garys@houxm.UUCP (#G.SEUBERT) (04/02/84)
Does anyone know of any banks and/or loan institutions offering 5 year new car loans? I find that several car dealerships offer a 60 month plan if you buy one of their cars but I need to obtain a loan elsewhere since most Foreign car dealers only offer 4 year loans. Appreciating any help keeping my monthly payments down! Gary Seubert - AT&T Bell Labs (201) 949-6456 ..!ihnp4!garys
garys@houxm.UUCP (#G.SEUBERT) (04/02/84)
Many people quickly responded to my search for a 5 year New Car Loan by steering me towards the BTL Credit Union. It never dawned on me when I posted the article to mention the fact that I'm a Resident Visitor. Sorry for the oversight but --- the question still remains --- where can non-BTLers go for 60 months of check writing and grumbling? Thanks again for the quick answer(s). Gary Seubert - (201) 949-6456 ..!ihnp4!garys
rib@pyuxdd.UUCP (RI Block) (04/04/84)
I bought the book "Don't Get taken every time" by Remar Sutton on the advice of a net person. One of the excellent points made by the book is that the combination of low/no down payment plus long terms is an *easy* ride to negative equity. Translation: You owe more on the car than it's wholesale value. In the event of an involuntary conversion before last payment day, you would have to pay cash to get out of the deal. Cars, unlike more typical capital assets (like a sound house), lose value very rapidly. Even if a bank will loan you money on long terms, for most people, it's a poor way to deal. Sorry for the moralizing.