Financing deals
03-12-2018, 10:19 PM
#41
03-12-2018, 10:30 PM
#43
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Squeeze the cat a little more and go for this...
2013 Chevrolet Corvette 427 Convertible
https://www.autotrader.com/cars-for-...searchRadius=0
2013 Chevrolet Corvette 427 Convertible
https://www.autotrader.com/cars-for-...searchRadius=0
03-13-2018, 12:11 AM
#45
Drifting
One thing that I learned when shopping for my Corvette was that prices vary a lot depending on location. In my neck of the woods, the prices seemed higher than what everyone else was saying was a good price. I wanted to stay fairly local and not make the experience a road trip.
Everyone thinks that prices are too high when they're buying and too low when they're selling...
Join a credit union, put as much down as you're comfortable with, finance the rest, and please.... drive the car!!! Buy some guy's garage queen and put it to use!!! It's going to depreciate anyways so, enjoy it!!!
I bought a 10 year old, 30K mile, 3LT, Z51, convertible... I love it and drive it whenever I can!
Good luck in your search..
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tdf01cycling (03-15-2018)
03-13-2018, 12:28 AM
#46
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If you're truly in the middle of nowhere then there's a very small sample size and it can't be considered.
Last edited by 919cw313; 03-13-2018 at 12:30 AM.
03-13-2018, 05:20 AM
#47
Team Owner
Terrible advice.
03-13-2018, 03:46 PM
#48
It sounds ok, but, if you leave the higher balance in the 401k, and earn 5%, compounded, and then get the cheap rate of 2.5% through the credit union, you will be far ahead. Once you lose the earnings off your 401K, and then pay 8%, you pay more interest for your car, and then it takes 4-5 years to get your balance back to where it was in the 401K.
03-13-2018, 05:45 PM
#49
Melting Slicks
Borrowing money period is horrible advice. I didn't know this was the sound advice thread.
Truly the best advice is to save your money and buy when you have cash. The money as you save will grow too. There are plenty of savings accounts out there that pay 3.5-5% which will get you to your goal faster. Just think though, you are going to lose out on all of that compound interest that your money could keep making if you don't buy the car.....
At 3% interest, you would save nearly $1700 by paying cash rather than borrowing. That's not even counting the money you will make off of your money while saving for it.
03-13-2018, 05:57 PM
#50
Drifting
Borrowing money period is horrible advice. I didn't know this was the sound advice thread.
Truly the best advice is to save your money and buy when you have cash. The money as you save will grow too. There are plenty of savings accounts out there that pay 3.5-5% which will get you to your goal faster. Just think though, you are going to lose out on all of that compound interest that your money could keep making if you don't buy the car.....
At 3% interest, you would save nearly $1700 by paying cash rather than borrowing. That's not even counting the money you will make off of your money while saving for it.
Truly the best advice is to save your money and buy when you have cash. The money as you save will grow too. There are plenty of savings accounts out there that pay 3.5-5% which will get you to your goal faster. Just think though, you are going to lose out on all of that compound interest that your money could keep making if you don't buy the car.....
At 3% interest, you would save nearly $1700 by paying cash rather than borrowing. That's not even counting the money you will make off of your money while saving for it.
Just curious where those are??
03-13-2018, 06:09 PM
#51
Melting Slicks
These were the highest I found through Google. Call your bank. Most have something like this but may not pay as much. Still worth a look. Usually it is the online banks with the best rates.
Consumer Credit Union rewards checking, pays a 5.09%.
Northpointe Bank’s Ultimate Checking account pays 4.89%.
Consumer Credit Union rewards checking, pays a 5.09%.
Northpointe Bank’s Ultimate Checking account pays 4.89%.
03-13-2018, 06:30 PM
#52
These were the highest I found through Google. Call your bank. Most have something like this but may not pay as much. Still worth a look. Usually it is the online banks with the best rates.
Consumer Credit Union rewards checking, pays a 5.09%.
Northpointe Bank’s Ultimate Checking account pays 4.89%.
Consumer Credit Union rewards checking, pays a 5.09%.
Northpointe Bank’s Ultimate Checking account pays 4.89%.
03-13-2018, 08:38 PM
#53
Melting Slicks
These are very restrictive “teasers” to get your business. One allows a max of $20,000 the other a max of $10,000 in the high interest program. One stipulates $1,000 a month in Visa card use, the other 15 debit uses a month. They require direct deposit minimums each month, auto bill pay and on and on. Those were the requirements I understood after looking for 2 minutes. There seemed to be a bunch more down the page. It you don’t meet the minimum requirements each month your interest defaults to .05% I’m taking a wild guess that not many people meet the requirements every month.
Well of course they are.
I played them quite often before putting my trust in a financial advisor. You have to go through the many and see which ones are easy and likely already a part of your life. Like the Visa 1k. I don't know anyone who doesn't spend well beyond that a month. Cha-ching, got that one. I think a person with little effort could save big if they needed 60+ mos. to save the money. I just play credit card companies now. 1.5-5% off of everything/Miles Haha.. Buy everything you can with the card and pay it off before the end of the billing cycle.
03-13-2018, 08:58 PM
#54
Borrowing money period is horrible advice. I didn't know this was the sound advice thread.
Truly the best advice is to save your money and buy when you have cash. The money as you save will grow too. There are plenty of savings accounts out there that pay 3.5-5% which will get you to your goal faster. Just think though, you are going to lose out on all of that compound interest that your money could keep making if you don't buy the car.....
At 3% interest, you would save nearly $1700 by paying cash rather than borrowing. That's not even counting the money you will make off of your money while saving for it.
Truly the best advice is to save your money and buy when you have cash. The money as you save will grow too. There are plenty of savings accounts out there that pay 3.5-5% which will get you to your goal faster. Just think though, you are going to lose out on all of that compound interest that your money could keep making if you don't buy the car.....
At 3% interest, you would save nearly $1700 by paying cash rather than borrowing. That's not even counting the money you will make off of your money while saving for it.
Last edited by Beny; 03-13-2018 at 09:04 PM.
03-13-2018, 10:50 PM
#55
Intermediate
With good credit and some assets I'd recommend LightStream https://www.lightstream.com/
Quick response, good rate, they deposit the money directly into your bank account, and you can get an unsecured loan on the vehicle. They're very picky about who they lend to though.
Quick response, good rate, they deposit the money directly into your bank account, and you can get an unsecured loan on the vehicle. They're very picky about who they lend to though.
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tdf01cycling (03-15-2018)
03-14-2018, 06:15 PM
#56
Melting Slicks
Not sure I agree with you. I make a decent living. Single, no kids. Automatic deposits (with matching)every paycheck into retirement account. Still left with a decent amount every month which I have saved religiously for years. Only debt is mortgage and auto lease. I don't spend on vacations, weekend partying, fancy clothes, expensive dinners, or other types of entertainment that most people spend on. I view a 400-500 a month payment (after sizable down payment) on a vette as entertainment. Why would I pay cash? I would prefer to have the cash for emergencies, and potential down payment for investment properties. I'm conservative, but also believe in a balance of saving versus enjoying life today.
Guys were turning this into the sound financial advice thread. I thought I would give them what they were looking for. Nothing about borrowing money and paying any interest is sound financial advice to me if we want to get technical about it. No one could argue that in the instance of a toy.
03-14-2018, 06:57 PM
#57
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For a 13 GS Convertible, the price is about right depending on mileage. For a 10 not as good.
Rates are getting higher everywhere. I wouldn't take it out of the 401K as suggested because most 401k plans should earn 10-20% depending on level of risk, 3% financing is nothing in comparison.
Rates are getting higher everywhere. I wouldn't take it out of the 401K as suggested because most 401k plans should earn 10-20% depending on level of risk, 3% financing is nothing in comparison.
03-14-2018, 07:05 PM
#58
Had a person always paid cash for vehicles and had been saving all along they could pay and play the same day. I am very particular with how much I let banks get me for. Nothing about losing thousands for nothing is entertaining to me. I wasn't saying take every dime of your money and put it into a car. I was just saying that a person should save separately until they could pay cash as that is the most sound financial advice a person could give. You should never dig into your emergency savings for a car.
Guys were turning this into the sound financial advice thread. I thought I would give them what they were looking for. Nothing about borrowing money and paying any interest is sound financial advice to me if we want to get technical about it. No one could argue that in the instance of a toy.
Guys were turning this into the sound financial advice thread. I thought I would give them what they were looking for. Nothing about borrowing money and paying any interest is sound financial advice to me if we want to get technical about it. No one could argue that in the instance of a toy.
Last edited by Beny; 03-14-2018 at 07:05 PM.
03-14-2018, 07:09 PM
#59
Race Director
