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Old 10-07-2016, 12:06 PM   #15
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Quote:
Originally Posted by Raven87 View Post
To answer the OP's question about whether an 84 month loan is bad, no, it is not necessarily a bad deal. It depends on the interest rate most of all.

For example - if you borrow $30,000 for 84 months at 2.99%, the payment is ~$397/month. Total interest paid over the life of the loan is ~$3300.

If you borrowed that same amount for only 60 months at 1.99%, the payment jumps up to ~$526/month but your total interest paid out drops to less than half of the 84 month loan - ~$1550. But remember - your monthly payment is still over $125/month higher.

As many have said, if you are going to keep the car at lest 3-4 years and if the interest rate is decent and you are still able to save for an emergency fund (which should be at least 6 months of living expenses), then it's not a bad idea necessarily.

It's just better to borrow the least amount you have to for the shortest period of time at the lowest possible interest and still have a monthly payment that you can live with.

Only YOU know that answer.
^This. If you KNOW you are going to keep the car awhile, and you get a low rate having the extra money each month to yourself for other expenses isn't exactly a bad thing.
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Old 10-07-2016, 12:11 PM   #16
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Your call..... but financially speaking, yes theyre a bad idea. Did Penfed gave you that rate or you think youre gonna get that rate? I dont even like the fact that im in a 72 month loan, I only did it because they offered 0% otherwise I wouldve taken the 60 months.

If I was you I would either save and wait a few years....or until they do a 0% offer again at 72 months. I know in college the last thing you want is a huge payment over your head while youre desperately looking for a job after graduation.
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Old 10-07-2016, 12:13 PM   #17
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Geico offers a extended warranty with your insurance policy mine is about 20 dollars extra a month for both of my 2016 cars. You have to do it before you hit 1 year on vehicle and before I think 15k miles. I would do it, two weeks after hitting 30 last week I found out I have a tumor, while its possibly benign(just did mri), it made me realize how short life can be. On the other hand I would not personally take this loan because you will always be way upside down on your loan.
Whoa dude dropping that casually in there! When do you find out more info?
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Old 10-07-2016, 12:17 PM   #18
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No way. Go for a walk, take a few days and let the temptation fade away. 84 months is ridiculous at any % rate even 0 %.
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Old 10-07-2016, 12:17 PM   #19
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Lease it...
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Old 10-07-2016, 12:21 PM   #20
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I would shelve this as a bad idea.
This^^^. Wait and save or until you make more money.
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Old 10-07-2016, 12:21 PM   #21
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Tradeing in your Mazda?
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Old 10-07-2016, 12:26 PM   #22
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Whoa dude dropping that casually in there! When do you find out more info?
October 31 and I just was trying to relay to OP that life is short, thats all.
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Old 10-07-2016, 12:30 PM   #23
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Originally Posted by SixgenSix View Post
No way. Go for a walk, take a few days and let the temptation fade away. 84 months is ridiculous at any % rate even 0 %.
I'll take a million year loan at 0%. Why wouldn't you? It's free money and crazy to not take it. The value of the money you borrowed will become less simply because it's being outpaced by inflation. Why spend todays dollar today when you can spend it 5 years from now and it's worth the same as tomorrows dollar?
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Old 10-07-2016, 12:37 PM   #24
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I'll take a million year loan at 0%. Why wouldn't you? It's free money and crazy to not take it. The value of the money you borrowed will become less simply because it's being outpaced by inflation. Why spend todays dollar today when you can spend it 5 years from now and it's worth the same as tomorrows dollar?
word...but it just sucks having a payment for that long, but yeah at 0% you are using another person's money for nothing.

I always try and balance it a bit, but I lean towards keeping my own cash and using others' cash for nearly nothing.
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Old 10-07-2016, 12:39 PM   #25
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Originally Posted by enzia35 View Post
Tradeing in your Mazda?
I only have 1 payment left on it, it's a lease.

And for those asking if I was approved for the loan or if I am just assuming, the answer is yes, I was approved by PenFed.

This is pretty much my dream car, so I do plan on keeping it for as long as possible. I had to get rid of my 2010 Aqua Blue 2LT/RS right after I got it because I was going to school and have been dreaming of getting another medium blue Camaro ever since.

I still live at home, but I am single so I don't see marriage/kids anywhere in the near future lol. I am employed full time and actually just picked up a second job to make a little extra cash on the side.

Also, I believe PenFed offers gap insurance with the loan.
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Old 10-07-2016, 12:48 PM   #26
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Yeah, well if you drive a camaro you be gettin all the girls, so...kids are highly likely in the near...oh but you still live at home....nevermind.






I wonder if it's still a relationship taboo for a guy to still be living at home. damnit, you know I am just assuming you are a guy too...maybe you are not. OMG THE INTERNET IS KILLING ME!!!

You know what...I just assume all the members are guys unless the name or avatar suggests otherwise...isn't that horrible!
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Old 10-07-2016, 12:55 PM   #27
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Take from someone who was young and stupid and did this before. DON'T. It's a terrible idea.
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Old 10-07-2016, 12:58 PM   #28
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Take from someone who was young and stupid and did this before. DON'T. It's a terrible idea.
You're probably right, I shouldn't. It's just that getting 20% off MSRP on your dream car is so hard to say no to. :( Lol
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