S CLASS LOAN

[Anonymous]

i make 60k a yr after all taxes, no rent or anything / live with parents

have 40k in bank 

should i take out a loan for the whole price of a used s class (75k) or put the 40k down 

where can i get a 75k car loan?

credit score = 750+

i plan on keeping the s class till it doesnt turn on

i have 0 debt i dont owe anyone anything.

[Anonymous]

Welcome to the forum

Assuming you can borrow at a low APR (which I do) I lean towards putting as little down as I can so I have some cash in the bank.  It is really a totally individual decision based on your overall resources, no right or wrong answer.  The more important factors are making sure you get a pre purchase inspection and buy at the right price so your no upside down.  I limit my down to tax and licensing personally. 

I would joing a credit union like DCU or Penfed (NFCU if you can get in) and then get prequalified with them so you know you have decent financing going in.  That is a lot of car at your income level but assuming you have a low debt to income level you should be fine, just be ready to make big payments or put a big chunk of that 40 down.  

[Anonymous]

Is that 60k before tax or after? No rent? Live with parents or property paid off? I personally wouldn't buy a Benz S class used for 75000. Used car nothing down let's say you get best financing you probably be at 3.9% for 72 months your still at around 1200 a month. Save that money in your account if you don't need to do a down cause when that car break down its going to cost you a lot to repair

[Anonymous]

If I were you, I would save up a bit more then buy a house. That 40k is a hefty chunk that can be used as a down payment. In the mean time, if you don't have a car at all, go buy a cheap one for a few thousand dollars. 

Ten from year's from now, assuming you own your own home, you'll look back and thank me. 

[Appleman]

My guess is that many of us would enjoy driving an S Class Mercedes but I agree with other posters that this is a course for eventual unhappiness. Depreciation is quite steep on the S class and as other have said, maintenance and repairs can be very expensive. Also, if you have 40K available, you have many options in your future, Spend the entire amount on a car and you will close down available options. 

Also, I can not think of a single financial advisor who would even remotely encourage this purchase. Good luck!

[Anonymous]

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@Anonymous wrote:

i make 60k a yr after all taxes, no rent or anything / live with parents

have 40k in bank 

should i take out a loan for the whole price of a used s class (75k) or put the 40k down 

where can i get a 75k car loan?

credit score = 750+

i plan on keeping the s class till it doesnt turn on

i have 0 debt i dont owe anyone anything.

---

I just bought the E 350 back in October and I love it!   It's a beauty!  

[heyitsyeh]

Agreed. House > car anyday. I actually fear the day my '03 Corolla breaks down/gets totalled because that will be a nice chunk of change I will have to cough up, either now or over monthly payments (which I despise).

If you really want a used S Class though, I'm not sure that's even a good price unless it's latest generation.

[Anonymous]

I live in NYC, not much house i can buy with my money ;(

[noobafterbk]

while im.no financial guru remember a car is a.depreciating asset, the moment you buy it you ose money every month and the high dollar vehicles like s classes lose massive amounts in the first six years. i assume you saved hard and work hard, i would buy a house and if smart you will have an appreciating asset and if you rent it out someone else will pay off your mortgage. just my five cents

[Luscher]

Guys, he did;t ask whether or not he should buy it. He asked a question about a loan. Let the guy buy what ever he wants. You only live once.

I would look at DCU, try and get the 50K loan, and then put the rest as a downpayment.