Quote (R0B3RT @ Aug 18 2015 09:23pm)
People who can't afford the other 6k and want that vehicle and don't mind the debt/interest?
The guy isn't wrong...
6k over 60mo @ 4% is still 630 dollars in interest. @ ~110/mo payment
6k over 36mo @ 2.9% is 270 dollars in intrest. @ 170/mo payment
I don't know the OP's financial situation but for 60 bucks a month you can save 360 bucks in interest and have the vehicle payed off in almost half the time. Not to mention, a 170k mile truck that is going on 9 years old is going to depreciate like a fucking rock.
Everyone always says take out a long term loan and make bigger payments. That's true. You come out ahead (usually). However, if i'm looking at financing 6,000 dollars over 60 months. I'm not very confident in myself to make the choice of making a bigger payment over going out partying with my bros. So in this situation, i'd say lock yourself into the bigger payment and knock that shit out before your truck is worth scrap prices.