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Forum » Car payments
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Thread: Car payments

post 1548499141 04-07-2018, 02:02 PM
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#61
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Zero. I paid for both of my cars upfront.

post 1548499391 04-07-2018, 02:09 PM
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Originally Posted By InVentive44⏩
"If you're considering applying for a loan or line of credit to help with a major purchase, you have a choice between secured and unsecured lending options. Secured loans and lines of credit are secured against your assets, resulting in higher borrowing amount and lower interest rates. Unsecured loans allow for faster approvals since collateral is not required."

"When to consider unsecured loans and lines of credit
The main advantage of an unsecured loan is faster approvals and less paperwork. Unsecured loans are generally harder to obtain because a better credit score is required, since your loan would not be secured by any assets or collateral.

While unsecured loans might be obtained more quickly, it's important to remember you'll likely pay a higher interest rate. The four most common reasons why clients choose unsecured loans are for buying a car, home renovations, medical bills and education costs, and debt consolidation.

Car loans take less time to process than a secured loan, and interest rates are very competitive
Taking out an unsecured personal loan for home renovation projects is ideal, because you can access funds quickly to complete projects with predictable costs
For ongoing expenses such as paying tuition or covering the cost of medical bills, you may be interested in an unsecured personal line of credit
If you have outstanding debts, consolidating them with a personal loan can help. With interest rates that are lower than credit cards, this solution can help you manage your monthly payments."
Where did you find this?

Never in my life have I heard of a car loan being unsecured. So if you default then what? Because if they seize your car, it’s a secured loan
post 1548499421 04-07-2018, 02:10 PM
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#63
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Originally Posted By InVentive44⏩
"If you're considering applying for a loan or line of credit to help with a major purchase, you have a choice between secured and unsecured lending options. Secured loans and lines of credit are secured against your assets, resulting in higher borrowing amount and lower interest rates. Unsecured loans allow for faster approvals since collateral is not required."

"When to consider unsecured loans and lines of credit
The main advantage of an unsecured loan is faster approvals and less paperwork. Unsecured loans are generally harder to obtain because a better credit score is required, since your loan would not be secured by any assets or collateral.

While unsecured loans might be obtained more quickly, it's important to remember you'll likely pay a higher interest rate. The four most common reasons why clients choose unsecured loans are for buying a car, home renovations, medical bills and education costs, and debt consolidation.

Car loans take less time to process than a secured loan, and interest rates are very competitive
Taking out an unsecured personal loan for home renovation projects is ideal, because you can access funds quickly to complete projects with predictable costs
For ongoing expenses such as paying tuition or covering the cost of medical bills, you may be interested in an unsecured personal line of credit
If you have outstanding debts, consolidating them with a personal loan can help. With interest rates that are lower than credit cards, this solution can help you manage your monthly payments."
As the poster above me said wouldn't the car be the collateral? Therefore if you stop paying on it, they repossess the car. In the end they would be winning, because they get to keep your downpayment, and the interest you paid on the loan. Then they would just auction the car off.

I work at a dealership and have seen hundreds of transactions. Nobody puts their house as collateral to a car loan.

"A car loan and mortgage are the most common types of secured loan. An unsecured loan is not protected by any collateral. If you default on the loan, the lender can't automatically take your property. The most common types of unsecured loan are credit cards, student loans, and personal loans."

This is where I'm confused. In theory, if you stop paying the unsecured car loan what happens? Even if you did have a house, it is not up as collateral according to the definition of what an unsecured car loan is.
post 1548499521 04-07-2018, 02:11 PM
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#64
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My bank in Canada.
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post 1548499791 04-07-2018, 02:14 PM
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#65
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283 but been making 400-700 payment to get the damned thing paid off quicker. Went from 23000 to 8200 in 2 years.
post 1548500831 04-07-2018, 02:30 PM
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#66
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Only have payments left on one car and its 197/month

2002 Honda s2000
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post 1548501061 04-07-2018, 02:35 PM
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#67
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Originally Posted By MrBourbon⏩
$0 srs

https://www.biblemoneymatters.com/dr...d-retire-rich/
this is one of the dumbest things i have ever read
"I'm not like most girls." -most girls
post 1548501141 04-07-2018, 02:36 PM
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#68
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Originally Posted By Antonio519⏩
Only have payments left on one car and its 197/month

2002 Honda s2000
Those have gone up in value substantially in the last couple years
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post 1548501231 04-07-2018, 02:37 PM
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#69
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2016 honda accord

$290/month, 0.9% interest
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post 1548501291 04-07-2018, 02:38 PM
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#70
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no payment

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post 1548502991 04-07-2018, 03:09 PM
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#71
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I drive a 2016 GMC Sierra. $264 per month for 60 months. 2% interest. Traded in my other truck which got my note nice a low. No reason to pay it off quickly with interest rates that low.


I wouldn't want to finance more then $300 per month on a vehicle. The over-all value of the vehicle doens't matter to me. Whether its a 20K vehicle or 80K vehicle. As long as the interest rate is low and you've enough down-payment, you can afford to drive anything. Its all about the down payment.
Originally Posted By Oinkerjnn⏩
Are you truly respecting the srs?

You're thirty and yuo think this is a good move?
He'll be able to drive it for 10 years and sell it for what he paid for it. Depending on how well he takes care of it he may be able to sell it for more then he paid for it.


So yes, assuming he likes a 1st gen NSX styling its a very good move.


Originally Posted By Antonio519⏩
Only have payments left on one car and its 197/month

2002 Honda s2000
But what do you have under the hood?

post 1548506271 04-07-2018, 03:59 PM
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#72
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Originally Posted By guest89⏩
I drive a 2016 GMC Sierra. $264 per month for 60 months. 2% interest. Traded in my other truck which got my note nice a low. No reason to pay it off quickly with interest rates that low.
Sierra Crew

2014 checkin in

post 1548506291 04-07-2018, 03:59 PM
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#73
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Originally Posted By jafomofo⏩
this is one of the dumbest things i have ever read



If you have a paid off used car, dont make car payments and then save money that you would have been making for car payments towards selling and buying another used car in the future, its like having a free car for life. u wut m8te?
post 1548506621 04-07-2018, 04:05 PM
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#74
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830/month for the panamera 20k down 2.25% 5 years
1000/month for my wife's Lexus 0 down 1.9% 3 years

Certified Public Accountant Crew
Misc Watch Crew
post 1548506751 04-07-2018, 04:07 PM
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#75
  1. InVentive44
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Originally Posted By shortys408⏩
830/month for the panamera 20k down 2.25% 5 years
1000/month for my wife's Lexus 0 down 1.9% 3 years
You paying for the wife's Lexus?!
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post 1548506871 04-07-2018, 04:09 PM
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#76
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Got a certified pre owned 16 Camry se in July 2017 with 26k miles for 15.6k total

Put 7k down, did a 2 year loan on the remainder with 1.9%

380/month + insurance

Paying off the remainder next paycheck so just insurance starting next week. I focused on my student loans first since they were way higher interest

Feels great to be completely debt free finally
MS, Computer Science
Feel free to PM me CS questions
post 1548506891 04-07-2018, 04:09 PM
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#77
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Originally Posted By InVentive44⏩
You paying for the wife's Lexus?!
pay for everything
Certified Public Accountant Crew
Misc Watch Crew
post 1548507181 04-07-2018, 04:15 PM
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#78
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never heard of em
post 1548507261 04-07-2018, 04:16 PM
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#79
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Originally Posted By Rawp0wer1O1⏩
**** else you buy a car before besides fun and aesthetics lmao

brb best vehicle in winter and summer

we derek zoolander?
post 1548507901 04-07-2018, 04:25 PM
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#80
  1. InVentive44
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Originally Posted By shortys408⏩
pay for everything
Holy chit mirin CEO status
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post 1548508781 04-07-2018, 04:35 PM
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#81
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Originally Posted By shortys408⏩
pay for everything
The Panamera looks elegant. Does a CPA bank that much then? My CPA drives a minivan lol.
post 1548509551 04-07-2018, 04:48 PM
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#82
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Not taking a loan for a car is not a financially sound move.

I paid for mine with wire transfer, called up the bank the next day and got it all back as a 3% loan. Put the money into AAPL and vanguard ETFs.
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post 1548509611 04-07-2018, 04:49 PM
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#83
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No payments. I drive a 2013 Dodge Avenger that I bought last year for a little over $6k cash, gotta say I like it more than I'd expect.

My goal is to never have a car payment in my life, if I want a new car I gotta save up money and buy it outright.
post 1548509701 04-07-2018, 04:51 PM
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#84
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Originally Posted By guest89⏩
The Panamera looks elegant. Does a CPA bank that much then? My CPA drives a minivan lol.
3 of the partners at the firm I work at make 300k+ yet drive a POS. I've met more CPAs that are stingy with their money than not.
"Audentes fortuna iuvat" - Virgil
post 1548509941 04-07-2018, 04:54 PM
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#85
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Originally Posted By Rawp0wer1O1⏩
LOL

please go, nothing about the FJ was superior to the JK in anyway
Actually it’s superior in nearly all aspects.

Wranglers are notorious for achieving a nice rusty patina.
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post 1548511051 04-07-2018, 05:13 PM
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#86
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Originally Posted By ko5567⏩
3 of the partners at the firm I work at make 300k+ yet drive a POS. I've met more CPAs that are stingy with their money than not.
the CFO of our company makes over $2.2 million/year and drives an Infiniti Q70 that probably only costs $50k.

People in the field seem to make smarter money decisions on vehicles.
post 1548511111 04-07-2018, 05:14 PM
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$696, 2018 F150 XLT, max-tow pckg, crew cab 6 1/2 bed. (pic)

trading in though for either an F250/350 or going all out for an F450, dually, & getting in to the car-hauling business. I talk with some guys who haul 4-5 cars at a time & make an absolute killing, (8k-15k/month after expenses). not sure of their ways but am looking in to it.

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post 1548511171 04-07-2018, 05:15 PM
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#88
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Originally Posted By poundXpound⏩
$432



Attachment 8887491
Dayum looks like the Batmobile
post 1548511701 04-07-2018, 05:23 PM
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#89
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Been paid off for 2 years, probably going to upgrade soon. Won't spend more than $400/mo.
The trouble with being punctual is that nobody's there to appreciate it.
post 1548512811 04-07-2018, 05:41 PM
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#90
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[QUOTE=friesbruh post_id=1548511111]$696, 2018 F150 XLT, max-tow pckg, crew cab 6 1/2 bed. (pic)

trading in though for either an F250/350 or going all out for an F450, dually, & getting in to the car-hauling business. I talk with some guys who haul 4-5 cars at a time & make an absolute killing, (8k-15k/month after expenses). not sure of their ways but am looking in to it.

[img]https://i.imgur.com/GaVtpJm.jpg[img][/QUOTE]As in towing a trailer? I've only ever seen 18 wheelers haul more then 2 cars at a time. A F450 would be capable but I have my doubts as to 4 to 5 cars at once. Who do they contract out to?
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