Anonymous
09/13/2014 08:13
Subject: Example of how not to borrow for a car
I bought my BMW with $5k down and a 0.9% rate. Financed over 4 years. Is this not normal?
Anonymous
09/12/2014 23:18
Subject: Example of how not to borrow for a car
I don't get it - OP, putting $1000 down and getting a 1.99% loan is a perfectly normal thing to do. I did the exact same thing. I think in this year alone, I've made more in what would have been an initial investment of the same amount in the stock market than what I will pay over the life of the loan.
Anonymous
09/12/2014 23:03
Subject: Example of how not to borrow for a car
Anonymous wrote:Anonymous wrote:You may have a different preference, but this is a perfectly fine way to borrow for a car. You must be really far removed from the general population. Congratulations on reaching the upper echelons!
I didn't think the "general population" spent 30k on cars. I'm pretty sure the general pop can't afford the monthly payments on a 30k car loan. This is not a perfectly fine way to buy a car. I have a feeling you are part of the upper echelons.
LMAO touche. My husband runs a department at a dealer though so my car situation is different than most. I do forget that sometimes, so point taken
Anonymous
09/12/2014 22:17
Subject: Re:Example of how not to borrow for a car
Anonymous wrote:Um how is this stupid? I'm looking for a car and can get 0%, why wouldn't I put down as little as possible?
How are you able to get 0%?
Anonymous
09/12/2014 22:15
Subject: Re:Example of how not to borrow for a car
Anonymous wrote:Um how is this stupid? I'm looking for a car and can get 0%, why wouldn't I put down as little as possible?
0% /= 1.99%
Anonymous
09/12/2014 21:38
Subject: Example of how not to borrow for a car
To opine I would need to know the other interest rates offered by other banks for car loans.
Anonymous
09/12/2014 21:37
Subject: Example of how not to borrow for a car
Anonymous wrote:Anonymous wrote:This is pretty normal. What's the big deal?
Let me guess, you drive your cars for 15 years and then buy the next one with cash?
Let me guess, you borrow to buy a new car every other year and have $14.78 saved for retirement.
Lol
Anonymous
09/12/2014 21:35
Subject: Example of how not to borrow for a car
Anonymous wrote:You may have a different preference, but this is a perfectly fine way to borrow for a car. You must be really far removed from the general population. Congratulations on reaching the upper echelons!
I didn't think the "general population" spent 30k on cars. I'm pretty sure the general pop can't afford the monthly payments on a 30k car loan. This is not a perfectly fine way to buy a car. I have a feeling you are part of the upper echelons.
Anonymous
09/12/2014 19:10
Subject: Example of how not to borrow for a car
Anonymous wrote:This is pretty normal. What's the big deal?
Let me guess, you drive your cars for 15 years and then buy the next one with cash?
Let me guess, you borrow to buy a new car every other year and have $14.78 saved for retirement.
Anonymous
09/12/2014 18:55
Subject: Example of how not to borrow for a car
You may have a different preference, but this is a perfectly fine way to borrow for a car. You must be really far removed from the general population. Congratulations on reaching the upper echelons!
Anonymous
09/12/2014 18:08
Subject: Example of how not to borrow for a car
This is why there are so many hondas on the road...
Anonymous
09/12/2014 18:05
Subject: Example of how not to borrow for a car
This is pretty normal. What's the big deal?
Let me guess, you drive your cars for 15 years and then buy the next one with cash?
Let me guess, you drive your cars for 15 years and then buy the next one with cash?
Anonymous
09/12/2014 16:54
Subject: Re:Example of how not to borrow for a car
Um how is this stupid? I'm looking for a car and can get 0%, why wouldn't I put down as little as possible?
Anonymous
09/12/2014 16:51
Subject: Example of how not to borrow for a car
Well, if you can take your 30k and put it in a cd at over 3% while you only pay 2% on the car loan, you make money. Or you put it in the market and take a gamble that the market returns better than 2%. How is that stupid?
Anonymous
09/12/2014 15:51
Subject: Example of how not to borrow for a car
http://online.wsj.com/articles/the-new-rules-of-borrowing-1410541812
So...let me get this straight. You borrow $29,000 and only put $1,000 down, meaning that your payments will range (for between three to five years) from $830 to $508 (or lower if you stretch it over 5 years, which would REALLY be stupid). But if you could really afford that $30,000 vehicle, why wouldn't you just put down a larger down payment?
I sense this woman has spending issues. Then again, she does work for a for-profit college.
Michelle Day, of Damascus, Md., and her husband received a $30,000 car loan with a 1.99% interest rate from the Germantown, Md.-based Mid-Atlantic Federal Credit Union in April. Ms. Day, 34, a university business development manager, says she received an email from the credit union touting its deals and was intrigued by the low rate. The couple made a down payment of around $1,000 on a Honda CR-V.
"When I saw the 1.99%, I said I totally have to give that a shot," she says. "It was a no-brainer."
So...let me get this straight. You borrow $29,000 and only put $1,000 down, meaning that your payments will range (for between three to five years) from $830 to $508 (or lower if you stretch it over 5 years, which would REALLY be stupid). But if you could really afford that $30,000 vehicle, why wouldn't you just put down a larger down payment?
I sense this woman has spending issues. Then again, she does work for a for-profit college.