01-23-2020, 11:40 PM | #43 |
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If you have two cars and the Camry is your main car the FRS should not be too bad insurance wise. Multi car discount with the FRS as a weekend summer car.
As far as the Dave stuff he is a little extreme but in a situation like this I really have a hard time recommending you take on debit when you obviously don't need to. If you want to build credit then save the entire amount take the loan and only keep it 6-8 months. Huge bump in credit to pay off auto loan early and you will need credit for a home loan. And you should be starting to invest if your not already. OP sounds smart so he might be. Dave's plan is extreme but the basic principles are solid. Good luck! Sent from my Pixel 2 XL using Tapatalk
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01-24-2020, 08:01 AM | #44 | |
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The secret is to not have a bad credit score. A full lack of a credit score is not considered bad in situations where you aren't trying to borrow money. I have an excellent credit score but carry zero debt, including having paid off our mortgage (our only debt) 5 years ago. Frankly, I have no idea why.
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01-24-2020, 09:45 AM | #45 |
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You have to take on debt in order to prove you're a reliable debtor, thus pushing your credit score up. The trick is to maintain a small, ongoing amount that influences the accumulative rating positively over time, without the actual amount becoming a liability..
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01-24-2020, 11:57 AM | #46 | |
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01-24-2020, 12:06 PM | #47 | |
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Not having debt does not automatically mean you'll have a good credit rating.
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01-24-2020, 12:14 PM | #48 | |
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It makes it a little more difficult to rent an apartment sure, and it could possibly increase your cost of insurance, but it's marginal. In the case of an apartment it might require a bigger deposit. With insurance, you may have to shop around more. Your advice, if you care about having a credit rating, is solid, no argument there, its just not mandatory.
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01-24-2020, 12:34 PM | #49 | |
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Depending on where you're trying to rent, not having a credit rating (let alone a bad one...) could absolutely mean the difference between getting in or not. But the reason it's such a big deal with cars is that, next to buying a house or sending a kid to college (both done through obtaining loans, btw...lol), buying a new car is just about the largest single purchase a person will make. And not many people have $30+K sitting around as liquid. Sure, you can skip the bank loan and ask the dealership for a loan, but with no credit or bad credit, you're a huge risk, so you'll be paying ridiculous interest rates, whereas a loan through a bank or dealership with excellent credit and associated low rate can actually be a smart move. There's always low single digit financing programs available through manufacturers or banks...you won't pay much in interest, and your credit goes up in the process. They key is to not spread it out across a long term. I have a good friend who is now in his mid 60s who, for the first 50 years of his life, never even had a checking account. His paycheck went in the bank, and he payed his bills in person, in cash. Never had any debt. But even he had to give up on that lifestyle. Try doing that today....it's a total pain in the ass, at best. Lots of utilities and government agencies like RMV won't even accept cash payments in person any more..!! How's that for some irony...the government won't accept it's own currency...
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01-24-2020, 12:57 PM | #50 | |
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If you take out a loan for a car what you are really saying is "if I saved $xxx for x years, I can afford this car I really want, instead of this car over here I can afford now" but rather than doing that you have to have it now. That's OK, it's an individual decision to do that. I just suggest you not fool yourself about what you are doing. You are buying something you can't really afford by paying something you can, assuming that there is no risk in doing so. That's different than how about 99% of Americans live, I get that. The thing is I could easily afford the payment on a $150,000 car, but I drive what is now a $10,000 car that I paid $27,000 for 7 years ago because I don't want the car payment. I did the same thing 40 years ago in high school I do today. I bought a $400 car, saved money for a year, sold the $400 car for $350 and bought a $750 car. I did this through high school and college until I had bought a new car for cash without it having any real impact to my life. You just have to break the cycle once to never have a car loan again. Now, have I never had a car loan, no. But in those cases, I could have bought the car for cash, just chose to leave the money in the bank because of some zero interest loan or some such. However, there was no risk because I could always pay the car off. Nothing is wrong with either approach, as long as you are fully aware of what you are doing and have considered the consequences and the risk. Now before @Tcoat has to "moose girl" me, I think I've said all I can say about this and that's all I can say!
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01-24-2020, 01:09 PM | #51 | |
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Loans can be beneficial when used responsibly, sadly most Americans don't know how to be financially responsible. Eliminating personal debt should be everyone's goal, but that would require not getting the newest everything all the time... As far as college, 2 things; 1. College is not a requirement for everyone. 2. Going to college does not require loans. Says the guy who has 2 debts, 1 car & 1 house. Both will be paid off long before their full loan term, and has a college aged daughter that has no debt, is in her last year off college and preparing to go for her graduate degree. And no, I didn't fund it for her.
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01-24-2020, 01:11 PM | #52 |
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Many people on here have mentioned it but I just want to stress the importance of this. Please make sure to get insurance quotes!! Don't assume, this one bit me in the butt a bit more than I was expecting.
Last edited by noodle; 01-24-2020 at 01:13 PM. Reason: wording |
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01-24-2020, 01:13 PM | #53 | |
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01-24-2020, 01:17 PM | #54 | |
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I have three sons, all who graduated college debt free, that was one of my life goals. They did it by going to state schools, working, renting their books and sharing an apartment they could afford. if you do it right, and don't finance lifestyle, there is no reason you can't graduate from a state university debt free. Now if you "have" to go to an Ivy League school then, well, that's on you.
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01-24-2020, 01:19 PM | #55 |
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I bought my FRS when I had it back at 18. Did a 20k Loan and payments were about 260ish for 5 years and insurance was about 550 with full coverage for 6 months. Its the mod bug that will get you and that's what will make you broke lol.
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01-24-2020, 01:53 PM | #56 | |
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We should just get rid of all monetary forms of commerce and go back to barter! I will give you 3 goats and a chicken for your next restoration project.
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