How many have car loans?

[Lemmiwinks]

I see so many in here buying new cars and trucks all the time.
Almost like people buys a new CTS-V, Viper or GT500 like the cashflow is endless.
So my question is, how many of you bought the cars cash, without any type of loan?

 

[Uncle Meat]

I see so many in here buying new cars and trucks all the time.
Almost like people buys a new CTS-V, Viper or GT500 like the cashflow is endless.
So my question is, how many of you bought the cars cash, without any type of loan?

This is America where everything is bought on credit. Charge today and worry about it tomorrow. To answer your question though... I have NEVER funded the full price of a new car with cash. A few used cars I have, but not new. All new vehicles have been financed.

U.M.

 

[TJSwoboda]

Lease, so that's a yes for me.

 

[Lemmiwinks]

This is America where everything is bought on credit. Charge today and worry about it tomorrow.

U.M.

A little bit of my suspicion.

I actually believe Sweden is worse. Dont know about the US but in Sweden if we take a loan we need to pay atleast 20% cash and some people cant even save 20% so instead they take a loan so they can take a loan...

 

[Bdubbs]

I don't drive anything new. But I did just pay my cobra off about two weeks ago. No more auto loans for this guy!

 

[Equalbracket]

I haven't kept any of my new vehicles longer then 2 years, so yes loans. If i'm gonna bust my ass, I'm gonna drive something new, I keep them nice for the next person.

I don't mind vehicle payments, as I don't have a mortgage anymore..but I would live in a ford GT.


And for people with cheap beaters...:shrug: There's a couple guys I work with that have new trucks, they both drive the biggest pos beaters to work, but will come into work monday with the thing covered in mud, and that would be the only day they drive it.. They're too big for the things and heat/ac doesn't work..I'll take starting my truck from anywhere, when its freezing, or hot out and a new warranty, for a few hundred a month, forever.

 

[RocketSurgeon]

Paid cash for my truck and bike but financed the Boss. 36 months @ 3.4%

 

[Svtkidd23]

667 on Silverado
320 on edge

 

[coposrv]

My situation may be a little different. My girlfriend and I are looking at marriage in the next 2-3 years. We're saving big time for a house/ investment properties. I work for my families company as a 1099 and myself as well about 50/50 so keeping a payment on a truck that I can write off and also need to get my work done I can justify. I probably could go out and finance a boss/gt500 (and believe me it's temping) but I'm trying to plan for a little later in life. I also need to keep liquid cash on hand because I'm funding my own business, being self employed there is no guarantee I will be busy

 

[ford fanatic]

In the past i've paid as much as 16K cash for a vehicle.

That said, right now the F350 has 2.5 years left until paid off and the Explorer has 5 years left. I don't pay extra because the interest rates are almost nothing, I would much rather have a low interest car note and pay extra on my house every month.

 

[SVTORANGE]

This is America where everything is bought on credit. Charge today and worry about it tomorrow. To answer your question though... I have NEVER funded the full price of a new car with cash. A few used cars I have, but not new. All new vehicles have been financed.

U.M.

I agree as I have done the exact same thing. With Zero percent financing you can't go wrong these days.

 

[Tmatt142]

The only car I have that is financed is my daughters car and I did that only to beef up the credit a bit.

 

[MovingZen]

A $40k loan for my GT500 cost me $1500 for 6 years. In the last 6 months of 2013 I made around 11% investing(I got the car in May). Loan is not only paid for but dented. At the time car loans seemed like a weirdly unique situation that could be exploited. So far so good.

 

[black4vcobra]

Bought my 4Runner 5 months ago after almost 5 years of not having a car payment
1.99% interest, $302 for 60 months isn't bad but I'm paying about $375 a month to pay it off faster

 

[Camaro_94]

I paid cash for my ZR1. Sold 3 vehicles. 2008 Z06, 2002 Trans Am, and a 32 ford pickup truck. Paid for it and then gave me some left over. I didn't owe anything on any of them.

My duramax I traded a 06 one in and they gave me $24k, then I put another $12k down, and then owed about $20k, but I've been paying it down way faster than expected. Double and triple payments.

 

[TimKonaGT500]

Most of my cars I have purchased on a loan. Even my very first car in 1987, 1979 Cutlass Calais $2400, was bought on 3 year note.

After getting my Fox and just wanting a winter beater for three years in 1999-2001, those were cash ($1500-$2500) and were sold each spring. The only other car that I purchased with cash was my Shelby I got in October. Fortunate enough to have accumulated some stock awards through my work over the last few years, and cashed some out to pay for it.

Just paid off my wife's Grand Caravan we bought new in Aug '09 a few months early. My Charger I bought 3/12 is on a six year note but had a sizable down payment, but with only one car payment now I am paying that down faster. Target is to get that paid off in 4-5 years.

 

[SVTORANGE]

I paid cash for my ZR1. Sold 3 vehicles. 2008 Z06, 2002 Trans Am, and a 32 ford pickup truck. Paid for it and then gave me some left over. I didn't owe anything on any of them.

My duramax I traded a 06 one in and they gave me $24k, then I put another $12k down, and then owed about $20k, but I've been paying it down way faster than expected. Double and triple payments.

That's awesome man

 

[TaraFirma]

Have a loan, but its on my King ranch. All the mustangs are paid off.

 

[Cobra_Tim]

I've never bought a new car before, but every used car i've ever owned, I pay cash in full. With that said, I'm almost halfway to saving to buy a Termi!

 

[04svtterm]

i have a couple of notes just to use my credit. What's the point of having a good credit score if you don't use it?


Usually i prefer to pay the vehicles off before they leave the dealership though.