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Reply to "When people say they "pay cash" for a car..."
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[quote=Anonymous][quote=Anonymous]Although we can pay cash, we take out the longest loan available, put both our names on the installment contract, put down a large down payment to make the monthly payment roughly $250. With our house paid off, it's nice to keep some type of credit ongoing in our name.[/quote] This. But only when they offer 0% loans. It is foolish to waste money on interest on a car loan unless that is your last resort. Have a monthly car budget that is slightly below your means. Wait for a longer term 0% offer. Pay a large cash deposit to bring your monthly car payment below your budgeted car allowance budget. Pay 2 payments your first payment so you are one month ahead of payments. Put the rest on autopayment, and build credit without overspending or blowing past your budget. While you are paying off your 0% car loan, put a little away each month to rebuild your cash deposit for your next car. Rinse. Repeat.[/quote]
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