Quote:
Originally Posted by aigel
You don't own the car. Give it back to the bank. 
Seriously, if you can't buy reliable transportation cash, that's one thing, if you can't buy a toy cash - pass. IMHO you should have never financed this in the first place. I always voice this opinion when people finance their classic Porsche ..
G |
I agree- to an extent. When I bought my car I had the liquid available to do it. I also flipped cars for money and used my liquid as working capital.
I called my bank just to see what I'd be offered as a rate on the car. I was REALLY surprised at what they offered me. So, I opened a
small line of credit for a
small interest rate, put a chunk of cash down and used the rest to make much more than I'll pay in interest fees. I also bought with about as much equity as I paid in total. It was a no-brainer for me.
I got to add an extra line of credit to build my report (as a young person, it's helpful) and if anything went terribly wrong, I wouldn't have been up a creek.
Sometimes it's not an awful idea to let someone else foot the bill up front.
This is what worked for me, and is certainly not a rule I would teach someone in a different circumstance.