03-21-2012, 08:23 PM
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#403
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Senior Member
Join Date: Dec 2011
Drives: ‘16 4Runner, ‘19 Corolla HB
Location: Hurricane, WV
Posts: 1,233
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Mentioned: 4 Post(s)
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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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Putting $3k down on a $30k car and financing $27k at 3% for 5 years is $2,100 of interest, not "a few hundred dollars".
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