Quote:
Originally Posted by 04BlackMaxx View Post
They say if you have to get a 6yr loan, you shouldnt be buying the car bc you cant afford it.
Quote:
Originally Posted by 2LEET4U
that makes no sense.... the reason for a 6-7 year loans are to make the monthly payments more affordable for people. If you cant afford a 4 yr loan, then go for the longer payment plan in order to reduce your monthly payment.
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I agree with 04BlackMaxx but I see 2LEET4U's point. Here is the reason.
If you have to finance a car for 6-7 years in order to make the payment affordable for you, then you're probably buying too much car. I don't care what car it is, if you're financing for 7 years, you will end up with lots of negative equity in the car, meaning the car will depreciate way faster than you're paying it off. It just isn't a wise financial move.