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I wanted to know what is the longest amount of years of bank will give you on a used GS430 (2001) . Some told me that is was 5 years and some told me 5 1/2 years. If the car is around 25,000, I would like my payments to be around 370 a month assuming i have really good credit which i do. I was thinking no money down or maybe a thousand. Can anyone help me out with this or have any advice. If i do get a 5 year loan, is it bad to keep trading the car in after 3 or 4 years. I know that if i do it that way i will never gain equity, but do you think the payments will go up by alot. I am really interested to hear answers from people who have loans out on GS's. Please share advice and experiences. Thanks

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I think 60 months is the longest they will extend credit on any car loan. I recently purchased a '01 GS300 with a 5 yr note at 5.5% interest and my payments are at $456 (this includes a 4 yr dealer warranty that covers just about any mechanical issue that might arise)

go to any car website (cars.com; edmunds.com; autotrader.com; etc.) and they will give you a loan calculator for you to figure you monthly payment. However, if you want payments at $370/month, you will have a hard time finding a 01 GS430 in that price range. Most of them start in the low $20,000 range, and a 5 yr note at 5.5% interest will start you around $430/month

My thoughts are after 36 months or so, the value of my car will exceed the value of my loan, so if you want to hold the car for more than 3 years, you should come out ahead when you sell it.

By the way, the Lexus GS models rock. I am thoroughly enjoying mine

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So sixty months at $430 a month makes a total paypack of $25,800, for a loan cost of $5800. Sounds about right, maybe a bit low.

The bank will be interested in the depreciated value of the car at the end of the loan, and as cars are depreciating assets of about the worst kind, they may not be too keen. In Canada, most banks won't loan full value of the car after about three years old, unless you have lots of collateral.

There is a point where you have to figure you can't afford the car. You may be close.

Trading the car in before the end of the loan is not a good idea, in that the majority of the interest cost is blended into the payments early, and the principal is reduced mostly in the last two years. So you end up paying lots of interest, acquiring no equity, and then selling the car at its depreciated value. Big losses all.

Perhaps you should take up boating....?

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I think 60 months is the longest they will extend credit on any car loan. 

Not anymore, 72 month car loans are becoming very popular and I've even seen a couple 84 month loans.

My Prius is financed for 72 months.

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I think 60 months is the longest they will extend credit on any car loan. 

Not anymore, 72 month car loans are becoming very popular and I've even seen a couple 84 month loans.

My Prius is financed for 72 months.

I used to sell cars and im a finance major. Ha go ahead and get your chuckles in. Anyway, personally I would suggest putting some money down, of course you know money down equals lower payments. As far as getting a 60 or 72 month loan, why trade it after 2 or 3 yrs when you're still gonna be upside down( when you owe more than the car is worth) So whenever you trade it in , whatever you owe is just gonna be refinanced into your next car payment. Like SRK said most of the interest is paid with-in the first 12-24 months anyway.. Just my 2 cents :whistles:

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Honestly though, cars hold their value so well nowadays, especially these cars, I think you'd be pretty safe against being upside down even on a 72 month loan.

Personally, I dont see why people BUY these cars unless they're going to keep them a really long time. IMHO its not a smart use of your money, its better to lease and get into a new one every 3 years (hell you can lease for 5 years now...) than it is to purchase and sell at a similar timeframe and save your money for something like a down on a house, something thats an investment not just a purchase like a car.

I bought mine out of the lease cash just because I was gonna be way over on the miles and I wanted out of the payment, but it probably wasn't the smartest thing to do, that cash would have been better spent on an investment.

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Honestly though, cars hold their value so well nowadays, especially these cars, I think you'd be pretty safe against being upside down even on a 72 month loan.

Personally, I dont see why people BUY these cars unless they're going to keep them a really long time. IMHO its not a smart use of your money, its better to lease and get into a new one every 3 years (hell you can lease for 5 years now...) than it is to purchase and sell at a similar timeframe and save your money for something like a down on a house, something thats an investment not just a purchase like a car.

I bought mine out of the lease cash just because I was gonna be way over on the miles and I wanted out of the payment, but it probably wasn't the smartest thing to do, that cash would have been better spent on an investment.

I just got a 2000 GS 300 with a 60 month loan for $15,000(89.850miles) and my payment is $308 thats with 5.6 %

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Hi, I'm new to the bb. Anyhow, I bot my car with a 3.9% 60 month loan. Used!

I'll tell you how to get a similar rate (its up to 4.25% now).

This loan is offered to members of Pentagon Federal CU. You have to generally be a member of the dept. of defense to get this rate but theres a little loophole. If you become a member of the NMFA (national military family foundation) you can then become a member of Pentagon Federal Credit Union.

It costs $20 to become a member of NMFA. Once you have that you can then open a checking account at PenFed with as little as $5. Then you can apply for the auto loan. Seems like a lot of work, but trust me, if you are buying a used car this is perhaps the lowest rate in the country for a 5-year note. And I think they finance up to 85 or 90% of the vehicle value....plus you'll be helping military families...

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