Quote:
Originally Posted by zoomzoomers
Guys what you do with your money is completely your own business, but let me make you guys think for a moment. Right now you can easily get 5 to 6 year loand for 2.5 to 3.0%. Depending on your credit rating, etc., etc. IMHO, you'd be foolish not to finance and use someone else's, the bank's, money and use your own money for something better. Oh like invest it or take it for a walk. If you down pay 10% on a $30k car with rates like 3.0% you're talking about a few hundred dollars over the life of the loan. Chump change.
I was going to pay cash myself until I did some research and it seems I'd be outta my mind not to finance when using someone else's money is so damn cheap right now. I could use that same money I was going to pay for the car with and use it for down payment on another proprety, which I think I just might do. So food for thought guys...
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Quote:
Originally Posted by 86fanatic
To expand, you can get a 5 year CD with 1.8% interest. If you can land a car loan for less then 1.8%, which is very possible in today's environment with good credit, you are throwing money away by using cash to buy:
http://www.bankrate.com/funnel/cd-in....aspx?prods=19 |
Wise words!
After I bought my truck, I refinanced my auto loan with another type of loan which was 1.3% for 36month! I paid that thing off with the quickness and saved a ton interested that I would have paid if I kept the 60month loan.
I plan on financing since the rates are very good. I just don't know how much of it I want to put down given that this car will depreciate the moment I drive off the lot. It's good to establish the others first like a Roth IRA, CD, Money Market, even stock options etc.