Quote:
Originally Posted by cudvig
I will have a 23k dollar loan if I take that out, plus a down payment, plus having to sell the car after 3 years, plus it might break after those years.
Maybe a ring and house are in the future? 3 or so years...
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Quote:
Originally Posted by cudvig
When I get approved for a loan, it won't be near what I want it to be. it will be probably 6-7% instead of the 4-5% I want.
I am in a spot in my life that I don't drive enough to go over the 12k miles a year the lease would ask of. I could always at the end of my term take a loan out, negotiate a price and buy it from them. Not taking out such a big loan and keeping myself from being over extended.
Used cars are out of the question
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As far as the terms of the loan go, I would think that you could find a competitive rate considering many financial institutions are looking for loans at this time. I doubt you will get a deal financing at a dealer, but look at some of your local financial institutions and get them to compete against each other. Some have rates around 3% for borrowers with good credit but still have rates 4-5% for people with worse credit.
If you drive only 8k miles a year, and would be interested in the car in the end, you won't get a deal close to where you would be at if you bought it. If you take good care of it, it will also likely be reflected in the price they want from it at the end of the lease.
What is wrong with a used car? Are you one of the people who will never buy a used car because you don't know how it has been treated?
Quote:
Originally Posted by Matt D.
He will when he's into debt beyond belief and nothing in the bank.
Cudvig, is your home furnished by the rent to own store, too?  |
What do you mean about being in debt beyond belief??? It is more "convenient" not to have equity in the stuff he has and rent.
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