Reply to Need a new car - buy now and pay cash, or buy later and finance at a low rate (if any)?

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Reply to "Need a new car - buy now and pay cash, or buy later and finance at a low rate (if any)?"

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[quote=Anonymous][quote=Anonymous]Keep all your cash until you know what the situation is with buying a house!  Our first year in our house was far more expensive than we bargained for.  [b]How close are you to buying a house?  [/b]You might chat with your mortgage broker about the impact of a car loan on your overall situation.

Given the age of your car, you might to replace it sooner rather than later...the last thing you want to do is face another expensive repair and have to replace it in a hurry because you don't want to spend more on the old car.

At the very least, I'd be researching and test-driving cars now so you have in mind what you want when you're ready to buy--and then finance as much as possible to save cash for home repairs, possibly paying the car off earlier if all goes well.  The Washington Post car reviewer just raved about the new Honda Fit, which goes along with your wise strategy of keeping a sensible car a long time.

Mortgage, daycare, and car payment--a lot of moving parts to figure out, good luck, OP![/quote]

Well, the baby is due in November, so... not close enough, since we haven't started looking yet! Husband has to file our taxes first (they're tied up with his business), then we can talk to a lender. But you're right, I should talk to a bank beforehand about the impact of a potential car loan. Our life has been so simple up 'til now, financially speaking; hard as I'm trying to prepare for what's coming, I feel like it's going to knock me off my feet. [/quote]

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