Financing a car is only for retards

Need_TLC
Need_TLC

Is the very worst financial decision you can ever make in your life. Even if you have an 820 credit rating and get 0.9 APR, you're still taking a massive ass fucking. Nobody reading this has an 820 credit rating, either.

Recent statistics show that one-third of car buyers sign up for a six-year loan at an average interest rate of 9.6%. Among these buyers, the average price of the car is just over $26,000. This means that one-third of the cars you see on the road are dragging a $475 payment behind them.

The car dealer won’t tell you that your awesome new car loses about 25% of its value the instant you drive it off the lot. After four years, your car has lost about 70% of its value.

What does that mean? After six years, you’ve paid almost $33,000 for a $26,000 car, which is now worth maybe $6,000. Not a good deal.

Here’s a new plan. What if you bought a cheap $2,000 car just to get around for 10 months? Then you take that $475—the average car payment—save it every month, and pay for a new car (with cash!), instead of giving it to the bank.

After 10 months of doing that, you’ll have $4,750 to use for that new ride. Add that to the $1,500–2,000 you can get for your old beater, and you have well over $6,000. That’s a major upgrade in car in just 10 months.

But the fun doesn’t end there. If you keep consistently putting the same amount of money away, 10 months later you would have another $4,750 to put toward a car. You could probably sell that $6,000 vehicle for about the same price you paid 10 months before—meaning you now have $11,000 to pay for a car, just 20 months after this whole process started. And you never paid the bank a dime.

Other urls found in this thread:

gobankingrates.com/car-loans/credit-score-determines-auto-loan-apr/

Soft_member
Soft_member

but i want it now not a year later

girlDog
girlDog

holier than thou financial advice
putting money into the bank instead of investing
Lmao don't post anymore kid

Inmate
Inmate

reposting from David ramsay
low effort bait

SniperWish
SniperWish

But I'm not the average American distilled into one person. I have good credit and will pay a low interest rate which will be outstripped by the value my money can return by leaving it invested instead of sinking it all at once into a depreciating asset like a car.

New_Cliche
New_Cliche

Recent statistics show that one-third of car buyers sign up for a six-year loan at an average interest rate of 9.6%.
LOL fucking source that shit. 9.6% AVERAGE? meaning there are people going with higher percentages?

Spazyfool
Spazyfool

Good thing i got 0 percent interest on my focus st.

farquit
farquit

That attitude is a killer. Thankfully I have gotten over it before I have to start spending lots of money. I haven't got anything for like six months that isn't necessary except a watch and a knife.

If you (or anyone) can learn to not everything hey see and be patient, they will be much better off.
I had this just a few days ago. I broke my f1 key in my keyboard and was discussing how it would cost me $70 to replace it. My dad asked how much I used it and I said at most once a day, and then I realized that I already had a shitty board I could use whenever I needed to press f1. I guess my point is that you can save so much money by being patient. And being patient will make you second guess your decisions.
This post took forever to write on my iPad. Probably a waste of time.

TalkBomber
TalkBomber

hello, you called ?
840 credit score here.
you would be dumb to not :
Get cash back on every purchase, get 0% rate loan, and be able to buy anything i want with just signature.
Laterz !!

New_Cliche
New_Cliche

It's David Ramsey (a "financial guru" who hates loans of all forms) making shit up. The people who follow him religiously after prior financial mistakes are probably better off then they were before, but it doesn't apply to most rational adults.

Dreamworx
Dreamworx

don't be poor
lease cars
enjoy

Sharpcharm
Sharpcharm

That $2,000 cheap car ends up needing $1,000 worth of work in 5 months and you will have to blow your savings on it.

A better idea is to do what I did and buy a new Toyota Corolla. Five year loan at 2.5% APR. I owe $4k on it and it's worth at least $7k. And it hasn't broken down because it's not a used piece of shit.

DeathDog
DeathDog

I made my last car payment is October of 1999.

Stark_Naked
Stark_Naked

But, loans are bad. Why the fuck would you give literal Jews your money solely because you can't show just a little patience and self-control? Loans are for people who are impulsive and can't save and wait for anything. Apparently, you fall into that category and that's why you're butt hurt about the truth.

2016 Average auto loan rates by FICA score

720-850 3.336%
690-719 4.66%
660-689 6.753%
620-659 9.399%
590-619 13.719%
500-589 14.806%
*Rates as of 8/30/2016

Source: gobankingrates.com/car-loans/credit-score-determines-auto-loan-apr/

Sir_Gallonhead
Sir_Gallonhead

Literally have a dealer confirmed 829 FICO score, financed the remainder of my new car at 1.99% after putting 30% down in cash. Eat shit OP, you poor neet fuck

BlogWobbles
BlogWobbles

What if you need the loan to buy the car to get to the job to earn the income that enables you to save money?

FastChef
FastChef

Bus pass or walk

Fried_Sushi
Fried_Sushi

THIS
pay a low interest rate which will be outstripped by the value my money can return by leaving it invested instead of sinking it all at once into a depreciating asset like a car.
pay a low interest rate which will be outstripped by the value my money can return by leaving it invested instead of sinking it all at once into a depreciating asset like a car.
pay a low interest rate which will be outstripped by the value my money can return by leaving it invested instead of sinking it all at once into a depreciating asset like a car.
THIS

Evil_kitten
Evil_kitten

But I financed my used shitbox at 4%, paid 90% off in the first 3 months and I'm allowing the last 10% to come out on payments for credit reasons.

My bank gives me 3.25% interest on savings, I'm basically paying 0.75% to finance the remainder.

Buying things you can't afford is always bad, but financing a car is one of the best ways to prove credibility.

Bidwell
Bidwell

I got 0% on my fuccboi Corolla. You're move OP

hairygrape
hairygrape

it's easy saving up $25000!

Playboyize
Playboyize

This wouldn't work where I live. I live in a rural area with no bus line and to get to the next town is 10 miles. Personally I buy Craigslist vehicles. Paid around 850 for my current truck.I put a new windshield in it and some other parts. Total is now 1200.

Gigastrength
Gigastrength

be me
buy new 17 taco
loan for 16k, 8k down, 2.4% apr through credit union, 75 months at 250 a month.
inb4 lol 75 months
Fast forward 5-6 years when paid off
be me
Sell 2017 taco for 20k cause i know what i got and taco tax.

Evilember
Evilember

This guy gets it. Not everybody is so poor that he'll need 6 years to pay for a 26k car.
Thinking tyou have to pay everything cash and up front is a typical poor person fallacy. If you had any understanding how money works you'd have a better use for it than to just throw it away like that. Invest you money and you can easily pay the interest with your profits. Plus you have a built in tax credit.
And after a year or three you swap the car for a newer model without paying more than half of it anyways...

viagrandad
viagrandad

when will snotty wannabe financiers realize that purchasing a new, mid-range car, never has, is not and never will be an investment. You are purchasing a tool to increase your utility and improve convenience, you are always, from the beginning going to lose money and you go into it aware of that. That's literally the opposite definition of an investment, the sold purpose of which is to take a risk to potentially increase the principal you put in.

Theoretically, if you have no car, you could consider purchasing a cheap used car a form of investment because it will most likely increase your earning potential more than the cost you have to put into the car. But the difference in utility between a $3,000 hatch and a $30,000 hatch will nowhere even near match the increase in money vested on the principal alone, nevermind the interest.

askme
askme

75 months at 250 a month
on an $8,000 loan
thread's biggest gape

likme
likme

Shit nigga, can you read? 8k down.

Evilember
Evilember

This man gets it.

LuckyDusty
LuckyDusty

Wish i had seen this 2 years ago, thanks for being 2 years late OP

SniperWish
SniperWish

Financed our used $17k 2012 Camry for 60 months, at 1.69%, total will be around $17,740...have about a year or so left and might pay it off early

845 credit score here

But, it will probably be the last car we finance, I don't like being in debt any more than I have to

RavySnake
RavySnake

You think you know finances while having no clue about engineering. Your life must be a mess.

Sir_Gallonhead
Sir_Gallonhead

Yes everyone should eat Ramen and live in a 20sq metre apartment according to you

Buying new is stupid unless you want that fancy new model
Dealers and banks finance used cars also...

May be hard for a poorfag such as yourself who only eishes to own old rusty broken down shitboxes to understand, but if someone has 30k they are better off financing the car rather than blowing their load in one go

30k put to work less the payments on loan is far better for an individuals financial independence than buying the car outright and having nothing to show for it other than depreciation loss
The 30k put to work covers the miniscule amount of interest on the loan, helps to lessen the depreciation hit, and allows the individual to keep their 30k plus now the value of the car

You have a very rudimentary understanding of finances
Being a frugal poorfag is not good financial advice unless you are an actual poorfag

Please stop preaching your holier than thou bullshit bevause you are clearly stupid. Thanks.

5mileys
5mileys

Is the very worst financial decision you can ever make in your life. Even if you have an 820 credit rating and get 0.9 APR, you're still taking a massive ass fucking. Nobody reading this has an 820 credit rating, either.

I've had over 820. It's not hard to get if you're not a fucking idiot.

massdebater
massdebater

I have great credit and took out a 1.25% interest personal loan to buy a car - the car isn't even collateral, there is no lien.

Blowing $30k in cash on a car is idiotic when you could borrow the money for next to nothing and invest your $30k and earn MORE in interest than you're paying on the loan.

Stop projecting your poorfaggotry on others. I'm sorry you can't envision a scenario in which borrowing money makes sense, but maybe one day you'll have a better credit score than the average nigger.

Deadlyinx
Deadlyinx

OP being this BTFO

TalkBomber
TalkBomber

not understanding time value of money
not understanding that some people are willing to spend money to get something nice

CodeBuns
CodeBuns

poorfag

StrangeWizard
StrangeWizard

I don't think there is anything wrong with financing a car at 1% or less. At that point, I don't really mind paying $250 over a 36 month period for the advantage of keeping more cash on hand.

But you are a grade A moron if you pay anything above 3% - never mind 9.6%

Spamalot
Spamalot

implying that your average car will cost $6,000 in 6 years

Yeah right. $6,000 for a 2011 shit-tier manufacturer base model, maybe.

Spamalot
Spamalot

you financed a fucking used car?

I get what you mean by paying a bit more for a decent used car. I increased my budget to $5K just so I could get an econobox with just 50K miles instead of some can of worms with 100K+ miles which is a good thing that dumb sticky suggesting to go for cars with 100K-150K miles. Anyone who actually needs that (outdated) sticky will most likely be looking for their first car and won't know how to look out for problems in the first place.

but financing it when you can just save up for it within a year?

girlDog
girlDog

not getting zero-interest loans from your wealthy relatives

Being a spic is great.

w8t4u
w8t4u

This is the key everyone ignores when they talk about financing.

It's not about reeeeee financing ALWAYS GOOD / ALWAYS BAD, it's about what you can do with the money in the meantime.

What APR can I get on a note
What reliable return on an investment can I get

simple subtraction. If the best finance rate you can get is 4% and you can only get, say, a 2% reliable return on an investment, think twice before financing.

If, on the other hand, you can secure a 2% finance rate and you have an investment that nets you a pretty reliable 4% per year you should consider financing as a better option. Your investment is going to appreciate much faster than your car note is and you'll be ahead of the game.

BinaryMan
BinaryMan

The car dealer won’t tell you that your awesome new car loses about 25% of its value the instant you drive it off the lot. After four years, your car has lost about 70% of its value.

It's funny how you call everyone else retarded, but you're just as stupid.

Financing a car is always a loss, no question about that, but your numbers are fucked.

First of all, rates like 0.9% and 1.9% etc. are all ADVERTISED financing rates. If you actually have stellar credit, to the point where it's 820 and you're literally the top most tier possible, you can actually go to a dealer that's advertising 0.9% and get approved at 0.1% or some other ridiculously low number. Then there's 0% financing.

But depreciation? Yeah, depreciation is definitely a thing - but it depends completely on the car and current demand in your local market. Some cars depreciate a LOT (i.e. an automatic Fiesta) while others not so much (a Subaru WRX STI, for example). There might be certain prevailing mechanical problems that have caused a problem with perceived value (Ford PowerShift) or some crazy JDM ricer tax that inflates prices.

No car depreciates 70% in one year. NONE. Even if the car is a fucking salvage title.

Cars certainly don't depreciate 25% the moment you drive off the lot, either. You may have SPENT $40,000 OTD and only get a $30,000 trade in offer a week later but that's because:

1.. $40k OTD means up to $3000-4000 in taxes, so the car itself was only $36,000 to begin with. The dealer sure as hell isn't going include TTL in their valuation.

2. It's a trade-in, which means they're almost always going to be offering you less than what it's really worth.

3. The person buying the car overpaid - they paid $36,000 when invoice was $34,000 and most savvy buyers were able to negotiate to $33,000.

Stupidasole
Stupidasole

so in other words OP has shit credit and was declined

Stark_Naked
Stark_Naked

4 months ago I decided what car I wanted and financed it for $22,388 at 5% with $500 down. The loan term is 72 months (young credit) but I'm going to pay it off in 24 by paying $970 a month; by the end I'll have paid just over $1200 in interest and I'll have two years of enjoyment out of the car. Tell me why I should go two years without driving the car that I want just to avoid paying a bank less than one of my paychecks. Incidentally, I don't plan on selling this car any time soon.

Also explain to me why putting $4,750 or $11,000 into a car is better than making an actual investment.

haveahappyday
haveahappyday

Last but not least:

4. The person bought the MY2016 car when the MY2017 vehicles are already languishing on dealer lots. They thought they were smart and got a "Good deal" by buying previous model year, but they didn't factor in the problem of the 2016 model automatically being considered "1 year old" in all pricing guides being used by insurance, dealers, etc.

Stark_Naked
Stark_Naked

This is the thought process of the mentally ill normie brain.

Crazy_Nice
Crazy_Nice

This is the advice people who think they're smart give.
But the reality is, investments are gambles, well any investment worth your time.
People also forget all the costs associated with investing.
Yeah your "reliable" 7% annual return is really only worth 4%, and you've got to put a lot at risk to get it, which could easily go out the window in a second.
Unless you've truly got the income, or safe investments to make good on your loans without your car money you've invest, then you'd have to be an idiot to be risking it.

Finances aren't all about risk reward investing, they're also about security.
Rule 1. Don't invest any money you're not willing to lose
Rule 2. Truly safe investments don't outpace inflation

hairygrape
hairygrape

this advice people who think they're smart give
And you reply with some generic bullshit disclaimer from any third rate financial advice blog
Lmao
Sorry not sorry your goyim mind doesn't understand the market
'Safe' investments are a ploy to get business of retirees

Why would 7% become 4%? Tax doesn't work like that...

Nojokur
Nojokur

Considering I came up around investments and have seen people become hundred millionaires, seen people lose everything they have, and seen people get killed, I think I might have a little more experience here than most autists.

Simply put, investing is a big boy game. If you're not prepared to lose it all tomorrow, you're not in a position to invest. Money isn't coming out of thin air.
Don't save 30k for a car, then finance it to invest the money unless you could easily and comfortably pay off that loan if your investment goes south.

The funny thing is, all these financial advisor places don't disclaim that you can lose. They pretend like if you follow their trade secrets you'll hit it big and put no money at risk while doing so.
It's just like the real estate investment infomercials.

Sir_Gallonhead
Sir_Gallonhead

Everything in your post is conjecture so I'll assume you have nothing of value to say

You live in a trailer park in bumfuck Idaho, Ethan
Shut up

happy_sad
happy_sad

760 credit
paid off house
pay credit card on time
literally nothing to help me build credit... what should i do?
buy a car and pay for it over time

if you want to build credit, theres nothing better than buying a car. Paying off your credit card every month isnt going to build it quick enough. Plus, you can just make the monthly payments by investing the money you would have spent.

You're a fucking idiot if you think financing is retarded

Snarelure
Snarelure

e 2016 model automatically being considered "1 year old" in all pricing guides being used by insurance, dealers, etc.
how bad is this in general when you don't plan to sell the car as an "investment" anyways? Like when I buy a new car I'm going to do the same thing if the next generation is going to be shit anyways so at least I have the best year of the previous generation.

Evilember
Evilember

Well can't we all agree certified used is the best way to buy "newish", warranty, no depreciation loss when you drive off the lot.

CodeBuns
CodeBuns

You're absolutely right, but keep in mind that if you have good enough credit to score a really stupid low APR, like 0.5%, even a money market account will yield higher than that, if only by like 0.2-0.5%... and that's about the most risk-averse investment you can possibly make.

Also with a stock investment you don't actually realize that gain (or loss) until you sell it again. So it's a double edged sword for your example. The 7% they brag about could indeed turn to shit one day, but on the other side of the coin if you're factoring in dividends, you can stand to actually lose 1-2% somewhere, so long as it eventually gets made back up over the course of your expected investment's time frame.

Again, we're not talking day trading, we're talking long term, relatively low-beta investment w/ dividends paid.

/for what it's worth I've both paid cash for and financed new cars, all depends on the situation I find myself in.

Nojokur
Nojokur

why even bother at that point? Point of buying a new car is so you know for sure what happened to the car from day 1. How do you know some faggot didn't squeeze in some litter through the shifter?

Dreamworx
Dreamworx

Did you invest in Stick RPG when you were a kid and think you're an investing pro now?

Fried_Sushi
Fried_Sushi

you are a literal dumb fuck poorfag. I can borrow 5 year loan at <1.5%. I can get higher returns on AA corporate bonds at 4-5% and come out on top. Why the fuck would I not basically borrow free money.

Crazy_Nice
Crazy_Nice

I mean you're not wrong if you're just after point a / point b transportation.
It's just that for most of us on Veeky Forums this is a hobby and it's normal to throw away money on a hobby.

Lord_Tryzalot
Lord_Tryzalot

Thats right, thats why I pay cash nigger.

massdebater
massdebater

Well yes... we all had to start somewhere

Did you rape people in stick rpg?

ZeroReborn
ZeroReborn

You do not understand finance or math.

The car market is efficient. You get what you pay for.

1.99% or even 0% isn't uncommon for a new vehicle.

If you want to make the argument that it's not worth paying a premium for a new you might have something. But that's totally subjective.

Just wait till your sloppy jalopy needs a tranny.

Poker_Star
Poker_Star

If you paid off your house already why do you need to build credit?

Most people who have paid off their mortgages literally have no reason to take out another loan

Flameblow
Flameblow

Got 0% for 72 months and 3000$ off on a Fiesta ST, pretty nice. With the downpayment I put on, it's just 200 bucks a month.

Supergrass
Supergrass

buying a new car

VisualMaster
VisualMaster

Pretty nuch what i did. Its a loan for free. Absolutely insane

Harmless_Venom
Harmless_Venom

I buy a new car every 1-2 years so it would never make sense for me to buy the cars outright.

cum2soon
cum2soon

Stop being poor?

Firespawn
Firespawn

Even if you have an 820 credit rating and get 0.9 APR, you're still taking a massive ass fucking.
820 can easily get you 0.0% APR. A 750 can get you <1%.
Recent statistics show that one-third of car buyers sign up for a six-year loan at an average interest rate of 9.6%.
I call bullshit. I financed a used car with no credit and got 3.9%.
The car dealer won’t tell you that your awesome new car loses about 25% of its value the instant you drive it off the lot. After four years, your car has lost about 70% of its value.
That's why you don't throw your savings at it, ya dingus.
What if you bought a cheap $2,000 car just to get around for 10 months? Then you take that $475—the average car payment—save it every month, and pay for a new car (with cash!), instead of giving it to the bank.
More like giving that $475/mo to O'Reilly's at that price.

CodeBuns
CodeBuns

70%
4 years

Dodge pls go.

StrangeWizard
StrangeWizard

Dave Ramsey talks under the assumption that his audience is all idiots that can't make monthly payments. Using your savings to buy a depreciating asset is a bad idea if you like building wealth.

Dreamworx
Dreamworx

My bondz doe.
$10k tied up for 10 years for almost no return. What a good idea.

Lord_Tryzalot
Lord_Tryzalot

"Recent statistics show"
scan rest of thread
no links
lol k

kizzmybutt
kizzmybutt

When is financing a good option then?

Methnerd
Methnerd

all these /biz/ investing savants, never mention the extra cost of insuring a new model vehicle with a note over an old shitbox.

It's almost as if they're full of shit poorfags.

Supergrass
Supergrass

If you've got young credit make the payments each month and don't double or triple them all the time. The (((banks))) like to see that you can CONSISTENTLY pay them back OVER A LONG PERIOD OF TIME and in the future they'll be more likely to lend you money with lower interest rates.

Lunatick
Lunatick

And you didn't mention the maintenance costs on a rusty old shit box either
A new car has free maintenance! An old car doesn't :^(

TalkBomber
TalkBomber

It's bad in the sense that you absolutely should get GAP insurance for cars like that.

There are things in life that you can't control. Drunk faggot can total your car 1 year in and it's got the depreciation of a 2 year old car - you owe like $20,000 and it's worth $16,000. The insurance pays out $16,000 and now you're $4,000 under water. You have no car, AND you still OWE $4,000.

Or, say something happened and you need to get rid of the car. Maybe you got a fantastic new job and a car will just be a drain for the next 4-5 years because you can move to someplace close to office. New car and insurance is probably at least $400-500 for most people - that's a $6000 a year without evening accounting for gas, maintenance, and unexpected repairs. Or your girl just got pregnant and now there's a wedding and childcare in the near future - that $23,000 Fiesta ST is now only worth $15,000 and you still owe $18k on it or something and you need to trade in for something bigger that can fit a stroller AND groceries. The dealer is going to give you even less as a trade in and you don't want to dick around for 6 months on craigslist meeting with tire-kickers - so they give you $12k on a trade and you're rolling in $6k worth of debt on a Camry. A 4-cylinder model with just a few features that should've been $24k OTD is now reaching what it would cost to get a V8 SRT Charger (with some incentives and a bit of negotiation).

SomethingNew
SomethingNew

tfw own new car
0% interest the whole plan

You got cucked

Burnblaze
Burnblaze

have virtually no credit score, but dece job
finance $15k suv
put $5k down
setup automatic withdraw to guarantee perfect payment history
sometimes double up on payments
couple years later try to buy house
mortgage lenders virtually throwing pussy at me due to impeccable payment history
buy a house with zero down
mortgage payment is less than rent

Financing can be a real good thing starting out, stop giving out shitty advice on the internet.

StonedTime
StonedTime

paying interest when you dont have to

Think again cucklord

Flameblow
Flameblow

Buying a house without 20% down
Enjoy that PMI ass raping that will with the new laws will never go away, you stupid shit for brains dumbass.

Gigastrength
Gigastrength

yea you're right. I should've wasted a couple of years saving instead of buying when the market was good, renovating and selling a year later for a 200% ROI.

BlogWobbles
BlogWobbles

I'm glad you realize your mistake. Next time try not to be such a faggot

Stupidasole
Stupidasole

New car and insurance is probably at least $400-500 for most people
What? I have full coverage on a 2014 Jetta and a 2004 STi for $189 a month.... Which I thought was high.

Lord_Tryzalot
Lord_Tryzalot

making money on the banks dime is a mistake
you suck at this

idontknow
idontknow

cars lose 25% of their value when they drive off the lot

save up money and buy a new car

pick a story and stick with it

Burnblaze
Burnblaze

$950.00 car payment
4.5% apr
60 mo loan
0 fucks given

BunnyJinx
BunnyJinx

The problem is that the $2000 car will probably cost another $1000 in repairs and likely nobody will buy it after. So you're down 3 grand.

Stark_Naked
Stark_Naked

You're probably married, in your 30s, and live in a perpetual red state

Spamalot
Spamalot

what the fuck did you buy nigger

farquit
farquit

he went to a ford "store" and bought a new fusion

viagrandad
viagrandad

paying a month's rent on a vehicle

Inmate
Inmate

Fuck dude, life is short. If i have the money, why the fuck not?

Sharpcharm
Sharpcharm

If i have the money, why the fuck not?
shitty suburban apartment complex

Because you obviously don't.

SniperWish
SniperWish

shit man your payments and rent are pretty much 1:1 aren't they
priorities, dude
well anyways nice car

ZeroReborn
ZeroReborn

I used this image prematurely

BinaryMan
BinaryMan

lololololololol youre now that guy in your shit apartment complex
nice car user!! lets go to your place!
you bring her to your place
oh.... user i gotta be getting home

Ignoramus
Ignoramus

Have a nice car and modest home or shit car and an apartment in cbd that costs 800 a week
Geez I know which one I'd pick

Supergrass
Supergrass

Looks like CA

I know millionaires that live in places like that, programmers mashed in those places like sardines. Don't know if thats unique to this area mostly

Stark_Naked
Stark_Naked

not him, but if racecars aren't number 1 PRIORITY you are on wrong board

Garbage Can Lid
Garbage Can Lid

Its fucking socal lmao. I pay 2k for rent and still have money for a bike and vacations and whatever the fuck else i want.

Less than 10% of my annual income goes into this car.

You poorfags make me laugh.

Sir_Gallonhead
Sir_Gallonhead

Biggest scam of financing a vehicle is they make you have full coverage and a fucking 500 or less deductible. Costing you hundreds and hundreds each year.

takes2long
takes2long

honestly if you dont own a garage to properly house anything 20k+you're sorta fucking yourself over bigtime
i get the lifestyle but cmon a garabe is the bare minimum, cmon son

askme
askme

buying a car someone else has farted in for 50k miles straight
buying a car someone has a child in puking, rubbing crayons into the seats, etc
buying a car that some kiddo or woman has abused

Techpill
Techpill

That would be smarter for building my credit but as I said, I don't plan on selling the car that I got. It's the car I want and I'd like to own it completely as soon as I can.

If I really want to build credit I could get a credit card and use it for gas to check that "revolving credit" box.

Burnblaze
Burnblaze

TFW these nignogs dont get 0% APR loans

WebTool
WebTool

After 3 years my subie is over 70% of what I paid for it according to kbb.

GIT GOT.

BunnyJinx
BunnyJinx

Correct

Illusionz
Illusionz

When I bought my 20,000 Harley I had 50k cash in the bank and still got a loan.
The 167k Pete behind it too is financed. Oh well.

Dreamworx
Dreamworx

You not wanting to sell the car has nothing to do with your credit

The credit card will help yes but making steady payments on a vehicle on that big of a loan (compared to a credit card) will have a bigger positive impact on your credit

Spamalot
Spamalot

Corvette is leaking again...

girlDog
girlDog

You're an absolute aspie retard. Go live in a communist state and leave the rest of us with half a brain alone. Not our fault you can't wrap your brain around simple economics.

Sharpcharm
Sharpcharm

The best resell value are cars that you can work in that always appreciate. Sure you won't gain profit due to maintenance and mileage increase, but 9/10 you sell the car with 40-50k miles added for the same exact amount you bought it for years later

Evilember
Evilember

Lol i just washed it and was finishing it in the sun. You fucking guys are too much.

JunkTop
JunkTop

Single, 28, good driving record.

MPmaster
MPmaster

This

BunnyJinx
BunnyJinx

oy vey
shut it down
goyim how do you expect to pay for all the essential infotainment and saftey features needed for modern day life

Supergrass
Supergrass

What grumpy old people believe

All you are doing with saving versus financing now is delaying the inevitable depreciation hit. Only you have to suffer the humiliation of driving a broken down shit box for 1-5 years before you can upgrade.

Driving an unreliable piece of shit also comes with increased repair bills, to fix or replace things so you can get to your job with out calling in and saying you're on the bus and late, which gets you fired.

Nude_Bikergirl
Nude_Bikergirl

What does seeing people get killed have to do with anything on car loans?

Bidwell
Bidwell

That's a nice Honda

Burnblaze
Burnblaze

buying the 4 wheel jew
Car is a money pit.
Some people just steal one. It takes 60 seconds.

Inmate
Inmate

building credit

I love you Americans

Firespawn
Firespawn

I don't know about you, but I know a old guy who is litterally a multi-millionaire who has gone though maybe 2-3 Toyota Corronas in the last decade without paying more than 5k top for each

So that's like 15k

Then I know a guy who purchased a Ford Falcon new, and has to get the sensors cleared for $150 bucks a shot every couple of months

So that's like 9k just for resetting error codes (plus regular servicing) for a new car, compared to 15k just buying A new old Toyota every time they fuck out - not paying for servicing

BunnyJinx
BunnyJinx

My credit score is 830

I have a 4% 5 year loan on a 10 year old lexus LS430 for $11,000

I could pay the car off at any time from the $80k in a fairly liquid account making 6%.

Who is the retard again?

Ignoramus
Ignoramus

Dave Ramsy is good financial only if you are a stupid fucking idiot.

Beans and rice is bullshit. Make debt work for you. Make capital work for you.

SniperGod
SniperGod

friend gets a 2012 volkswagen golf with 60k miles
financing 14k for it
crashes it in under a year, complete write off
still has to pay the 14k
tells me hes looking at financing an audi

he is beyond saving

Raving_Cute
Raving_Cute

When half the country is rednecks and niggers who take money and run the banks need to see that you are trustworthy enough to have money lent to you. Unless you make enough money to buy houses in cash you'll need to deal with taking out loans from banks here in America.

Crazy_Nice
Crazy_Nice

If your score was really 830 you would have way less interest on that loan than 4%.

Sir_Gallonhead
Sir_Gallonhead

Fucking normies REEEEEE

iluvmen
iluvmen

Bought $500 Volvo 245
do Stage 0, around $300, if that
daily drive it for 5+ years and still do
Drove from Maryland to Florida 2 weeks ago
put 700+ miles on it this weekend

Whats your excuse?

TechHater
TechHater

That's not how full coverage works

CodeBuns
CodeBuns

Probably a waste of time.

Not really. You have a point, though not a lot of people will agree on what you've said.

BunnyJinx
BunnyJinx

But isn't financing a car a good way to build credit?

I was thinking of financing a $15,000 2016 model car.

Boy_vs_Girl
Boy_vs_Girl

savings account with 3.25

what the fuck? how is that possible?

Bidwell
Bidwell

Holy shit you pay a fortune but that car is gorgeous.

Crazy_Nice
Crazy_Nice

cbd
huh?

Also used to live in kinda rural Florida and Illinois, shockingly common to see run down trailer homes with a new car in the "driveway" that blatantly costs more than the home. If you would call a hallway a home.

Evil_kitten
Evil_kitten

What do you disagree with?

idontknow
idontknow

Financing does build credit but you can get a good credit score without an auto loan

if the loan terms are good though, taking the loan is worthwhile. at 0.0% interest/48 months taking a loan was a no brainer for me