Do people really take out 60 month car loans

Kenai · 4 Sep 2011 at 09:46

http://forums.overclockers.co.uk/showthread.php?t=18019506

wesley · 4 Sep 2011 at 09:48

60 month loan on 4 or 5 years old car - no

60 month loan on brand new or 1 year old car - yes as long you plan to keep the car for 5 years. not a problem

chaparral · 4 Sep 2011 at 10:15

Kenai said:
http://forums.overclockers.co.uk/showthread.php?t=18019506

Thanks......

Now am going have to read it again

chrism · 4 Sep 2011 at 10:50

chaparral said:
Thanks......

Now am going have to read it again

just read it poor guy! lol

OpenToSuggestions · 4 Sep 2011 at 10:53

I have now owned my Micra for 6 years (I know, I know

).
To think I got it at 4.5 years old and would only have paid it off a year ago is a shocking thought (I bought it outright for £2600 from a dealer in 2005 with 19k on it).
It is completely beyond me how someone cannot save up £3000 for a car - Yes James07, I am looking at you!

IAmATeaf · 4 Sep 2011 at 11:14

I've had my current car for 7, nearly 8 years now, so some people do keep cars for long periods but a 60 month loan, get out of here

chaparral · 4 Sep 2011 at 13:24

Tute said:
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.

Taking a 36 month PC loan got be worst then a 60 month car loan..
It wouldn't be so bad now days as most 3 year old PC gaming systems can still play the lastest games...

But years ago a PC gaming system needed to be upgraded about every 12 months to be able to run the lastest games..

Outcast · 4 Sep 2011 at 13:28

I have done. Twice.

Last car I kept for 18 years (bought from new)

Latest one is in the "show us your motors thread". I could've paid cash for it but even though I'm paying a premium the cash is better off in my account than not.

The mortgage is paid off in six months so we will pay the car off early anyway.

I'm the only breadwinner in this household and its been that way for nearly 25 years, you don't blow your nest egg on something as pathetic as a car.

no_1_dave · 4 Sep 2011 at 23:14

It keeps the mandatory payments down in case of any unforeseen events but you can still overpay to clear it in 2 or 3 years...

Outcast · 5 Sep 2011 at 00:45

no_1_dave said:
It keeps the mandatory payments down in case of any unforeseen events but you can still overpay to clear it in 2 or 3 years...

Precisely. Glad someone realises it !

Tute · 5 Sep 2011 at 01:24

chaparral said:
Taking a 36 month PC loan got be worst then a 60 month car loan..
It wouldn't be so bad now days as most 3 year old PC gaming systems can still play the lastest games...

But years ago a PC gaming system needed to be upgraded about every 12 months to be able to run the lastest games..

Well it was the whole "OMG i'm 18, I can get credit" feeling. Basically the first thing I did was go and buy their "gaming" PC - it had an MX440 for graphics card.

So then I had to drop £200 on a Ti4200 to get it to acceptable performance.

Needless to say, now I just buy my components with the money I save.