APR Rates?

[nitronate33]

Life happens and having a little more flexibility financially is never a bad thing.

You cant predict everything that will happen whether its health, natural disasters, accidents, etc that might put a massive strain on your finances that you didnt budget for.

Yes, thats what your emergency fund is for but 72% of Americans do not have one.

Im not advocating for long loans and justifying how to pay for them Im just giving the other side as to why you might choose a longer term loan even if you CAN afford the shorter term.

yes, and that all makes sense on a practical necessary vehicle. for an expensive, unnecessary pleasure vehicle it makes no sense and generally means you are living beyond your means with poor financial decisions.

 

[ZaneMasterX]

yes, and that all makes sense on a practical necessary vehicle. for an expensive, unnecessary pleasure vehicle it makes no sense and generally means you are living beyond your means with poor financial decisions.

Lets just take it even further. If the vehicle isnt a necessity and is solely used for pleasure and youre financing it you cant afford it; 100% cash or youre making a financial mistake.

 

[acg90]

yes, and that all makes sense on a practical necessary vehicle. for an expensive, unnecessary pleasure vehicle it makes no sense and generally means you are living beyond your means with poor financial decisions.

Meh, i'm not worried about it. I can't afford to buy it out right but I can afford to put about 55% down. The interest difference between a 3 year and 6 year on 30K is about $1400. I've already saved that much plus more by buying it under MSRP.

 

[squeak]

I disagree with those of you who say you shouldn't finance for long periods. If you can invest your own money for 3 -6 % and pay interest less than that then why wouldn't you finance it? I finance all my vehicles because my cash makes me more money than i pay in interest. My tahoe was 0% for 72 and i financed the entire thing and made them give me a check for the difference on my trade which was over $20k which is being reinvested in properties.

Sent from my SM-G930V using Tapatalk

 

[Deleted member 12951]

Holy crap - who finances a truck for 6 or 7 years?

Every situation is different. I financed my wife's car for 72 months because the interest rate was the same for 48 or 72. I made payments for 48 and actually paid it off less than 4yrs, so I paid absolutely no different so what's the issue here. Rate was 2.49%

Same thing on my Raptor. I wanted a 48 month loan but a 60 had the same rate. I opted for the 60 but make payments as the 48. With the interest rate at 1.64% it didn't matter and it comes out exactly the same.

On my house, I did go with a 15yr mortgage because there was over a percentage rate change and couldn't pass it up at 2.5%. I still pay extra and it will be paid off in 12 years.

Every situation and circumstances is different.

 

[SJRaptorG2]

It’s not how much you can afford buying with cash, it’s how much you can afford a month, but there are limitations. Don't get in over your head!
I can buy all cash but it would not be the right investment for me. I do the math for every situation. Here are my reasons that I feel work for me.

Use other people’s money: Financing could mean less loss for situations like bankruptcy, and if you have gap insurance it may pay the difference in the value and how much you owe.

Low interest: if you can get a low interest then keep the cash in a higher interest account.

Today’s dollars: you can do more today with $75,000, so put it to work and pay the lowest monthly amount. That monthly amount will seem lower as the years and inflation increase

Only my two cents……..

 

[guernsej]

I looked at State Farm, apparently you have to be an employee or relative of an employe to get in on their auto loan rates. Did you happen to find a way around that? (or are you inside that criteria).

As for the USAA conversation, the raptor is an included model and getting the rate locked is in a risk, as noted above. I had no problem with my last factory order getting the full discount rate. To each his own experience.

Hey, check it out! It wasn't on their website when I checked but it's definitely listed on the the app. Looks like Mossy Ford is even guaranteeing sub MSRP pricing on in-stock inventory...totally sure they're going to honor that when someone tries to swoop their first Raptor off the lot with a USAA discount coupon!

Already regretting my curiousity btw. Two calls within 10 min offering the steal of a lifetime at just $20k over MSRP! They didn't laugh as hard as I did when I told them to call me back in '18 and they're trying to move leftover inventory off the lots.

 

[The Macf]

I'm in debt over my head and can't make my payments. But I'm living the American dream.

 

[dmercer3]

I disagree with those of you who say you shouldn't finance for long periods. If you can invest your own money for 3 -6 % and pay interest less than that then why wouldn't you finance it? I finance all my vehicles because my cash makes me more money than i pay in interest. My tahoe was 0% for 72 and i financed the entire thing and made them give me a check for the difference on my trade which was over $20k which is being reinvested in properties.

Sent from my SM-G930V using Tapatalk

It’s not how much you can afford buying with cash, it’s how much you can afford a month, but there are limitations. Don't get in over your head!
I can buy all cash but it would not be the right investment for me. I do the math for every situation. Here are my reasons that I feel work for me.

Use other people’s money: Financing could mean less loss for situations like bankruptcy, and if you have gap insurance it may pay the difference in the value and how much you owe.

Low interest: if you can get a low interest then keep the cash in a higher interest account.

Today’s dollars: you can do more today with $75,000, so put it to work and pay the lowest monthly amount. That monthly amount will seem lower as the years and inflation increase

Only my two cents……..

^^ These two gentlemen understand money. THAT is the difference. Lead a horse to water....

 

[Trick.Raptor]

I'm in debt over my head and can't make my payments. But I'm living the American dream.

Not in debt and I don't want to make my payments. Trying to live the Wall St. dream.