Can someone explain to me why in the world would anybody with half a brain would go with 96 month financing on a new vehicle? Thats 8 years!!!! I stopped into my dealership today and they had a sign out front saying they now offer that. People are so retarded if they pay for a car that long.

 

While I would never finance a car for more than 60 months, but sometimes financing a car for 96 months is the only way some people can afford a new car.

 

If thats the only way you can afford a new car, you cant afford a new car. Spend that money on something better as they clearly are hurtin.

 

I always said I'd never go over 60 months, but when Ford offered me 0% for 72 months, I took it. I'd do 10 year financing if it was at 0%.

 

Agreed. Great if we're talking zero percent interest. Bad if you're paying interest.

 

Something tells me the people willing to pay interest on an 8 year car note will not notice they are paying 18% interest. They will just love the low, low monthly payments.



0% with no prepayment penalty is stupid NOT to take, regardless of the term. If there is a prepayment penalty, that's weak but still you can't beat 0%



For a regular APR car note, if you can't afford to buy it in 3, maybe 4 years tops, you can't afford it.