Survey: U purchase? Lease? or Finance ur FRS? How long is the Term?

[suaveflooder]

Originally Posted by dem00n

One check.

I was always told to never buy anything unless i can pay it up front right there, right now.

This right here living BELOW your means, and a couple decent investments will make you a multi-millionare

[FreshFRS]

Originally Posted by IntotheOcean

This is what i plan on doing as well

Am I the only one who read that paying off loans early actually hurts your credit score?
.....

im not sure if it is the same in canada and the states, but as a 22yr old it just makes sense to build my credit rating. i don't think paying off early would hurt your credit, if anything it would add to it.

[Enraged21]

financed w/ 75mo @ 4.74 interest. Will refinance after a year for a better interest rate

[cregor]

60 months at 1.74% with a 8k trade in.

[Zyo81]

75 months at 2.29%. Hope to have it paid off in 2.5 years.

[CrazyWookiee]

Purchased

[Kelbyat07]

60 months, forgot the interest. But my parents are paying the car off for me <3

[tennisfreak]

Originally Posted by IntotheOcean

This is what i plan on doing as well

Am I the only one who read that paying off loans early actually hurts your credit score?
.....

Originally Posted by FreshFRS

im not sure if it is the same in canada and the states, but as a 22yr old it just makes sense to build my credit rating. i don't think paying off early would hurt your credit, if anything it would add to it.

It depends on your credit history.
If you dont have a long credit history (3-5+ years of solid payment history on multiple credit accounts) then paying off your debt too early actually does hurt your rating.
So if you only have 1 or 2 open credit accounts with balances on them and dont have a big credit payment history I suggest not paying off your balances too early. You need to make regular payments and build a history showing that you make payments.
I know it seems counter intuitive but that is not how the bureaus work. Part of the credit score calculation is dependent on your payment history. Therefore if you pay off your balance too early you have no "payment history" to calculate.

On topic:
Financed mine 5 years @ 2.3% for a payment of $455.

[Xenith]

Financed mine last June through the dealer to get the $1000 college grad rebate at 3.5%.
Four days later I went to my bank and refinanced at 1.99% for 62 months.

[Chad]

You should've made this a poll... I don't really see why people are bashing the financing option. If you're younger and want the car, or just want to build up your credit rating all-together than it just makes sense to finance with rates under 4%.

Not sure if i'm missing something that's different in the states to here but if you lived your whole life by the "only buy something if you can pay for the whole thing" most people would be homeless fyi...

[Xenith]

Originally Posted by Chad

You should've made this a poll... I don't really see why people are bashing the financing option. If you're younger and want the car, or just want to build up your credit rating all-together than it just makes sense to finance with rates under 4%.

Not sure if i'm missing something that's different in the states to here but if you lived your whole life by the "only buy something if you can pay for the whole thing" most people would be homeless fyi...

Agreed.

As a recent college grad I have student loans with significantly higher interest rates than with an auto loan, so it makes more sense to pay more money towards those loans than towards buying a car outright.
No reason to bash on financing imo.

[TommyFive]

Financing. I haven't taken delivery yet, so I can't nail down my rates, but it'll probably be around 2.6% @72mo. Payments around $285/mo. At the rate I'm going now, I should be able to pay the car off in 4 years.

I'm young with a good job, but I have ~$80k in student loans and can't wait around saving money to buy the car outright given the condition of my current car. In the end it'll help build my credit, and with my down payment I'll never owe more than the car is worth.

I won't be out of student debt for the next 15-20 years anyway, so if I can afford debt that gives me both happiness and a means to get to the job that pays for my student loans and living costs every day then it works out.

[TommyFive]

Originally Posted by Xenith

Agreed.

As a recent college grad I have student loans with significantly higher interest rates than with an auto loan, so it makes more sense to pay more money towards those loans than towards buying a car outright.
No reason to bash on financing imo.

It's criminal what our interest rates are. Mine are 6.8% with one at 7.8% through Uncle Sam. What are you looking at?

[BRZerk]

60 months at 2.9% financing.

i put about 8k down between tradein/cash.

i have about 20k financed.