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@Anonymous wrote:How much are you paying.
APPROVING BANK: Capital One Auto
BUREAU PULLED: EQ
CREDIT SCORE: 697
CUSTOMER STATE OF RESIDENCE: NC
NEW/USED: Used
YEAR OF VEHICLE: 2010
MAKE: Dodge
MODEL: Challenger
MILEAGE: 48,000
RETAIL/LEASE: Finance
AMOUNT OF LOAN: $14,481
TERM CONTRACTED: 72
APR/LEASE RATE: 7.5%
MONTHLY PAYMENT: $245
I put 4k down because the OTD price was $18k. Wanna pay it off asap!
@Anonymous wrote:
@Anonymous wrote:How much are you paying.
APPROVING BANK: Capital One Auto
BUREAU PULLED: EQ
CREDIT SCORE: 697
CUSTOMER STATE OF RESIDENCE: NC
NEW/USED: Used
YEAR OF VEHICLE: 2010
MAKE: Dodge
MODEL: Challenger
MILEAGE: 48,000
RETAIL/LEASE: Finance
AMOUNT OF LOAN: $14,481
TERM CONTRACTED: 72
APR/LEASE RATE: 7.5%
MONTHLY PAYMENT: $245
I put 4k down because the OTD price was $18k. Wanna pay it off asap!
VERY smart move putting $4000.00 down.........
It's common sense. Especially if you are offered a very low interest rate, it's better to invest and earn 6%+ for $4000, than just give $4000 to the bank. Even if that makes you "upside down", you still have all of that cash.
If you had gap insurance, bought a car for $20k, put $5k down, and your car was totaled, and it was valued at $15k, the gap wouldn't pay anything, and you would be out of the $5k down.
If you didn't put anything down, you would still have your $5k, and the gap would have worked.
Not bad! congrats!
Congrats... That car is something else in the speed lane.
@jhtrico1850 wrote:It's common sense. Especially if you are offered a very low interest rate, it's better to invest and earn 6%+ for $4000, than just give $4000 to the bank. Even if that makes you "upside down", you still have all of that cash.
If you had gap insurance, bought a car for $20k, put $5k down, and your car was totaled, and it was valued at $15k, the gap wouldn't pay anything, and you would be out of the $5k down.
If you didn't put anything down, you would still have your $5k, and the gap would have worked.
That's true too. But most people end up trading their car 2-3 years later (tacking on several thousands on an already high loan). Then to top it off, they are paying the bank several thousands in interest. Not everyone is paying 1 - 2% interest. So either way if you put down a large downpayment or not-- the bank is still going to take their money (either upfront or over the course of 5+ years).
@jhtrico1850 wrote:It's common sense. Especially if you are offered a very low interest rate, it's better to invest and earn 6%+ for $4000, than just give $4000 to the bank. Even if that makes you "upside down", you still have all of that cash.
If you had gap insurance, bought a car for $20k, put $5k down, and your car was totaled, and it was valued at $15k, the gap wouldn't pay anything, and you would be out of the $5k down.
If you didn't put anything down, you would still have your $5k, and the gap would have worked.
Which is exactly why I didn't put anything down on mine. I bought new because this is my dream car and I'm keeping it until I die or it dies. I didn't buy this car to trade it back in in 3 years...
Congrats on the car OP!
Now spend a little more and really show off your ride...
She is beautiful