10 Year Car loans

[GLADIATOR]

While perusing wicked cars for sale, I stumbled across an ad for a rare Super Stock Hellcat. Obviously over $100k and way out of my price range. But I noticed they offered 10 year loans for it. So I did a little more Google research and sure enough, you can get 10 year loans for exotics and Barrett-Jackson cars. Kinda makes sense since those vehicles will somewhat retain their value and will prolly get flipped. Now, I know there are some self proclaimed financial wizards on here, but would you take out a 10 year loan for something wicked? Like a Ferrari, Lambo, GTR, or a Barret Jackson car? Remember this isn’t a 10 year loan for a minivan. Please vote.

Click to read more...

 

[OffshoreDrilling]

If you need a 10 year loan to buy a fucking exotic car, you have no business buying an exotic car. What the hell do people think it costs to maintain stuff?

Americans have been conditioned to be payment consumers instead of price consumers.

A mortgage is the only loan I’d consider over a 10 year term.

 

[boostedguy05]

Depends on the interest. 0% gimme dat money.

 

[OffshoreDrilling]

Depends on the interest. 0% gimme dat money.

Even at 0%, how much do you need down to not be underwater while making such a small dent in the principal.

I couldn’t even pick a car I’d want to own for 10 years.

 

[DEEZUZ]

I'd finance 5 years 50k to put into the Camaro.

Don't see anything happening to that car anytime soon.

 

[GLADIATOR]

What about for a rare car like the Hellcat drag pack. I think 1 of 50. Shouldn’t lose value.

 

[OffshoreDrilling]

Lol. No

 

[Chet Donnelly]

Looks like they have a 180 month (15 year option). I'd go for that at 6.54% interest. Great deal!

 

[Lead Pipe]

Why not? There's no laws saying you can't pay more towards principal. I will always take the longest loan possible as long as the interest isn't crazy. When you look at even if you hit some hard times for a couple months you don't have to sell all of your shit. Just plan to pay more a few times per year. I paid my truck off around 55 months and had a 72 month loan. Just because you take out a 10 year loan that doesn't mean you have to run it out to full term.

 

[greasy]

I think there is a balance to being financially responsible and getting something you love because it will bring enjoyment into your life. I think a 10 year car loan falls outside that balance. You’ll probably be happy initially but the pain of that car note will continue so long it will prevent you from doing other things you want to do in life and just be a burden at that point.

 

[Blood on Blood]

What about for a rare car like the Hellcat drag pack. I think 1 of 50. Shouldn’t lose value.
View attachment 114570

That car is a Conversation piece unless one is going to race it

 

[DEEZUZ]

Why not? There's no laws saying you can't pay more towards principal. I will always take the longest loan possible as long as the interest isn't crazy. When you look at even if you hit some hard times for a couple months you don't have to sell all of your shit. Just plan to pay more a few times per year. I paid my truck off around 55 months and had a 72 month loan. Just because you take out a 10 year loan that doesn't mean you have to run it out to full term.

Some people here. Will. Lmao

 

[Jimy Bilmo]

Fuck debt.

 

[FESTER665]

I currently cannot ever think of a time when I would take out a 10 year loan on anything other than a mortgage. I don't need a 150k car if I'm paying for it for 10 years....

That being said, there was a point when my parents were shocked that they paid more for a car then they did for the house because they bought it in the late 60's.

If we get to a point where average cost of a car is 75k and loaded models are 100k plus I might have a different outlook.

Are car manufacturers going to extend their warranties? I'm not taking a ten year loan on a car when the warranty ends after 5 years.

 

[Blood on Blood]

You guys do what you have to do as many are in the hamster wheel of car payments for the majority of their working lives.

 

[FirstWorldProblems]

What about for a rare car like the Hellcat drag pack. I think 1 of 50. Shouldn’t lose value.
View attachment 114570

Every hellcat EVER MADE will lose value relative to what they cost today. Different variants of the same fucking car have been mass produced for 8 years now.

And you'd have to be a literal retard to think taking out a 10 year loan, when the auto market is severely inflated, is even remotely logical. Every forecast on the planet says US auto production is going to ramp back up to historical norms by 2023, which will drive used prices way down.

You can't afford the cars you want, period. If you wanna change that make more money.

 

[FirstWorldProblems]

Why not? There's no laws saying you can't pay more towards principal. I will always take the longest loan possible as long as the interest isn't crazy. When you look at even if you hit some hard times for a couple months you don't have to sell all of your shit. Just plan to pay more a few times per year. I paid my truck off around 55 months and had a 72 month loan. Just because you take out a 10 year loan that doesn't mean you have to run it out to full term.

Because the rate on a 10 year loan will always be significantly higher than a "normal" loan to account for risk and time.

 

[The Beast]

I think there is a balance to being financially responsible and getting something you love because it will bring enjoyment into your life. I think a 10 year car loan falls outside that balance. You’ll probably be happy initially but the pain of that car note will continue so long it will prevent you from doing other things you want to do in life and just be a burden at that point.

 

[Blood on Blood]

 

[bikrboy128]

A 10 year loan on a fucking Dodge

 

[frank]

84 months seem to be the common on new and used out west like in California.

 

[GLADIATOR]

A 10 year loan on a fucking Dodge

That was just an example. What about a supercar?

 

[Jimy Bilmo]

That was just an example. What about a supercar?
View attachment 114576

Again, if you're taking a 10 year note to "afford" a supercar, you can't afford a supercar.

 

[The Beast]

Again, if you're taking a 10 year note to "afford" a supercar, you can't afford a supercar.

I don’t think u know Juan very well. You will soon just wait

 

[bikrboy128]

That was just an example. What about a supercar?
View attachment 114576

We here at TCG pay cash for our supercars