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- Apr 4, 2006
I bought my first used car in college (a 2000 sonata) and now i need a newer one. Now how to pay for it is the question. Save up cash or get a note? I know a lot of you guys have car notes. What made you get one?
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- Dec 29, 2008
Interest rates are low as hell if you have good credit
my rate is a 3%; I wouldn't front all that cash into a car because if you can't get it back it was a waste of money
my rate is a 3%; I wouldn't front all that cash into a car because if you can't get it back it was a waste of money
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- Jul 22, 2007
I've been playin around with this one as well. More than likely im gonna just keep saving. I don't like having debt looming over my head. Plus you have to get full coverage insurance, assuming that you don't.
Having that new-new would be fly.....gotta make the smart move tho
Having that new-new would be fly.....gotta make the smart move tho
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- Dec 6, 2008
Same reason I got my car note. BMW Finance gave me 3.5% interest and a smoking deal for an M3.
runningfishy
Banned
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- Sep 25, 2005
Why take out a loan to buy something that depreciates?
It's a numbers game, and you're going to need to do the math and focus on LIQUIDITY and CASH FLOW. If the math fits, and your purchase is within budget, then go for it. What I do not endorse is for people spending $35-$50K on a car, especially if it needs to be financed. Rates are low, but do the math and the over-time accrual of it is quite large!
I didn't take out a note for my Honda. My folks did because we needed a car, and when I found my first real job, I took over the payments. I finally paid it off. Now, I focus on maintaing it. I do most of the work myself, but never forget the fact that I'll need to have repairs here and there. Owning a car can be costly!
In terms of financing, check w/ dealers and credit unions. Do your homework.
It's a numbers game, and you're going to need to do the math and focus on LIQUIDITY and CASH FLOW. If the math fits, and your purchase is within budget, then go for it. What I do not endorse is for people spending $35-$50K on a car, especially if it needs to be financed. Rates are low, but do the math and the over-time accrual of it is quite large!
I didn't take out a note for my Honda. My folks did because we needed a car, and when I found my first real job, I took over the payments. I finally paid it off. Now, I focus on maintaing it. I do most of the work myself, but never forget the fact that I'll need to have repairs here and there. Owning a car can be costly!
In terms of financing, check w/ dealers and credit unions. Do your homework.
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- Jul 23, 2006
This.
BMW gave me a 3% rate Lexus gave me a 1.9% rate and threw in an extended warranty
Your credit has to be good as hell though to get low rates
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- Apr 4, 2006
I'm not looking into buying a new bmw/lexus / $35,000 car though. Would it be better to just buy another cheap $3,000 car and save or get something like a used 03/04 G35 and get a car note?
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- Dec 3, 2009
Speaking from experience I've financed 4 brand new cars and IM DONE...makes zero sense, next car is a 2 year lease.
- 68,176
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- Dec 29, 2008
it makes zero sense if you keep buying new cars every two years; you can find a car that holds good value for a good deal and it can make sense
my 370Z is worth almost what I paid for it 2+ years later
I financed my first car this year. Was going to pay cash for it, but I realized that a note looks good on your credit. So I put aside the money I was going to pay for it, and pay monthly payments on it. I will pay it off in 2 years of so. But it makes the credit score look good.
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- Feb 27, 2004
Warranty, latest tech, image, engine power< my cars paid off now, but those were some reasons i did it.
I think car notes are stupid unless you have no choice.
I think car notes are stupid unless you have no choice.
runningfishy
Banned
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- Sep 25, 2005
Suspended.
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- Feb 3, 2006
One of the dumbest mistakes I've made wish I wouldve just saved my money and copped something to get me around.
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- Sep 16, 2003
Is a car note you can easily pay off a good way to build credit?
mrbrown
Banned
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- Jan 3, 2011
I haven't bought a brand new car but when I bought my car I paid cash. Everyone I told about me purchasing cash gave me the same ol "Shoulda put that as a down payment for a brand new car!!!!" except some don't understand apy's and all that. I have no stress tho
even though I could have financed it the cost over the long run is considered. Can't take it back now so I would suggest you save up some cash then purchase something within your range financially.
If your credit needs the help then finance I guess..... but I theres other ways to go about building credit. I have great credit without ever financing a car.
even though I could have financed it the cost over the long run is considered. Can't take it back now so I would suggest you save up some cash then purchase something within your range financially.
If your credit needs the help then finance I guess..... but I theres other ways to go about building credit. I have great credit without ever financing a car.
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- May 2, 2001
I was young and dumb..
never will buy a brand new car again until I have at least 1M in readily liquid assets
never will buy a brand new car again until I have at least 1M in readily liquid assets
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- Dec 28, 2004
good question. +waits on CRC+
i know its best to buy out right and all(for the most part) but if i put a LOT down, say 70% of the price, and have VERY manageable monthly payments for a 12 months, would that be good?
runningfishy
Banned
- 2,874
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- Sep 25, 2005
Yes. However, you need 'history' to build credit.
However, in light of things, you need to be in great financial health. When you are, you have a lot going for you. You'll have liquidity, cash flow, low rates, and flexible financing. Those w/ bad credit are punished in many ways, they're dealt with denied loans, high rates, etc.
It pays to have a good credit history.
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- Jun 4, 2010
in my opinion getting a car note is a bad idea. because its not worth much by the time you pay it off.
to me it makes more sense to save up and get a used one
to me it makes more sense to save up and get a used one
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- Jul 21, 2011
Because I have mad money with a steady income.
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This is what I'm planning to do. I'm gonna put down my car ('11 accord) as a downpayment for a used 2011 535 or 528i within next couple of months. it's about 50 to 55% of the price I'm putting down so it should be around 200 bucks a month. Very easy way to build credit is def a car.
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not true. All the cars my family bought we sold for a little more or what we paid for them. We bought them all at a dealer auction.
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- Aug 25, 2008
First car- young, dumb and wanted to have a brand new car in high school
2nd- job paying 60k more then the last so wanted something new.
3rd (current)- traded in and just payed the difference in cash.
My next car I'm going to just sell what I own and pay the difference again. Probably the last truck I buy for a while.
Your best bet is to just cop something that's in your range so you don't have to worry about payments. If opt for the payment route just make sure you will be able to pay it no matter what. If you can do that then you shouldn't have a prob.
2nd- job paying 60k more then the last so wanted something new.
3rd (current)- traded in and just payed the difference in cash.
My next car I'm going to just sell what I own and pay the difference again. Probably the last truck I buy for a while.
Your best bet is to just cop something that's in your range so you don't have to worry about payments. If opt for the payment route just make sure you will be able to pay it no matter what. If you can do that then you shouldn't have a prob.
- 220
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- Nov 5, 2006
Words of wisdom to y'all
No matter what you say you'll do in the future... LIKE YOUR PHONE, WHEN IT COMES DOWN TO IT YOU WILL ALWAYS FEEL THAT YOUR NEXT CAR HAS TO BE AN UPGRADE! so think about that before you take a 2 year lease on that 3 series...
No matter what you say you'll do in the future... LIKE YOUR PHONE, WHEN IT COMES DOWN TO IT YOU WILL ALWAYS FEEL THAT YOUR NEXT CAR HAS TO BE AN UPGRADE! so think about that before you take a 2 year lease on that 3 series...
- 155,745
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- Oct 13, 2001
Most friends I have that bought new cars regret it tremendously. I don't think I could ever move myself to do that.
