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So I'm just looking at cars, for fun honestly, and see one I wish I could get. A nice little 2008 Ford Taurus, as I'm not picky with cars and care little about the bells, whistles, and fancy mechanical buttons and stuff with these 2014 and up models. It has a financing option and I heard family screaming in my head to leave that button alone.
So now I'm genuinely curious. Exactly what good comes from financing a car if it's such a bad option and ends up costing you more? I also know that insurance must be full coverage, and I don't know if that's nationwide or just in MN, and that can't be cheap. So with insurance needs and the overall cost, it seems like you're losing more than you gain by financing a car. The only gain would be to maybe drive off with a damn good car you know you wouldn't be able to afford otherwise. But are there any other real pros to that option?
So I'm just looking at cars, for fun honestly, and see one I wish I could get. A nice little 2008 Ford Taurus, as I'm not picky with cars and care little about the bells, whistles, and fancy mechanical buttons and stuff with these 2014 and up models. It has a financing option and I heard family screaming in my head to leave that button alone.
So now I'm genuinely curious. Exactly what good comes from financing a car if it's such a bad option and ends up costing you more? I also know that insurance must be full coverage, and I don't know if that's nationwide or just in MN, and that can't be cheap. So with insurance needs and the overall cost, it seems like you're losing more than you gain by financing a car. The only gain would be to maybe drive off with a damn good car you know you wouldn't be able to afford otherwise. But are there any other real pros to that option?
There have been plenty of previous threads on this topic but to clarify are you saying you HAVE the cash to pay for it upfront and want to know what the advantage might be to getting a loan anyway? Or that you DON'T have the cash and want to know why you should buy that particular car even though you'd need a loan?
Also, do you have TWICE the cash to buy it? If not, going without full coverage is not a good idea even if you could, because after buying the first you'd be unable to replace it in the event of an accident or theft.
There have been plenty of previous threads on this topic but to clarify are you saying you HAVE the cash to pay for it upfront and want to know what the advantage might be to getting a loan anyway? Or that you DON'T have the cash and want to know why you should buy that particular car even though you'd need a loan?
Also, do you have TWICE the cash to buy it? If not, going without full coverage is not a good idea even if you could, because after buying the first you'd be unable to replace it in the event of an accident or theft.
Don't assume, cause you're incredibly far off.
I'm not looking to buy, finance, get a loan, or even legit shop. I look at cars for fun. But I'm seriously curious on what the pros are in general.
Just depends on interest rate. It's not as attractive for used cars. I'd pay cash in most cases. With new cars where you can borrow at 0-.9%, I'd rather borrow. I'd rather put my money in financial instruments and borrow at those interest rates.
I'm not looking to buy, finance, get a loan, or even legit shop. I look at cars for fun. But I'm seriously curious on what the pros are in general.
It depends on the situation. It is one thing to ask if someone should buy a car that they CAN'T pay cash for, it is another to ask if they should buy a car they DON'T pay cash for. Separate questions, separate answers.
It depends on the situation. It is one thing to ask if someone should buy a car that they CAN'T pay cash for, it is another to ask if they should buy a car they DON'T pay cash for. Separate questions, separate answers.
So would the pro basically be to get a car you can't pay cash with?....
So would the pro basically be to get a car you can't pay cash with?....
I'm a little lost for real.
Yes. For a buyer, there are no pros to financing a car. Not that I've ever heard of anyway. But there are huge pros to having reliable private transportation. It's just that having that is expensive. So people who can't afford the big all-at-once expense that comes with purchasing a car with cash resort to financing. That way they have the car and still have adequate money for their other expenses.
Yes. For a buyer, there are no pros to financing a car. Not that I've ever heard of anyway. But there are huge pros to having reliable private transportation. It's just that having that is expensive. So people who can't afford the big all-at-once expense that comes with purchasing a car with cash resort to financing. That way they have the car and still have adequate money for their other expenses.
This alone made far better sense then what I was trying to understand. Thank you.
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