6 Yr Term on a 2003 SE?
03-12-2003, 09:49 PM
#1
Member
Thread Starter
Join Date: Feb 2003
Posts: 61
6 Yr Term on a 2003 SE?
Anyone have any thoughts on a 72 month loan term for a 2003 SE? Seems as if this is the only way to get my payments down into the numbers I need- is this a dumb thing to do vs a 5 year loan?
Thanks for the help,
D
Thanks for the help,
D
03-12-2003, 09:58 PM
#3
Member
Thread Starter
Join Date: Feb 2003
Posts: 61
Originally posted by BigDogJonx
Dont do the 6yr loan, as it is the Maxima holds zero value, if you go 6yr, you will be upside down for at least 3yrs. Stay with 5yrs or less.
Dixit
Dont do the 6yr loan, as it is the Maxima holds zero value, if you go 6yr, you will be upside down for at least 3yrs. Stay with 5yrs or less.
Dixit
ahhh yes, I was wondering about that... THANKS!
D
03-12-2003, 10:05 PM
#4
Senior Member
Join Date: Feb 2001
Posts: 874
72 months isn't as bad as you think. I myself went the 72 months at one time to keep my payments low. When I was able to give extra money I would so I can pay off the car faster, but when work was slow I didn't have to stress on paying more money as if I was on a 60 month contract. Make sure you get a simple interest contract. 
03-12-2003, 10:29 PM
#6
Re: 6 Yr Term on a 2003 SE?
You will end up paying alot more in interest, and consequently more in total if you pay it off over a longer period in time. Also your resale value will be lower, Not to mention that nissans dont have that great of a secondary market value. Try to find a lender w/ low finance rates, alot of them are giving 0 and.5% loans.
03-12-2003, 11:03 PM
#7
Senior Member
Join Date: Mar 2001
Posts: 463
Re: 6 Yr Term on a 2003 SE?
I have never went with a car loan longer than four years.
My thinking is that after you settle on a good price, always go with as high of a monthly payment as you can comfortably afford. This way, you'll deal less with interest, and you will enjoy more payment-free years with the car once it's paid off (assuming you keep the car that long). And if you can wait, save, save, save for a good down payment. For my Maxima and my Sentra, I put down $10K cash each to keep monthy payments down more.
Also, I believe that sometimes you can only get the lower-interest or no-interest rates if you go for a 4-year or less loan.
My thinking is that after you settle on a good price, always go with as high of a monthly payment as you can comfortably afford. This way, you'll deal less with interest, and you will enjoy more payment-free years with the car once it's paid off (assuming you keep the car that long). And if you can wait, save, save, save for a good down payment. For my Maxima and my Sentra, I put down $10K cash each to keep monthy payments down more.
Also, I believe that sometimes you can only get the lower-interest or no-interest rates if you go for a 4-year or less loan.
Thread
Thread Starter
Forum
Replies
Last Post
jmlee44
4th Generation Maxima (1995-1999)
8
10-02-2022 02:13 PM
MaxLvr21
5th Generation Maxima (2000-2003)
14
10-17-2015 12:11 PM