I have 4k to put down on my loaded '04 when it comes in and was thinking about a doing a 60 month loan (payments would be higher than I want) or a lease (not flexible enough).
So I decided a 72 month loan might be a good way to go..low paymens like a lease and flexibility like a loan (milage, mods, etc).
I know I would probaly have to keep the car upwards of 3 years and sell it myself to not take a hit when disposing of it, but does anyone see any other problems with taking this long of a term? Has anyone done it before?
I mean, I would'nt do a 72 month loan on a high depreciation car like a mustang but I don't think that would be a huge problem with this car...

 

Personally, I can't stand have a 5 year loan like I do now. So I could never see myslef in anything longer. Unless you start making more and getting raises, you might not be inclined to go down to a lesser car at that time. That would probably be tuff, drive a G for 3 years, then have to drive an escort or something. Yeesh.

 

hi: Have they Quote you a lease payment yet?, from what i understand that you not likely to keep the car for long time so lease would make sense, but have to beware of the fine print, like how many miles allow, whats residual payment is. i had one dealer quote a lease of 419 for 47 mosplus tax, 6500 down and residual of 17,500! at first it lQQks lot better than the payment of 655/mos for 60 mos for purchase price of 36740 plus fees, BUT with the lease i would've paid over 8000 more than purchase out right!

On the financing, per 1000 for 60 mos at 5 percent is 18.77, for 72mos is 16.10...just a example for amount financed lets say 37000 for 60 mos is bout 657/mos and 596/mos for 72, only 60 difference, i would think on longer term the rate for be lil higer, and for the lease, for comparison the Audi A6 have an lease offer of 379 plus tax for 47 with down of close to 2500 on the MSRP roughly of 38500, but its with 10000 miles per year.

I dont think anyone would know how much this car deperciats, for example again...on 2001 bimmer 330ci the kkb for private sale is 28750 and Audi A6 3.0 is 22335, back then i think 330's msrp is roughly 40000 and A6 is 37000. either way you gonna take a lil hit after just 3 years but WHAT 3 years with this car would be like(grin)...hehehe good luck...s.w.

 

With rates as low as they are, I plan on doing a 6 yr loan but will be putting down half or more. Primarily, this is to keep a higher cash flow and I plan on keeping the car beyond loan payoff. I've debated on less down but feel I'm in better shape for a larger home loan with less monthly outlays but that's offset with putting less down on the car to have more for the house. Haven't worked all of my own scenarios and everyones situation is a little different.

For you, I ran some numbers. For a 35k loan at 4.25%; the difference between 5 and 6 years is the 6 year is $100 less a month and $800 more in total interest but you'll still owe $18,600 at the end of three years.

My only thoughts are you keeping the car just for 3 years. Don't know too much about leasing but that might be an option for the sake of monthly payments and your amount of down payment. This is offset with any thought of keeping the car longer and it's value above $18,600 at the end of three years.

Good luck. ...dean

Seattle 'Eastside' area
'R' Order - IP/Graphite 6MT Coupe; Prem., Nav. & XM [img]/w3timages/icons/smile.gif[/img]

 

I wouldn't want to lease, leases aren't flexible enough. Like I would probably want to upgrade the bose, maybe chrome the wheels. Could'nt do that with a lease. What if I want to take a new job with a long commute? Couldn't do that with a lease. Plus I want to guage how long I want to keep the car...2.5 years or...all 6 years...with the loan it seem less complicated.
Basically I'm just worried about being "backwards" (owing more that the car is worth) for too long. In this volitile job market you have to worry about that. But I still think a 36k g in a 72 month loan will be at less risk of being backwards than say a 36k mustang cobra in a 60 month loan becasue I think the g will hold it's value better...

 

just curious...whats the least amount anyone has put down as deposit here...??