The Itty Bitty NOVA VW Committee

[Sijray21]

knowing what i know now anything over 36 months on a car loan gives me anxiety

Interested in this take...just because of depreciation?  Or the cost of interest?  Seems like with interest rates so low you're better off spreading the payments out and using that money for something else, no?

it's mostly just a personal preference based on my experience with income and all the loans I've had in the past (including the student loans I was married into).

Depreciation sucks on new cars, but I'm not really too concerned about that and I do like knowing the car's entire history. The cost of interest is somewhat negligible, but I do hate paying someone (ie: banks) for using their money to pay for things I want and can't afford at the moment. I'm certainly not opposed to having a small car loan with a reasonable interest rate, but the duration of payments is just something I find daunting; I like the financial freedom of not having payments. Most auto loans are open loans (no prepayment penalty - I haven't heard of a closed auto-loan), so prepaying is something I'd definitely do if I had a loan. I'll likely crunch the numbers and analyze my options for my next vehicle purchase since I do have a personal long-term goal of not having a mortgage payment by the time my daughter is out of high school (~16 more years).


anyway, back to the thread topic, haha - blue is nice. not many of them around. MOAR PICS!