Would you Take Out an EIGHT YEAR Car Loan?

Personally I've never had a car that I didn't pay cash for, so obviously luxury is not what I'm looking for. I don't like loans in any way, shape, or form, but that's just me. The insurance payments are high enough for me ;-)

I feel the same way. I have never paid anything but cash for cars.
Then again, I pay cash for everything. I do use credit cards, but they are paid off every month. I am a big believer in the notion that if you can't afford it, you don't buy it.

That's a new twist to the current almost no interest car loans. Buy more than you can afford - what's next? I also remember a time when interest payments on car loans used to be deductible on our income tax returns. No longer. With the economy as it is, I wonder why people would want to pay on a auto loan for eight years. If they can't afford to buy it in three or four years, what makes them think they can afford it for eight years? Makes you wonder.

Phoenix
I'm the same way. If I don't have the cash, then I can't afford it. I have a credit card as well, but it's only there for an emergency.

I hear that CI.

People buying cars on eight year loans are people that shouldn't be able to buy it. It means they have no assets of their own, and are living from pay check to pay check. With the economy as it is today, there are no guarantees their jobs will be there in eight years.

It's a ripoff, no doubt about it.

That's right CI. Loans make me feel trapped, so I avoid them completely.

Car loans seem like a bad deal, but if you have a business, then of course, that or a car lease is the way to go. Somebody was saying that's why the big SUV's and Hummers are so prevalent among a certain set. You can use them for a HUGE writeoff.

And no, I don't like car loans. Guess we had one once for a new car about ten years ago... paid it off within a few months. An eight year car loan? Maybe an eight year mortgage... A car is not an investment, it's an expense. Property is an investment.

Pifka, Good point! Some people living from paycheck to paycheck end up with those eight year car payments, and wonder why they're always in debt.

im trying to get rid off a five year loan, an 8 year loan no no
cars depreciate on a daily basis