5 year car loans? Did I fall into a wormhole and end up in 2010? Most common car loan is 7 years.
If you have to get a loan for a car you’re doing it wrong.
I completely disagree, with low interest loans and mass inflation it is stupid to pay cash. Get the lowest rate you can on the longest debt and watch the principal devalue over time. 1.99 arp is not uncommon, we’ve had officially 4% inflation last year but actually significantly higher.
I agree, but shit happens in threes.
The interest on most car loans is negligible and that cash used to buy the car could earn more elsewhere.
There's also about 2% in fees so don't neglect that. The best rates are for short, e.g. 3 yr, loans. And you're not going to have a 7% expectation on that $40k cash unless you have no idea how to manage risk. A young man with a mortgage has more in his trading account, but because he has a mortgage, he has to run a certain amount of that like he's 80 years old. Pay off your necessities and you can go full bore growth risk.
Who do you think pulled $100k from their 401k last year and missed doubling that money? I guarantee it was mostly people who had a mortgage and were afraid of losing their homes. Those with a paid off house gave no fucks and got rich off stupid shit like tqqq.
You need to work hard to save money and buy things outright instead of using the banks money. The truth is we spend our hard earned money more wisely than we spend the banks money. The wise decision is buying a pre owned vehicle in pristine condition with a handful of miles on it with an extended warranty.... Assuming you're a faggot that wants to show off a flashy new car. Real men are proud to drive Ford f150 from the 70s-90s.
You don't have to work hard, it takes discipline. The banks rely on convincing people they don't need to have discipline when it comes to spending money. Most people don't realize that the borrower is slave to the lender.
I think Fords suck, and I'll never be caught driving one if I have a choice in the matter.
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