Penfed auto loan rate 1.49%

[GrayStangGT]

If you have to take a loan at all maybe you need to reevaluate your priorities and get a cheaper car/truck.

I completely agree and plan to be in that position someday, but until then my need for a nice truck out weighs my hatred for truck payments. I usually pay my cars off in 2 years, but the interest is so low on this one I'm just going to save the extra money I would put towards it and pay cash for a used Z06 in the near future.

My truck would have 150k miles on it before it was paid off if I financed for 72 months lol.

[slow99]

Lmao good god.

[dblack1]

If the money is cheap why not finance it and save the money for a rainy/shitty day.

[mustangguy289]

I completely agree and plan to be in that position someday, but until then my need for a nice truck out weighs my hatred for truck payments. I usually pay my cars off in 2 years, but the interest is so low on this one I'm just going to save the extra money I would put towards it and pay cash for a used Z06 in the near future.

My truck would have 150k miles on it before it was paid off if I financed for 72 months lol.

Lmao... I was just going back at you for your comment. Everyone has different reasonings for how they handle their financing. I am not going to tell anyone what is best for them. I was just simply letting people know of that deal.

Also just because you take a longer term to get a small payment does not mean you make minimum payments. For instance..penfed is the same rate whether you do 36 or 60 months. You can do 60 months and pay more than minimum to get it paid off in 36 months. However, you have the benefit of the smaller payments for the chance of a bad month or two if times get tough. Just saying. Don't always assume.

And sorry for the typo I am at work and type fast. Usually click x before proof reading.

[mustangguy289]

Not true if his money is making more than 2% in something else.

If the money is cheap why not finance it and save the money for a rainy/shitty day.

I was not being serious.

Lmao good god.

haha

[GrayStangGT]

Also just because you take a longer term to get a small payment does not mean you make minimum payments. For instance..penfed is the same rate whether you do 36 or 60 months. You can do 60 months and pay more than minimum to get it paid off in 36 months. However, you have the benefit of the smaller payments for the chance of a bad month or two if times get tough. Just saying. Don't always assume.

They pretty cool that the term don't change the interest rate. I was brought up always making extra payments. When I was 18 I had a $315 payment on my mustang and was putting $1000 a month towards it.

[mustangguy289]

When I was 15 I bought a Z06. Took a 72 month loan at 10%. I just payed the thing off the 1st month.

[slow99]

When I was 15 I bought a Z06. Took a 72 month loan at 10%. I just payed the thing off the 1st month.

Why did you finance something you couldn't afford???

[mustangguy289]

Why did you finance something you couldn't afford???

I was not good at re-evaluating my finances at that age. Also, it was about the same time I joined this website and I figured I needed something to brag about.

[8mpg]

I am at 2.91% now, calculated ref @ 48 months which is what I have left.

There was only a drop of $2 per month @ the same. So not worth the time for me.. but I joined for future purchase option.

You need to look at more than your monthly price. I have 4 years left on my truck at 2.75%. By refinancing, I will save $850 over the life of the loan.

Even if I refi for 5 years, my payment drops $110/month and save $650 over the life of the loan.

Here is a calculator:

http://www.calculatorzone.com/calculator/refinance-auto-loan.html