Whats the bennifit of finnace?

[xxx-Lost-Soul-xxx]

Right now Im DDing my M535i, everytime i leave it i worry that its gonna be hurt or something is gonna be missing off it when i return.

I cant get collector insurance on it,because Every insurance company says theres no such thing as a M535i in 1985,a M635i,but not what i have. Plus
i dont have another car,with collector insurance you need another vehicle insured at full coverage.

Then if i just say eh ill just insurance my car full coverage, Nope they will only give me KBB price,if my car is wrecked. so thats maybe $500 if im lucky.

So ive thought about finance,But ive been told i can only get a 12,000$ car because im 25 and never bought a car before. My whole life is buy cars from Mye28 or R3V.

That so What does 12k buy me?????? Lets see

$85 insurance payment,and $300 car payment. per month

For a car that has over 100k of miles and no guts.Slim chance of a manual.

With that kind of mileage i will HAVE TO do timing belt,or chain.
Tie rods,maybe tires,alignment atleast. The interior is gonna be beat.
oh ya and a tune up.

Im in AZ so atleast ill have working AC if i finance.

I thought people finance cars to get rid of there old car for something new that doesnt have issues???

Again why do i get in debt??

[xAZxE30x]

Have you established good credit??

[Thizzelle]

state farm has agreed value insurance, look into it. pretty much just like classic car insurance but for everyday use cars.

[Thizzelle]

can't do shit without credt though. My roommate almost didn't get a truck because they said he couldn't afford it even after he told them his work is making the payments. Too many dummies in the world.
But start building credit asap, even if it's just a credit card you payoff each month.

[Buzztt]

Building good credit is incredibly important, most people dont realize how important it actually is until they need it, the sooner you start the easier it is

[Komzorz]

Financing cars without necessity is like selling yourself into slavery.

I have an 805 credit rating, and I got it by paying my student loans on time and maintaining a low (under $1k) amount on my credit card.

I could pay off the credit card at any time if I wanted to, but I let money rotate in and out of it to build credit. Even paying it off in full every month is better than not using it at all.

[RUFFLZ]

got a credit score of 750 @ 19

SEE ME BRUH

[xxx-Lost-Soul-xxx]

So back to my original question. Whats the point of financing a car?

[xAZxE30x]

haha this is going to turn into a credit score battle!

I starting establishing credit at 14.. my mom always harped on me day after day about how important it is, she is in the mortgage business and always has to turn people down because they have awful credit. and they wonder why??

I went to buy a motorcycle once and the finance guy at the dealer laughed at me and said you wont be able to get the money for it because you are so young. I should have taken a picture of his face once he pulled my credit and then realized it was probably better than his own score.

Start working on the credit and you will be able to get that 12k# raised up quite some bit. It will take some time which sucks but its better to get it going than never touch it because itll suck when you try and buy a home

[xAZxE30x]

the point? to own a car that you want but dont have the cash to pay for?? I dont know.. i have never liked the idea of having a car loan. But they are there so you can drive what you want

I don't see why they wont insure it though??? I have a friend with one and he has full coverage no problem on his. You are going to have to show them car after car after car with sale prices, etc, or else how do they know what they are worth? same goes for e30's.. people dont get $15k after a wreck because they just told them its worth that much. THey showed them proof

[LJ851]

So back to my original question. Whats the point of financing a car?

So someone else will own that lost soul of yours.

All debt sucks in my book, buy what you have funds for.

[imsotyerred]

So back to my original question. Whats the point of financing a car?

to spend a lot more money when all is said and done.

You're better off saving up 12k and buying privately than financing for 12k

then again, you're best off saving up 12k, spending only 5k in a private sale of a reliable car, and putting that other 7k away to mature

Of course, it can be kind of hard to save up 12k, especially when you need it sometime soon...hence why people finance

[xxx-Lost-Soul-xxx]

the point? to own a car that you want but dont have the cash to pay for?? I dont know.. i have never liked the idea of having a car loan. But they are there so you can drive what you want

I don't see why they wont insure it though??? I have a friend with one and he has full coverage no problem on his. You are going to have to show them car after car after car with sale prices, etc, or else how do they know what they are worth? same goes for e30's.. people dont get $15k after a wreck because they just told them its worth that much. THey showed them proof

You know someone in town with a M535i???

[nrubenstein]

Finance is a tool. With interest rates artificially depressed below the rate of inflation, it's pretty silly not to finance things. If you have good credit, of course.

I show your loan quote at 17.3%, which is subprime bitch territory. p\Practically might as well put the car on your credit card at that point. Somebody with really good credit would pay more like $210-220 on a $12,000 loan (that's a 2-4% rate range). Also, insurance is likely to be cheaper for them since a) credit impacts insurance costs, and b) they are probably older.

So no, the point of an auto loan to you is simple: They think there is a very good chance that they will have to repossess the car. So you get screwed on the rate. On the plus side, 17% is far from the worst it could get.

Long story short, you should not be taking out a car loan. Paying bitch rates is a fool's game.

[xxx-Lost-Soul-xxx]

Finance is a tool. With interest rates artificially depressed below the rate of inflation, it's pretty silly not to finance things. If you have good credit, of course.

I show your loan quote at 17.3%, which is subprime bitch territory. p\Practically might as well put the car on your credit card at that point. Somebody with really good credit would pay more like $210-220 on a $12,000 loan (that's a 2-4% rate range). Also, insurance is likely to be cheaper for them since a) credit impacts insurance costs, and b) they are probably older.

So no, the point of an auto loan to you is simple: They think there is a very good chance that they will have to repossess the car. So you get screwed on the rate. On the plus side, 17% is far from the worst it could get.

Long story short, you should not be taking out a car loan. Paying bitch rates is a fool's game.

Thats what ive been thinking