Quote:
Originally Posted by birdmanx1
Not to knock on you brother, I tend to cringe when I read about 5+ year repayments. By the time you get interests on the 6 yrs and whatever value the car would have remaining should you decide to sell ...
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On our new 2011, we actually did a 7 year loan to get the payments below $400/month. But because of some extra work I do on the side, I usually get a couple of large checks each year, so I put a large chunk of each towards the car whenever we get them. We'll have it paid off in less than 5 years, or maybe even 4 years. Btw, I had to negotiate pretty hard with the bank to ensure that paying the loan off early would not result in a penalty (because they don't get all their interest - the loan is not through Nissan). This way, for me, it is like I put down an additional $10K at the initial purchase, but instead it is lumped into the loan and I don't have to pay interest on it if I pay it off the car early enough
