Quote:
Originally Posted by Masago88
I was in the same predicament as you for a while, and was just working/driving my beater around while I researched the car/financing etc. I now have enough saved in cash to just flat out buy the car, but I didn't pull the trigger because then I couldn't get over the price difference between U.S/Canada. I'm a dual citizen new transplant to Canada (fuck the prices here btw), and I find the arbitrary price difference to be an insult. Now that the Canadian dollar is a good 10% lower I'm more comfortable with buying in Canada as opposed to jumping the border to do it.
Ok that was an unnecessary tangent. I was planning to pay for the car in Cash, but it's a lot of cash. I found a great middle ground and my parents have agreed to loan me the rest (whatever down I want to put) with 0%. Now I can use the extra money to buy the mutual funds/stocks I wanted to invest in, while keeping the money in the family. Note that even with low financing via bank/dealer they will include a charge to finance, which, last I looked was over $1000 as well.
|
Too many dealer fees I say! They need to change the legislation.
What about just financing the whole thing and just deal with the approx $615.00 per month car payment?
Maybe this is the better way to go and then I can better hold onto my investment and pay off my car within five years or less when I go to buy a house using my Mortgage & Homeline Plan. I spoke to the bank and they said every dollar counts towards your down payment and how much you can borrow...Even if you have a car payment etc. Better to have more of a down payment and car payment, as a car depreciates they said.