>tfw people are taking out 96 month car loans
That's right, 96 month loans. 8 Y E A R S of paying for a car.
Why would people do this?
cheap and easy approvals for car loans
overproduction of new cars to maintain revenue
lack of understanding of compounding interest
pick one
>>15376095
People are stupid, what else is new?
>>15376095
0-1% APR wew lad it's not a hard thing to do.
>>15376103
Car loans are usually simple interest, no? Mine is at least.
>>15377878
Yer paying like 5 percent of the new value year after year for 8 years. 5x8 is 40. You're paying them nearly half of what the car is worth because you're just a nice guy? No. You got ripped off
>>15376095
Car dealers will do anything to keep you paying.
>>15379134
>5x8 is 40
Math is hard.
That said, 96 months is a bad idea. Rates are already really low, there's no need to drag it out that long.
>>15379134
>I don't know how interest calculation works
A 100k loan for 84 months @ 5% is around 18k in interest.
>buying new cars
>>15376095
You live in a hill billy neighbour hood perhaps?
>>15381878
>buying a car
Fag
>>15381878
> Being this poor
>>15379134
If your loan interest is lower than the interest or return your cash generates it's better to take out the loan.
