Pay off
01-09-2009, 08:05 PM
#41
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Some of the posts in this thread are just plain disturbing, and seem to reinforce that much of the younger generation is driven by the insatiable need for immediate gratification.
I'm only 37, but even when I was younger I would never had thought it a good idea to sign myself into a loan where it would result in being upside down - regardless of how bad I wanted it or cool I thought the car to be. A car is transportation first and foremost, so to buy a car beyond your means is just a reflection of screwed-up priorities. Like many of us with a more old-school mentality; buy a POS, save your money, build your credit slowly and smartly and then get the car of your dreams when it does not create a financial hardship.
There is a hidden upside: those who have poor, yet to be well-defined credit and always take the max. term loan actually help the more responsbile - giving us more bargaining power because we stand out from the rest. Banks and credit unions reward those viewed as stable/safe risk with a much lower rate. So my thanks to those of you who jump on those high interest rates because you made me stand out as a much better risk for the bank, which is why I got a 4% rate (that's getting pretty close to free money in the loan world if you were wondering).
Don't hate on these views, just take a long hard look at your own priorities - especially in the current economic state.
I'm only 37, but even when I was younger I would never had thought it a good idea to sign myself into a loan where it would result in being upside down - regardless of how bad I wanted it or cool I thought the car to be. A car is transportation first and foremost, so to buy a car beyond your means is just a reflection of screwed-up priorities. Like many of us with a more old-school mentality; buy a POS, save your money, build your credit slowly and smartly and then get the car of your dreams when it does not create a financial hardship.
There is a hidden upside: those who have poor, yet to be well-defined credit and always take the max. term loan actually help the more responsbile - giving us more bargaining power because we stand out from the rest. Banks and credit unions reward those viewed as stable/safe risk with a much lower rate. So my thanks to those of you who jump on those high interest rates because you made me stand out as a much better risk for the bank, which is why I got a 4% rate (that's getting pretty close to free money in the loan world if you were wondering).
Don't hate on these views, just take a long hard look at your own priorities - especially in the current economic state.
02-02-2012, 02:34 AM
#42
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Morning Gentleman,
I dont frequent this part of the forum, I think this may be 3rd time in the buying/leasing section, so I apologise in advance for the newb question. I purchased my '03 Track around July '06 @ 13%
, my montly is $450.00 on 21K. I admit I'm no Mathematician, but 450x24mons= 10,800 and I had my car for about two/half yrs. I called USAA and was informed my pay off is 15K, how is this possible
Thinks again for answering this remedial question
I dont frequent this part of the forum, I think this may be 3rd time in the buying/leasing section, so I apologise in advance for the newb question. I purchased my '03 Track around July '06 @ 13%
, my montly is $450.00 on 21K. I admit I'm no Mathematician, but 450x24mons= 10,800 and I had my car for about two/half yrs. I called USAA and was informed my pay off is 15K, how is this possibleThinks again for answering this remedial question
I know this thread is old , but how much you got left on your loan man?
I have an 03 z with 11k left on a 20% interest rate that ***** killing me.
Im about 7-8 months into the loan. Im going to refinance once I hit the one year mark... I guess we got to suck it up like men right
02-02-2012, 06:20 AM
#43
I know this thread is old , but how much you got left on your loan man?
I have an 03 z with 11k left on a 20% interest rate that ***** killing me.
Im about 7-8 months into the loan. Im going to refinance once I hit the one year mark... I guess we got to suck it up like men right
I have an 03 z with 11k left on a 20% interest rate that ***** killing me.
Im about 7-8 months into the loan. Im going to refinance once I hit the one year mark... I guess we got to suck it up like men right
what were you thinking?
02-02-2012, 07:16 AM
#45
I know this thread is old , but how much you got left on your loan man?
I have an 03 z with 11k left on a 20% interest rate that ***** killing me.
Im about 7-8 months into the loan. Im going to refinance once I hit the one year mark... I guess we got to suck it up like men right
I have an 03 z with 11k left on a 20% interest rate that ***** killing me.
Im about 7-8 months into the loan. Im going to refinance once I hit the one year mark... I guess we got to suck it up like men right
02-02-2012, 09:23 AM
#46
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But I have not checked all the credit unions in San Diego.
I checked with my credit union and they told me to atleast wait a year.
I think the best thing to do is pay off as much as I can and hopefully that will drop to around the book price.What do you think?
Or what should be the best thing to do.. Thank you
02-02-2012, 09:26 AM
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02-02-2012, 11:25 AM
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I pay $385 a month.
Ima start making $500 payments.
02-02-2012, 01:48 PM
#51
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Or you can do what my friend did, he had about 10k left on his car. He asked his mom to pay off his car since she had cash in hand, then he gives her money monthly minus the intrest.
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