Originally Posted by Red__Zed

Or you could just answer my (completely legitimate) question, rather than risking a ban with insults.

Based on the number when I got my Subaru, there's usually at least a percentage point difference between a 3 yr and a 6 yr loan. Let's go with 2% and 3% to keep the math easy.

A $30,000 loan at 2% for 3 years will results in monthly payments of $859.28, and total interest paid of $933.99.

The same amount, at 3% over six years results in payments of $455.81, and total interest of $2818.34. Double up on payments, and you have monthly payments of 911.62, and total interest paid of $1345.61.

In sum, unless you pay more than $411.62 extra in finance charges (find a new bank), this six year loan scheme doesn't seem to work.

How is it an insult??? I'm just sating the both of you end up in the same thread backing each other up... that's a fact not an insult and this thread is now dead... you're late to the party. Good day.


To add insult to injury, there's usually more than 1PP gain going from 3 to 6 years...furthering the spread.