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Money and Finances
Reply to "Is financing a new car really stupid? "
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[quote=AroundTheBlock]My wife and I both recently purchased new cars. Pros with buying with interest: 1. The dealer prefers this because they make more money from the interest. This sometimes can lead to a better deal. 2. You don't have to unload the full amount at once. 3. If you pay off your loan regularly it really helps your credit score. Cons with buying with interest: 1. You have to unload the full amount. 2. The dealer may withhold .5 or 1% lower price. I bought a car a year ago and while I could have easily paid for the car in full I decided to finance only 30% of the price. I placed a large down payment and financed the rest. I have a low interest rate and only pay a few hundred a month. What's nice is this helps my credit score greatly even though my score is almost 700.[/quote]
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