Do people really take out 60 month car loans

chaparral · 3 Sep 2011 at 19:30

Do people really take out 60 month (5 years) car loans

I been looking around at a few cars at some my local garages and noticed on many of them the garages has listed the loan repayments details for a 60 month loan :eek:

Surely people don't take out a 5 year loan for just a car :confused:

Is it just the garage putting down the details of a 60 month loan to make the weekly/monthy repayments look cheap or do many people really take these 5 year loans

daveski · 3 Sep 2011 at 19:42

Both.

I did once, never to be repeated.

Tute · 3 Sep 2011 at 19:45

It's because so many people simply take car finance out on the back of "oh well, I can afford the monthly payments" rather than looking at either the term or the total amount repayed.

chaparral · 3 Sep 2011 at 19:46

daveski said:
I did once, never to be repeated.

Did you keep the car for 5 years ??

Tute · 3 Sep 2011 at 19:48

If we're paying "horror finance stories" top trumps, I once took out 36 month finance on a PC from the purple shirts.

NEVER again.

chrism · 3 Sep 2011 at 19:49

i paid over 9k for a saxo vtr on finance :O never ever ever again the car ended up in the scrap yard lol

chaparral · 3 Sep 2011 at 19:55

chrism said:
i paid over 9k for a saxo vtr on finance :O never ever ever again the car ended up in the scrap yard lol

Back in the late 90's i got a 3 year HP loan out for a Nissan ZX300 and ended up hating the car after only owning it a few weeks...

ashrobbo · 3 Sep 2011 at 19:55

I'm 2 years into a 5 yr finance deal on a car. Never again. Although my car allowance from work more then pays for the car loan and I put 2k down on the car.

I just about owe what the car is worth. Having to keep the car for 5 years is a pain.

Robbo · 3 Sep 2011 at 19:59

Yes, many, many people do.

daveski · 3 Sep 2011 at 19:59

chaparral said:
Did you keep the car for 5 years ??

No, I did a voluntary termination half way through.

Raymond Lin · 3 Sep 2011 at 20:09

Reminds me of James and his Clio.

chaparral · 3 Sep 2011 at 20:23

Raymond Lin said:
Reminds me of James and his Clio.

I remember that thread

Matmulder · 3 Sep 2011 at 21:38

So what - if you can afford the monthly payments and it makes you happy, then so be it. Its not 'sensible' but buying cars isn't sensible anyway.

Maz · 3 Sep 2011 at 21:42

Most people change the car before the end of the agreement, how many people mortgage a house for 25 years and wait till it's paid for before moving?

I know I know, houses don't depreciate - well some do.

atpbx · 3 Sep 2011 at 21:57

Ive kept the last couple of cars I've had for four years.

hurfdurf · 4 Sep 2011 at 05:26

Friend of a friend put more on finance for his brand new 1.6 Corsa than I had to to finish building my flat, I didnt have the heart or feel it would be socially acceptable to inform him how dumb he was being

CaptainRAVE · 4 Sep 2011 at 08:05

Would never do this.

Duke · 4 Sep 2011 at 08:40

chaparral said:
I remember that thread

Who doesn't

sovietspybob · 4 Sep 2011 at 09:04

I have a personal loan with a 48month term which was used to fund my DC5, but as the loan wasn't tied to the car i've since changed to a scooby. No regrets for the loan thus far...

I did buy a nearly new focus with dealer finance when i was 19 and got my first proper job, that was over 3 years and although not a brilliant idea in retrospect it didn't ruin me the way some of my friends suggested.

chaparral · 4 Sep 2011 at 09:37

Duke said:
Who doesn't

I looked for that thread and can't find it now..