Whats the bennifit of finnace?

[Thizzelle]

i took a 15k loan out for my car, payment was like 250 but I over payed it each month then just dropped 4k to finish it off for the year. my rate was 10% but they didn't get much. Also helped me build my credit. Only reason I did it was because I couldn't let the deal slip, build credit and I knew it would be no problem to pay off.

[xxx-Lost-Soul-xxx]

http://www.triumphmotorcycles.com/motorcycles/range/supersports/daytona/2012/daytona-675r

Solution found. :)

Good starter bike for a girl :) My pops has a aprilia so ill pick up on riding in no time.

[pandaboo911]

Just pay with money you actually have, not money you think you'll still have in the future. Shit happens and sometimes you gotta open up the savings account.
Although my opinion is biased because I will probably never buy a new car.

[xAZxE30x]

You know someone in town with a M535i???

Yupp! Chris Wkohler.. He is pretty well known in the e28 world. I am pretty sure he dailys his as I always see it when i see him

[xxx-Lost-Soul-xxx]

Yupp! Chris Wkohler.. He is pretty well known in the e28 world. I am pretty sure he dailys his as I always see it when i see him

He daily drives his E34 wagon. The reason he has full insurance is because he uses the E34 as his DD,And everything else including the alpina is under collector.

[Rsully70sev]

Sounds like you should be focusing on a better insurance policy, or a cheaper alternative. It's foolish to get yourself into debt when you don't need to. I financed my Titan at age 17 with my dad co-signing, my only goal was to establish a credit history and start building. I rubber-banded $14k cash, threw it in my safe, and considered it gone. Nao I has credit.

Don't dig yourself a ditch.

[AndrewBird]

How about just stop being a waffleswaffleswaffleswaffleswaffles and drive the damn car you already own?

[tonerrrr]

The point for me always was to buy a new car. That way you don't have to worry about doing the timing belt/suspension/ever worry about breaking down unless there is some freak recall on something. Now that I'm not afraid to work on a car I see no point in owning new.

-Again, for me it's paying for piece of mind/building credit.
-For some, building credit only.

I went with my ex to a buy here pay here and they said for an extra $X per whatever they would fix anything that happened with the car. Kind of like buying a warranty. We didn't end up getting her a buy here pay here car but if that's how they would do it then it wouldn't be a bad deal if you had no credit.

For the insurance... I ran into that with my M3. I can't get agreed value insurance since I don't have a garage. I will be selling my M3 the beginning of next year until I own a house with a garage or build one b/c I really don't want to get t-boned and be completely out $$$. This is FL.

F car insurance though honestly. I'm have a lot of coverage on my 86 325es but I'm stripping that crap down. If something happens to my car I'm going to pay out of pocket. It's not even worth using the insurance if say someone hits you in the parking lot and hauls ass.

[slammin.e28]

FUCKKKK financing a car. Unless it's something that will go UP in value.....

You end up paying more for something that is worth less than the original price anyways.

Sure, it build your credit....buy a house or land.

Buy a shitbox Daewoo for DD duties.

[nrubenstein]

The point for me always was to buy a new car. That way you don't have to worry about doing the timing belt/suspension/ever worry about breaking down unless there is some freak recall on something. Now that I'm not afraid to work on a car I see no point in owning new.

-Again, for me it's paying for piece of mind/building credit.
-For some, building credit only.

I went with my ex to a buy here pay here and they said for an extra $X per whatever they would fix anything that happened with the car. Kind of like buying a warranty. We didn't end up getting her a buy here pay here car but if that's how they would do it then it wouldn't be a bad deal if you had no credit.

For the insurance... I ran into that with my M3. I can't get agreed value insurance since I don't have a garage. I will be selling my M3 the beginning of next year until I own a house with a garage or build one b/c I really don't want to get t-boned and be completely out $$$. This is FL.

F car insurance though honestly. I'm have a lot of coverage on my 86 325es but I'm stripping that crap down. If something happens to my car I'm going to pay out of pocket. It's not even worth using the insurance if say someone hits you in the parking lot and hauls ass.

Buy here pay here is NEVER a good deal. There are no circumstances in which you come out ahead in that arrangement.

[z31maniac]

FUCKKKK financing a car. Unless it's something that will go UP in value.....

You end up paying more for something that is worth less than the original price anyways.

Sure, it build your credit....buy a house or land.

Buy a shitbox Daewoo for DD duties.

If no one ever bought new cars, you cheapasses wouldn't have used ones to buy.

And "enthusiasts" wonder why manufacturers don't make a ton of cool cars like they used to.

[nando]

$12k can buy you a pretty nice used BMW. many good models to choose from. doesn't have to be a crapbox at all.

heck, what does something like a Kia optima cost these days? funny that Kia makes one of the nicest cars now. lol

[slammin.e28]

If no one ever bought new cars, you cheapasses wouldn't have used ones to buy.

And "enthusiasts" wonder why manufacturers don't make a ton of cool cars like they used to.

Not saying no-one should. Some people enjoy new things, warranties, everything that comes with owning a new car. You pay for it though, and most people are okay with that.

I'm not.

[redsubdivisions]

got a credit score of 750 @ 19

SEE ME BRUH

So did I until I made bad financial decisions. lol

[rwh11385]

Buy here pay here is NEVER a good deal. There are no circumstances in which you come out ahead in that arrangement.

Yup. Like payday check loan places. On the opposite end, credit unions are nice - check one out before financing through a dealer or major bank.

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.

Yup, finance is a device that allows responsible people with good credit to purchase things they don't have the money for (or would rather use elsewhere) or absolutely rapes the ignorant or poor with money.

My payment was $229/month for $12K for a 10 year old E39 540i in 2008, with the pretty good rate at the time of 5.4%. Rates obviously dropped soon after but oh well - still affordable and was pivotal in scooting me into excellent category for a lower mortgage rate a few months later when I bought my first house.

I paid it off 9 months early and was making some extra payments along the way, total interest charges ended up being $1550 which considering the convenience of having a nicer newer car 2 weeks out of college without having the money up front and not having to drive the E30 to client meetings, it seemed to be worth it. Considering that having a good installment loan on your credit history helps a lot, and I just refinanced the house to save over $100 a month, building credit with responsible purchases seem to be very valuable.


My credit unions current rate for cars older than 2006 is 3.74%, with up to 48 month loan. You are talking $270/month and total interest paid of $949. That's incredibly cheap, as is BMW's 0.9% for 2009 CPO vehicles. It's not a question of if financing is intelligent or not, it is whether you have good credit and the income to have debt payments be a small fraction of your DI.