Is a 5 year loan a good idea on a 2007 Honda CRV?

J

jonesy

New member
The car I have now is my first car and i bought it flat for $3500 cash. It's a clunker and I've had it for 2 years and it's starting to burn out. I am looking to buy a new (used) car and am kinda nervous about taking out a loan. After never having a car note, I'm nervous about taking a loan out for 5 years on a car that will not be worth it in the end. From what I have researched, Hondas have good reputations for dependability and good resale values. What do you guys think?
 
yeah takeing out a loan is a great thing if you want to work on building your credit up and it is a good thing because just about every where anyone goes you will need some good credit ...working on mine so i can buy me a home,,,so in the end you will not regret doing so because of the future needs that require good credit and yeah hondas are great cars
 
Financially speaking, I generally say that if you can afford the car on a 3-4 year loan, then ok but longer than that you should be looking for a cheaper car.

If you are worried if the car will last you that time, I would say if you take proper care of the car it will be fine. I don't mean doing some crazy maintenance schedules that some do, just do what the honda says when they say. If you pay a good price for the car you should be ok. Look on the NADA.com and kbb.com website, do not pay more than about 10% below what they list as retail if the car is in perfect condition; then less from there depending on the condition. Yes any mark on the interior or body of the car reduces the value, the salesman will probably tell you these things don't matter, but they do. They may not matter on whether you buy the car but they matter in the price
 
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