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I’m simply shocked by the length of loans people will take on cars. BMW will give you a term of 84 months!? I was stressed at having a 36 month loan as a publi
by germinalphrase 4y ago
I’m simply shocked by the length of loans people will take on cars. BMW will give you a term of 84 months!?
I was stressed at having a 36 month loan as a public school teacher (I did not, of course, spring for the BMW).
- boardwaalk 4y agoI’m not sure what the significance of the length of loans is? Surely it’s the overall amount of interest that matters. I probably wouldn’t want to be paying a loan at the point I would want to be trading something in — but even then I keep things more than even 84 months and you can always just pay it off.
- germinalphrase 4y agoI acknowledge it’s psychological, but the significance - to me - is that these long loan terms exaggerate how expensive a vehicle a person can “afford”. I haven’t bought a new car recently, but I would be shocked if salespeople aren’t hyper focused on that long term/low monthly bill when trying to upsell vehicles/trims.