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Reply to "When people say they "pay cash" for a car..."
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[quote=Anonymous][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] Don’t you have a credit card? That’s enough. Why pay extra on a car when you don’t need to. [/quote] +1 This is silly - especially on a long loan, you should add up what you're actually paying for the car and look at the crossover for what you will still be paying vs what it's worth. That would be depressing. You don't need a car loan to keep your credit up as I assume you have at least one credit card, insurance bills and house utilities. This actually adds zilch to whatever you are aiming for[/quote]
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