Zero loans...
How many have car loans?
- Thread starter Lemmiwinks
- Start date
I have a loan on my F150 I bought a year ago. 5 years at 3% interest. I usually make a payment each check so I'm on track to have it paid off in 2.5 years. I could pay it off now if I wanted. But I like the comfort cushion in the bank in case something were to happen, and I am so far ahead on payments that I'm not required to make one for almost a year. That comfort is worth the 3% interest, plus I need the cash for a down payment on a home.
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Got a loan on my 2013 GT after graduating college, financed $27,5 @ 2.6% for 60 months. Looking back I probably would've waited another year after school, but when my truck was totaled before I bought the car, I needed another vehicle. Plus having the car payment is giving me the credit exprerience/history that I need on my name for larger future purchases, so that's a plus.
Awesome man! :banana:
All others, I got some insigt from you now about how it works in America but in my honest opinion, for myself, it still doesnt justify a loan for a brand new DD.
But hey, I feel luxurious and glamorous in my 18 year old Lincoln Mark Viii
Im not picky. Some people have high standards and for me, as long as Im not in a shitty Volvo or SAAB Im happy.
I have done both. Any newer vehical I have financed. But all of my fox bodies I have paid cash for. I never saw the point in saving for 3-4 years to pay cash for a car when I could finance it, enjoy it and just take the same amount of $$ and make a payment vs putting it in the saving account. The little bit of interest is well worth being able to have my cake and eat it to vs wanting the car for years but not getting it only to save a couple thousand dollars in the end. But different people think differently.
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I've done both, but my 98 GT is the only one I paid cash for; it was only $8k.
Between the wife and I we have 3 cars. A 2006 GT Vert paid off, a 2006 Nisan Altima paid off and a 2011 CTS-V which we have a loan on. Bought it used last November and put about 30% down so the loan is pretty manageable.
just bought my 12gt500 cash, saved for a couple years for it. wife wouldnt let me finance a hobby car while paying for my 2013 f150 so I had to buckle down and save. (shes the responsible one haha)
still have 12k owing on my 2013 f150 though, hopefully knock that off by the end of the year, we always pay our vehicles off as quick as possible.
still have 12k owing on my 2013 f150 though, hopefully knock that off by the end of the year, we always pay our vehicles off as quick as possible.
Loans.
Most people dont have available cash to purchase a $30k vehicle.
I think the availability of financing however, mixed with inflation and the american lifestyle, have driven vehicle prices to where you almost cant buy with cash anymore.
Goddamn.
What do you do again and where do I apply?
Most people dont have available cash to purchase a $30k vehicle.
I think the availability of financing however, mixed with inflation and the american lifestyle, have driven vehicle prices to where you almost cant buy with cash anymore.
Goddamn.
What do you do again and where do I apply?
I disagree. I know plenty of people who saved for years to buy a car, myself included. I'm only 22 and still in college, and although my cars are hardly anywhere near the cost of newer gt500s, etc. all of mine were paid in cash and took years of patience and wise financial decisions.
The American way is just buy now, worry later. It's terrible and sad whem most people my age are young and broke because they blow cash on stupid things like bars and the latest and greatest phones amd tvs.
Bought my Nissan Titan fully loaded in 04 on a 5yr note, .09% interest and it was still $700 a month. Paid it off in '09 and haven't had a car payment since and don't plan to again. Paid cash for my Terminator and cash for our main family vehicle - XC90 Volvo. I of course barely drive the Terminator, only drive my truck when needed and we rack up the miles on the Volvo. My truck only has 87k on it, so I plan to have it for many more years and when we eventually drive the Volvo into the ground I'll ante up for another decent family daily. Now if I just didn't have a monster mortgage payment with 22yrs left on it...
Live in moderation and own a business. My cars are worth more than my house. My ZR1 with the mods alone is more than my house is worth. Lol.
I flipped a few cars, the 32 ford I flipped and made over $20k on. I bought the ZR1 for $78k. Sold my C6 Z for like $45k, My 32 ford for $35k, and my trans am for like $10k. That paid for the ZR1.
I also got into a car accident when I was younger that helped kick start my collection and business. No, I wasn't an ambulance chaser.... kinda got into a battle with the insurance company over medical bills and the only way I could get it taken care of was with hiring an attorney... which he had to open up a personal law suit and collect that way. But my business has taken off and I save more than I spend.
I own a exterior home/commercial restoration business. In short, I make houses look like new. Siding, powerwashing, windows, etc. I hire roofers when needed, but almost everything else I handle.
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This is america man. I typically have all the cash to pay for anything I buy. That being said I usually finance it and and pay off when you want to. With good credit, you can borrow money essentially for free. Why spend all your money up front. personally I like to have the savings.
Plus I never keep my daily drivers for more then 1-2 years. So no need to ever have the title.
Plus I never keep my daily drivers for more then 1-2 years. So no need to ever have the title.
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Or buy and ENJOY now. There's a reason people can finance things, credit. And IMO that shows wise financial decisions. Doesn't mean they should. I see most people get in over their heads with their house, not their cars.
We were in the habit of buying new cars and keeping them until the wheels nearly fell off. New Aerostar in '93, New Express Van in '01, New Cobra in '04. Paid them all off,, Still have the '04
About 4 years ago, we decided to get debt free. Have paid cash for all cars since that point. We have been debt free (sans home mortgage) for the last ~3 years. I do pay a decent amount each month on maintenance, but with 6 drivers in the family.... There is NO way I was willing to take on new car payments for the whole family's transportation.
I know so many folks that are burried under a mountain of debt. Its actually pretty sad. I doubt most people ever actually do the math on a 4-5year car payment and see what its really costing them to drive new cars every 2-3 years.
I still have my cobra to drive when the weather is nice. When its not, I drive one of the saturns what we own and maintain.
I am pretty sure I will never have another car payment again. If I ever decide I need a new/newer car... I will either save or sell off enough things to pay cash for it.
About 4 years ago, we decided to get debt free. Have paid cash for all cars since that point. We have been debt free (sans home mortgage) for the last ~3 years. I do pay a decent amount each month on maintenance, but with 6 drivers in the family.... There is NO way I was willing to take on new car payments for the whole family's transportation.
I know so many folks that are burried under a mountain of debt. Its actually pretty sad. I doubt most people ever actually do the math on a 4-5year car payment and see what its really costing them to drive new cars every 2-3 years.
I still have my cobra to drive when the weather is nice. When its not, I drive one of the saturns what we own and maintain.
I am pretty sure I will never have another car payment again. If I ever decide I need a new/newer car... I will either save or sell off enough things to pay cash for it.
Yupp. You have people who make under $12/hr who trade two paid vehicles in and roll the balance of a motorcycle loan into a 4 year old truck. Finance it for 72 months at 8% and can't figure out why they have no money...
The wife and I maintain a (3) vehicle household. For the last decade, I have a cash only policy for any vehicle (or any other depreciating asset) purchased.
Sick03Vert
Banned
I have a loan on the Cobra that basically qualifies as a mob loan. UNGODLY interest rate, very high payment.....I've actually flirted with trading out of it for something MUCH cheaper with a MUCH better interest rate. My credit isn't the problem, the age of the car was...and they went 72 months on it because it had NO miles. (16k when I bought it.)
Normally, I'm really good at car deals and NEVER get in over my head. This one, however, has eaten my lunch. So I'm stuck with either stick it out for a few more years, or suffer a serious downgrade. Even though it's probably a much wiser financial decision to get out of it, though I'd take a DROWNING to do so, I somehow can't get myself to let her go because I really do love my car.
Maybe after another year or so I can refinance for a better rate at a shorter term. Guess we'll see. But I don't ever see myself paying cash for a car.
Normally, I'm really good at car deals and NEVER get in over my head. This one, however, has eaten my lunch. So I'm stuck with either stick it out for a few more years, or suffer a serious downgrade. Even though it's probably a much wiser financial decision to get out of it, though I'd take a DROWNING to do so, I somehow can't get myself to let her go because I really do love my car.
Maybe after another year or so I can refinance for a better rate at a shorter term. Guess we'll see. But I don't ever see myself paying cash for a car.
Why another year? Have you tried all the credit unions around? I used one from Dallas, and live hours away. I got 2.5% from qualtrust on my 04, I cant remember, but I think the max they would have loaned me for the cobra was 23k
And ^^ I have done the numbers on all the $ wasted on swapping vehicles, hell I kept a new truck for 2 weeks..ya it's not pretty, but it's my money and i'm weird about it.
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