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]buying car for cash is one of the stupidest financial advice ever.[/quote]

Really? And just where are you parking money that you're getting any return on it? I did the math when I was buying my car - how much of my money would I be spending on the car under various options. The cheapest thing was to pay for it myself and make car payments to myself afterwards to save for the next car.

OP, I had a car about the same era of what you have. I kept it for the first two years of my son's life. Over time, the lack of LATCH,  the need to have a car that wasn't going to need unexpected work frequently, and the lack of other modern features made ditching the car the right thing to do for us.  I had been told when applying for mortgages not to go out and get a car loan, as it throws off their calculations. Mortgage lenders care less about how much $$ you have in savings, and more about how much debt you have. I got two mortgages carrying no debt, and I honestly don't remember if they ever asked me for the balances in my accounts - just about the source of the downpayment. [/quote]

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