If you can afford to pay off a car faster than the monthly payment, why would you ever set yourself up for failure? Don't get me wrong, if you can only afford a 6 year note on a 20k car than so be it.. But if you are buying a toy and can only afford a 6 year note, than step away and rethink things.

People with common sense make purchases over $20,000 that they CAN afford.



longer term=lower payments
Financial responsibility=pay off loan in a fraction of the term.

I also dodged hundred of dollars worth of interest.
Of course, not everyone can make $1000 payments every month for two years. Then again, I still had the OPTION to pay the $367 minimum if i needed/wanted to.




I can't even fathom the people purchasing cars that link them to over 10% apr along with paying $300+ a month for car insurance just on typical sub $50,000 car. I see it all the time and it's such a financial disaster.

This post was edited by stupidkid282 on May 21 2016 09:16pm

Depends on the manufacturer. Most have subvented rates so they are still low.

Just stumbled upon this

http://www.bloomberg.com/gadfly/articles/2016-05-20/negative-equity-hits-the-car-market