Financing a car

I can get 2.7% on a 60 month loan for $50k. Fix your credit.

t. got rejected a 6k loan

>driving a nice car on the banks dime while building credit is bad

That's $1350 dollars you could have kept for yourself had you saved. Not to mention the full coverage insurance (whose monthly payment will come near the car payment itself) you'll have to pay to satisfy the bank.

For starters that's a negligible amount of money but more importantly, why would you want anything other than full coverage? Do you just not give a shit about your car at all?

>pay 10k downpayment
>finance at 2.7% while earning 10-15% on the other 40k, which, as you might note, i still own
>use weekly payments with extra payment to pare down the principal quickly
or
>save up several years for 50k and blow it all on a car

Note, you'd likely have full coverage insurance anyways. Don't want Stacy and Juan to total your car while texting and speeding.

Or don't spend more than you can comfortably and quickly pay with cash on a glorified appliance and occasional slam-pig.

Now you can take all that extra cash and do something useful.

Oh my, what shall I ever do to save $0.74/day?

Also, if I'm spending more than 10k on a vehicle, you better believe I have comprehensive on it.

But user, that's exactly what I'm doing. But now I've got my cash to use as I wish.

You /do/ have a stable career and income don't you?

You're going to be poor all your life. You have no clue how to leverage money. You're afraid of credit because you don't know enough about how to use it to your advantage.

All jobs can be lost, and the market doesn't always go up. All your calculations ignore risk. It's much better to purchase cars you can save for in a short enough time frame that you don't feel you're missing out on the market.

If you can't save the money that quickly, you're buying more car than you should. That's just my opinion of course.

>cant finance a car

>or leasing

I sure do approve of not even owning the fucking vehicle I drive.

>choices for retards
or
>buy a lightly used $15k car because you aren't a complete fucking retard
>retain the $35k forever in the same investments and never make any payments, so you can actually stomach the risk you need to even realize long term returns (which no rational investor should expect real annualized rate anywhere near as high as you think it is)
>never interact with the bank and stealership financing arm, never have the stealership attempt to cheat you on the rate to skim off the top, never have to threaten the bank/credit union that's dragging their feet on releasing the car's title to you
>never have your income coming in and immediately going to the bank, allowing you to keep it and rebalance portfolio and maintain a high savings rate, the true key to a successful portfolio

>lol idiot just buy a shittier car for less money
Woah! Look out guys! a real genius over here! he figured it all out!

t. underwater on his 3 series loan

>choices for retards
or
>choices for retards
or
>throw down $2k on an older car back when they cared about quality and halfway attempted to hide the fact they made their shit with planned obsolescence in mind
>pay between $1k-3k on a motor and whatever stupid bullshit you need to get it running, maybe a bit more for paint jobs and cosmetics
>enjoy your car that's going to last another 10-20 years for a third of the cost, enabling you to use that ~45k on something else

can't argue with dubs, the Veeky Forums dream is eternal
>the year is 2040
>bland, grey, self driving carts right out of HL2 deliver workers to their labor center office compounds
>in the distance they hear police sirens
>around the corner they see a red, rusted-out, rattling NA miata autisticly screech into view
>they hear lyrics booming in a doppler effect as the miata quickly (slowly) speeds by, entire precinct on its tail
>OH
>OH
>OH
>OH
>OH
>NIGHT OF FIRE

None of these arguments are valid for new cars. Yes I know,

>new cars

but that's the only time financing and leasing can be compared to buying in cash. You can get some decent deals out of a stealership if you game the finance systems.

This isn't about your Veeky Forumstist dreams, it's about people with money who want a new car and aren't going to wrench on an old one themselves or get caught dead driving a 1998 Corolla with 650k miles.

Found the retard with shit credit

Maybe if you're shit at your job

The $2k car meme option doesn't really come out to be ideal given the money that's going to be poured in to try and keep it running, but that's why you can buy a 4 year old pre-owned/certified car that was once a $30000 for $15000 dollars before trade in.

>decent deals
A $40000 auto loan financed at a nonzero rate is not a decent deal.
The car is not worth half that, if your fragile ego is unable to be seen in a vehicle that isn't brand new then just say that instead of exaggerating.

>be 26
>never owned a credit card nor do I have any type of loans.
>have always used cash/debit.
>so I have no credit score/history

how should I build my credit lads.

i don't even know how to get a credit card.

Go talk to your bank. They'll have people who can help point you in the best direction.

Part of it should be getting a credit card, using it, but never carrying a balance on it (so you don't get charged interest).

Another part might be a small personal loan (like $2k)

But yeah, don't take financial advice from this site.

The 2k car meme also doesn't take into account grown ass men who work 50+ hours a week and can't afford to miss work due to shit transportation.

True, but leasing a vehicle guarantees new and usually in top condition. It fixes the cost and makes it less variable. You get to drive late model vehicles with the option to buy down the road (but that should only be done if you blitzed the miles and even then...)

hm. well I have TD bank and I've heard its hard to acquire a credit card from them but yeah I guess I shouldnt really be getting my info from here lol.

thanks tho.

Open an account at a credit union. It's usually good to have an account at both a national and a local institution.

Get one of those secured credit card from the bank. You give them a deposit and they issue you a credit card has that amount of your deposit on tap and the credit agencies use this to establish a credit rating which is of course great since you put a deposit down on your credit card which helps since the credit is "secure" since its backed by your deposit

I am 37 and have never taken a loan nor owned a credit card, I just refuse to jump through the Jew's hoops like a good goy. For big purchases I pay with cash or my debit card. I even use a prepaid burner phone because I don't like contracts

Leasing a car is even a worse deal than buying a new car since if you go over the mileage they bone you hard with fees plus you have to return the car in 3 years and any car that you can just get rid of in 3 years is NOT any car I'd want to DD. Cars are eternal.

What kind of shit tier cars are you leasing and driving to make you get super sweaty about any models that are older than 3 years? My newest car I've owned to date is a 1994 and my oldest was a 1978. Old cars aren't the boogeyman you make them out to be unless you've been riding Daewoos, Yugo and Hyundais your entire life.

why the fuck are you even here if you don't like cars

Bikes

no because i dont have abysmal shitty ass credit and can actually afford things

Financing is such a scam.

I thought when they said 4% financing or whatever, it meant that they would tax you 4% on your loan, not 4% of the total loan for every year you finance.. WTF

Oh fug, I always thought they meant 4% interest on the MSRP of the car/the loan they gave you to buy it!

>He's too retarded to understand that financing a car at 2.7% interest and using what you saved that day in an investment that grows at 3% means you win in the long term

fucken lmao i hate this pic bc i know the exact picture its parodying.

fucking hues man

Did you people even go to school?

Brainlets, the lot of them.

SOPA
O
P
A

There ain't rope in there dumbass

Is you can make more than 3% or whatever your rate is then yeah it makes sense to finance. I bet most of O cannot and would end up losing the $10k extra In interest on the car.

Damn you're behind on life if you have virtually no credit history at 26. Talk to a financial planner at a bank or something

Did you fail literal grade school math?

unironically tho why would anyone ever finance a car or buy a brand new car in the first place if they arent a moneybags?

because their husband makes a fat paycheck and that's why theyre letting him in their pussy

fuck now im hearing synths after reading that

What does financing a car mean?

Name one new car thats appreciated in value

Because they're adults with full time jobs and not poverty fags like you

>cant afford expensive car
>get expensive car

i get a vibe of buyer's remorse and fud here. people locked into bad loan agreements for plastic cars that are going to turn to shit anyway and trying to rationalize it.

cars are something that you will use for an entire lifetime and will consume a significant portion of your income even if you know what you're doing. is it not worth taking the time to learn what makes a car reliable or a money pit? instead, you think its something that you can forgo by throwing money at it.

whatever, i guess people don't realize how easy it is to spend "future" money vs money you actually have. $1000 extra for heated massage seats? future self can take care of that, meanwhile current self can enjoy it!

you are all slaves to your impulses and those who benefit by enabling them.

You borrow some money with some interest, which can be high or low depending on your credit score, so you don't have to spend a huge lump sum of money at once on a depreciating asset
I put $10k down on my car and financed the other $20k, in interest it cost me like $300 total. That $20k was used as a down-payment for a house instead, an appreciating asset

Of course there are plenty of people who can't into financing and end up screwing them selves over financing fast depreciating cars they can't afford at ridiculous rates

1.1% 4 year loan with 15k down on a 2016 ss

Oh no those jews 1200 dollars over 4 years man i should have taught them a lession and emptied in my bank account

Is the interest on a loan like the interest on a credit card ie you don't have to pay it if you make the payment on time? Or is the interest worked into the monthly payment?

I don't want to drive a cuckbox for 30 years then buy a new an cuckbox. I want a new car every few years. Which is why I lease.

Cars more than 5 years old suck. Their suspension and parts are wearing down, their various motors start to break, their software and computer screens are archaic and slow and ugly, etc.

The cars I lease aren't even that expensive. But I can easily afford $250 a month to guarantee and effortlessly fun car that I don't have to do anything and it's just fun and good looking. They give free car washes too I get one once a week my car looks good whereas your 20 year old cuckbox looks stanky.

>buying a car you cannot afford
why are americans such obedient goyim?

>Driving a tiny plastic euro gokart that had a top speed of 65 mph and no room people or cargo
Lmao

>being such a fat fuck you need a 3.5 tonne v8 boomerbarge to get to mcdonalds and back with your discord friends

Discord is for internet nerds, I don't do retarded shit for weirdos. And there's s healthy and lengthy middle market between gay eurocars and huge landbarges.

>Also, landbarges are superior. They're unimaginably comfy to sit in.

It's worked into a monthly payment

This

I financed a new car (admittedly an econo-shitbox) in 2011, 3.75% interest for like 4 or 5 years, paid it off in less than 3, and still drive it today @~250k miles (I drive a ~2hr commute every day).
Now I have great credit, learned basic maintenance, and have a solid car.

>permanently renting a car

way to one up every idiot in this thread

You are too stupid to adjust your capital gains for taxation. Where I am, at my income level, you'd need a 3.6% return after fees to justify 2.9% financing. Doable but not a sure thing. Now if you can put your money in a tax sheltered account then it's different. Or if you can use the cash to pay off another loan at a higher interest rate.

Additionally you need to look at the true rate, not the advertised rate. Many manufacturers have cash purchase discounts that dont apply to finance purchases. This lets them offer artificially low interest on a higher purchase price. A WRX financed at 0.9% over 3 years is effectively 1.9% for example.

That is without getting into the different interest rates for used cars.

I'm not saying you shouldn't finance, just that it isn't always clear cut. You need to run a spreadsheet and even then there is a risk.

What you should never do is finance in order to purchase a car you can't otherwise afford.

Cringe

>Driving a car more than 4 years old

*Dabs on the cuckold*

Enjoy your car problems, your stanky smelly car, your repair costs, your lameness, and your lack of variety. I only want the latest and greatest. Cars age like milk these days.

>paying for your car in cash
>not putting down the smallest finance deposit possible and investing the lump sum on the stock market to make a 20% annual return which in turn pays your finance payments so you effectively get a free car

20% returns? That's impressive and must have been a fairly high risk investment.

>not taking your deposit money to the casino and playing blackjack until you can afford a ferrari

>building credit
>being forced to build credit
>paying more for everything your entire life so one day you are allowed to buy a house and pay more for it than you should as well

gee i wonder who's behind this idea
youtube.com/watch?v=Vb3IMTJjzfo

Are you really going to convince anyone that you are driving a wide variety of sports cars instead of cuck grocery getters?

Oh look they used a different button for the A/C and put it in a different place, isn't that just neat. Oh the handbrake in this car is slightly shorter isn't that fantastic. Are you seeing this honey, put your phone away. Gee whiz the power windows are quite fast on this model, can't wait to see what they do next year. The new touch screen interface is really great, see, I can go right into your recently called list. Honey, I thought you said you wern't gonna speak to Jamal anymore. That's ok, look, they changed the buttons on the steering wheel wowee.

btw ur a cuck CUK cukc cuck cuck

You're literally admitting to be a dumb brainlet cuckold. You don't have the get the new model of the same car each time. You get different vehicles, from different badges. Work with a large dealer network and you'll have access to almost every car manufacturer while retaining the relationship with the same company and thus getting better and better deals each time.

So you got bad deals to begin with?

find islamic banking.
none of the schlomo trickery.

You literally brag about being cucked by jews and manufacturers. Of course cars age like milk these days it's done on purpose to sell shit to cucks like you.

i'm pretty sure 2.7% is per annum.
so 1350 x 5.

Ok, so what are the differences between a Toyota grocery getter, or a Dodge crossover grocery getter. Badge doesn't mean squat. You're an idiot and cars don't get smelly unless you are a fat pig who sweats even when the aircon is on. I don't even feel bad that you are being fleeced by people who see what a dumbass you are.

Good goy. Don't forget to specify metalic paint for $745 on your purchase of your new Nissan Sentra!

Similar story with a 2009 Accord, not gonna get rid of it any time soon

Found the kid who still lives with his parents

found the kike

>i get paid enough to not afford a car outright

gr8 brag m8

>IT'S DA JUICE FAULT I'M BAD WITH MONEY
Kek

>actually afford things
>finance

>taking perma-loans to buy overpriced shit you can't afford

At least you're building good goy score

>afford
>loan

>if no credit and no one will co-sign
>set up a CD with your bank
>usually a minimum of $1k
>basically the bank lends you your money that you pay back once a month with the stipulation that you need to do it atleast 12 months to establish credit/payment history
>after 12 months get your money back or reloan it for another 12 if you want
>after you can apply for credit cards to establish more credit
>then auto loans
>then mortgages

thanks user.

I'm a financially retarded millennial trying to turn my life around. I don't trust banks and never will but I guess its time to play their game

Wut. I work 50+ hours a week. Sometimes over 70 in the winter months, and ive always had cheap beaters just for work commuting. Currently dd a rusty 91 ford ranger with 400k, traded $500 worth of firewood for it 3 years ago kek. Probably less than $500 in necessary repairs too.

Before that I drove a 2000 civic I paid $200 for from a drunk who lost his licence. Dailyd it for 5 years with nothing but regular maintenance, put almost 200k on it

Old and cheap doesn't always mean unreliable

You're right. Most older cars do run into that though. I've missed two days in the last 3 months due to my car. If it has more problems I'll need to can it.

What I will say is that old and cheap means less safe.

Have you tried paying off your loans?

I never had a loan. If I get one it would be for housing only.

How would you get a decent mortgage with no credit history?