I can't imagine an 84 month car loan.
While ago I got curious about why mortgages were 30 years. Turns out I wasn't the only one--found an NPR (?) article about it. Turns out, after the Great Depression the government got involved to help people stay in their homes. Prior to then, mortgages were 5 year term, and interest only. During the Great Depression when people lost work and/or the bank wouldn't renew, people lost their homes.
Reason I mention that is, is an 84 month loan much more than finance charges? More like leasing with no intent to own (going to trade long before 84 months). Which I wonder about some home ownership, never going out to full term and paying off. Maybe nothing is new under the sun. Getting to the point where people never really own anything other than the clothes on their back...
All I know is that I'm bummed by this--my fleet isn't getting newer, and a nice factory backed 0% APR (or similar) would be nice to slide into at some point in the next few years.
While ago I got curious about why mortgages were 30 years. Turns out I wasn't the only one--found an NPR (?) article about it. Turns out, after the Great Depression the government got involved to help people stay in their homes. Prior to then, mortgages were 5 year term, and interest only. During the Great Depression when people lost work and/or the bank wouldn't renew, people lost their homes.
Reason I mention that is, is an 84 month loan much more than finance charges? More like leasing with no intent to own (going to trade long before 84 months). Which I wonder about some home ownership, never going out to full term and paying off. Maybe nothing is new under the sun. Getting to the point where people never really own anything other than the clothes on their back...
All I know is that I'm bummed by this--my fleet isn't getting newer, and a nice factory backed 0% APR (or similar) would be nice to slide into at some point in the next few years.