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  1. It's a bunch of money given to someone from a lender/bank/credit union; with nothing for them to repossess if you don't pay; hence the higher APR rates; compared to a car loan.
  2. Everything is about APR; and a few years ago - I received a non-collateral loan and paying that off month by month; yet the APR is 12.99%. (Citi) Have at least 40 months left on it; recently received a NFCU credit card, that has a huge limit and a APR of 7.99%. Wouldn't I save money and time by paying off this loan with the credit card and put those same payment amounts towards the card?
  3. Navy Federal and a few other credit unions offer this.
  4. Just follow up in case there are any lurkers Went through the leg work to do the physical work of getting a membership applying for a loan through Carolina Cooperative Credit Union.Unfortunately, they seem pretty hesitant to give loans for private sales, which is what I was looking for. Approved for 2.49 for 84 months, but denied unless it was through Tesla or a dealership. Didn't learn till after I had a membership and pulled my credit for a loan, that their limit for a private sale loan is 30K, which is almost zero Teslas worth buying. She had to ask her boss to see if they would override. Seems they would, but then they was also nervous the seller was in the a different state(for transfer title purposes) - and them "being a small credit union" and being "burned by other private sale transactions" - they ended up saying no.Then after all that - landed on Delta Community Credit Union with 2.38 for 72 months. I worked for Aaron's Rents briefly close to 12 years ago and that is how I was able to join...
  5. Shorter term, higher monthly payment, less money immediately available for investment. Higher monthly payment is also harder to pay if furloughed or laid off. And... who said I have to take the full term to pay off the loan? You can pay off an 84 month loan early, but you can’t take longer to pay off a 36 month loan. Depreciating or not - I'm also not one to switch out vehicles every 2-3 years
  6. I'm following so the majority of people just want the latest & greatest - these are the people who I see with a different vehicle on my timeline every other year. So, I submit - if majority of people are like this - then going this route will ultimately hurt them, when they trade the car in. Me - personally I probably will go the 84 month route and just pay more on the minimum - I just like having that lower payment in my back pocket. Meh - I plan to keep it for at least 10+ years...
  7. Well let me ask you this - what's the point of not keeping a vehicle and always having a car payment every 7 years or so? Now that is insane to me.
  8. I'd rather 2.49% at 84 months than 2.99% at 72 months. Length of the term isn't as major as interest. Its easy to invest and get a return higher than 2.49%. Strict 36 month terms? Get out of here.. rofl
  9. Yea, I'm not having a car note the same as my mortgage. You're missing the point that 84 months is fine if you have the funds - and you can simply pay more than the minimum in be done in 60-72 months instead of being constrained to what the bank requires especially if a financial emergency comes up. You also can pay for those 'deferred months'
  10. I refute your personal experience by just recently selling my 2005 vehicle. If I was to buy a Tesla or something with a re-higher resale value and gets updates - I can see myself keeping it for longer.
  11. I think it might be geared towards Tesla's based on where I originally saw it. Those don't tend to lose value as quick.
  12. Fingerhut APR is 30.00% and if you don't like the months just lower the number of months the APR doesn't change. Not even the same.
  13. Only a $40,000 car you're only paying $4,000 interest if that...
  14. Through CarolinaCU, anyone can join. Some may not agree with the lengthy terms, but at that low of an APR just pay more on your monthly bill if you can afford it.
  15. What you just described is the exact same gamble that anyone takes when they rent their home, no?
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