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Living with debt

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hewiesidney
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In today's society, almost all Americans are used to living with a certain amount of debt. It's just expected that some purchases are financed, especially homes and cars. But you can skip the lender and pay cash for your next vehicle purchase.
Post Mon Mar 04, 2013 11:31 am
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littleroc02us
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quote:
Originally posted by hewiesidney
In today's society, almost all Americans are used to living with a certain amount of debt. It's just expected that some purchases are financed, especially homes and cars. But you can skip the lender and pay cash for your next vehicle purchase.


That is a sad reality, is it not? That is what most people think, but most people are broke and don't have enough savings. Part of the reason I'm selective in who I take advice from.

Risk comes from not knowing what you're doing. (Warren Buffet)
Post Mon Mar 04, 2013 1:57 pm
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soybean
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quote:
Originally posted by hewiesidney
In today's society, almost all Americans are used to living with a certain amount of debt. It's just expected that some purchases are financed, especially homes and cars. But you can skip the lender and pay cash for your next vehicle purchase.
I presume that last sentence was directed toward the person who started this topic here because they are in a position to pay cash.

Of course, most people do not pay cash for a vehicle, especially a new or not-very-old used one. With the very interest rates available now, I see nothing negative about borrowing to buy a vehicle even if you could pay cash for it. I could get a car loan from a credit union for 1.74% up to 60 months. And, I can think of numerous other uses for cash that would be more advantageous to me than avoiding 1.74% interest on a car loan.

Edit: I agree with the comments suggesting a good used car instead of a new car.


Last edited by soybean on Mon Mar 04, 2013 4:20 pm; edited 1 time in total
Post Mon Mar 04, 2013 4:09 pm
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soybean
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quote:
Originally posted by Adria.John
If you have secured job , then payday loans are the best choice.
This is absolute nonsense. Payday loans are the most expensive way to borrow money and should not even be mentioned as a source of money for a car. Rolling Eyes
quote:
Originally posted by financialchoicenetwork
I think it's a better option to pay the loan on principal
Your sentence is not very clear. I guess you're saying getting a loan is better than paying cash. Is that what you meant?
Post Mon Mar 04, 2013 4:20 pm
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sammyg
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I have this general rule in life if you can pay for something in cash dont take any loans for it. Now if you have some cash why not invest it or start a new business. Always think about tomorrow.
Post Wed Mar 06, 2013 3:24 am
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coaster
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This thread was split from another, older thread, to which the OP above was inappropriately appended, and it has had enough responses to that OP to stand on its own merit as a new thread.

~Tim~
Post Wed Mar 06, 2013 6:26 am
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tim_toronto
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I think we are doomed right from the start. We see our parents borrowing money to pay for everything and so we think it is acceptable to follow in their footsteps when reality it is a very bad thing.
Post Fri Mar 29, 2013 3:49 am
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