Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
My loan was actually for $39,000... and the payment is $630 @ 4%. I didn't put anything down.
2015 Dodge Challenger RT 5.7L V8
The first new car I've ever bought... and I waited 5 years to do it. (They tweaked the car in 2015 from the 2008-2014 model years that were based off the 1970 model with some exterior changes and a redesigned interior based off the 1971 model)
It's a real head turner... I've gotten hundreds of compliments... lots of times from random strangers at the gas pump or those giving me a thumbs up on the interstate. It definitely makes the payment a lot easier.
I mean what the heck? I'm single... no overhead to speak of and my student loan payment is only $50 a month on a $4000 balance.
Did I mention the car is a blast to drive? It's got all the fancy options and is very roomy compared to the other 2 muscle cars of today... (Camaro, Mustang)
Brutal. My interest rate is only 1.29% Financed 50% of my car and put the loan I got into the stock market. Will be paid off at the end of the month which is definitely a nice feeling.
I should check to see what the ROI I got over the past 3 years was. Definitely over 1.3%!
Based on my experience, I would not buy another new car except with cash. When you finance, you basically give the bank or car finance dept, whoever, a big gift.
I will continue to fix my paid off cars until they die, I save the money to buy a new one outright, or if I can get a TRUE 0% interest deal - a lot of times those are NOT true no-interest loans, rather some kind of scheme where you pay a "fee" through your down payment.
That said, a car is a necessity for most Americans. Because of that, I think people should drive cars they like but within reason.
Sadly this is a reflection on how badly Americans on average have been educated about credit/finances.
You'd think after the recent credit/fiscal upheavals people would have gotten the message; but obviously not.
In all sorts of credit from personal, student, car, etc... all many see or want is low monthly payments. Fair enough but the longer things are stretched out you are paying *MORE* in interest. At least on at thirty year mortgage hopefully at some point your are building equity. On most other types of consumer credit very long repayment terms is just throwing money out of the window.
Sadly this is a reflection on how badly Americans on average have been educated about credit/finances.
You'd think after the recent credit/fiscal upheavals people would have gotten the message; but obviously not.
In all sorts of credit from personal, student, car, etc... all many see or want is low monthly payments. Fair enough but the longer things are stretched out you are paying *MORE* in interest. At least on at thirty year mortgage hopefully at some point your are building equity. On most other types of consumer credit very long repayment terms is just throwing money out of the window.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
