rebates new was a few thousand dollars more expensive than used. It was very close to a wash when you account for the fact that I got 0% interest rate. You will never get 0% on a used vehicle, but it is pretty common on a new vehicle now a days.

What are used vehicle interest rates now a days for someone with perfect credit? I think my first auto loan on 08 on a used 06 was like 3% for 5 years.


These are the cu I use for loans rates. I get a 1% discount for being senior enlisted.

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tones_RS3

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Shit, I'd finance my vehicles for 10 years if I could. SRS.
Lower monthly payment, double up on payments,........paid off in no time. I thought I saw somewhere that was offering 10 year loans. I forget where that was though.
 

Dusten

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Shit, I'd finance my vehicles for 10 years if I could. SRS.
Lower monthly payment, double up on payments,........paid off in no time. I thought I saw somewhere that was offering 10 year loans. I forget where that was though.
There are banks who do that for exotics. Up to 144 months
 

tones_RS3

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There are banks who do that for exotics. Up to 144 months
That makes sense. You got a huge payment with exoctics.
Maybe that's where I saw it??,......when checking out/prices of the Porsche 991.2 GT3. (My dream car. I would love to own one someday.)
 

RDJ

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When I was financing car notes I would always finance it for as long as I could. since it is always easier to double up or pay extra on a note than make up money you don't have should something go south. if I can finance with other peoples money I do that too 5 years at 0% is awesome no matter how you cut it
 

tones_RS3

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When I was financing car notes I would always finance it for as long as I could. since it is always easier to double up or pay extra on a note than make up money you don't have should something go south.
Exactly!
 

Orange95

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Shit, I'd finance my vehicles for 10 years if I could. SRS.
Lower monthly payment, double up on payments,........paid off in no time. I thought I saw somewhere that was offering 10 year loans. I forget where that was though.
Some credit unions will do 96 months on new purchases. That's the longest term I've seen so far.
 

Zodiac

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Hell a 96 month note and being able to dump extra into principal every month sounds great. Yeah paying an actual note that long is insane, but if low interest there is no real pain in doing it.

I remember when I got laid off I had 2 cars that I refinanced into 84 months. Saved my ****ing ass. 11 months later when I finally landed on my feet I was able to knock those loans out ridiculously fast due to how low the payments were.
 

OETKB

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I finance houses.
Cars and trucks... as infrequently as possible.
 
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Zemedici

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What's dumb is somebody spending $50,000 on a truck when they have the option of getting one for $25,000, but only look at an $X per month payment for 6 years.

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All that shits relative man. To some people $50-75,000 over 7-8 years is not a lot of money. Everyone’s situation is different. Others spend 100s of thousands a year on vehicles.
 
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LogiWorld123

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Cars last longer than 3-5 years now too. What's the average age of registered vehicles now? I am sure its near 10. I know 100k miles used to be do not touch, and now its "meh as long as Carfax is clean"
 

Kiohtee

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State Employees' Credit Union (North Carolina) used to do 120 month financing on new vehicle. The loan had to have been $25,000 or greater, and they would finance up to 120% of MSRP.

For whatever reason, like I couldn't guess, they are no longer doing that. That was giving people a TON of leeway to get themselves in over their head. Now it's 96 months and 110%.
 

Lemmiwinks

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I find it interesting how it's possible for the car prices to be so high.
Here in Sweden a basic Volvo V90 is around $40k.
I would never pay that much money up front for a car that will be a $20k car in a few years. I don't even have that money in cash!
As I see here is that of all the people I know that drive brand new cars, nobody actually owns it. It's becoming very rare for people to buy their cars, they're all lease.

I myself stick to driving older and broken cars. Sometimes costs more than a car lease. But in the end, it's mine. And I won't have to worry about value or anything because it's pretty worthless anyways.

With that said, I'd rather stay with my old shitbucket 2004 BMW 530.
Even though I have to work on it atleast once a month...
 

Kiohtee

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Outside of a toy that I intend to modify and do sketch shit with, I will never own another car. My wife and I just appreciate the value a new car brings every two or three years, and having the latest styling/technology is part of that. Now, I speak mainly from a Volvo perspective, but even if I jump ship to another manufacturer, we will probably always lease.
 

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