How do people afford...

m4a1mustang · 07-18-2009, 03:05 PM

Quote:

Originally Posted by frost

Nail on the head. Most financial experts would say that even financing a car is not a good idea, much less specific mods for a car. That's a good way to find yourself in real trouble, real quick.

Financing a car is totally fine if you need it. The only issue we financial experts have with it is depreciation. There's risk involved so that's why GAP insurance or a large down payment is a good idea when buying a car. If you can stay above water with your loan you are totally fine.

frost · 07-18-2009, 03:18 PM

Quote:

Originally Posted by m4a1mustang

Financing a car is totally fine if you need it. The only issue we financial experts have with it is depreciation. There's risk involved so that's why GAP insurance or a large down payment is a good idea when buying a car. If you can stay above water with your loan you are totally fine.

Rapid depreciation

What's the rule on downpayment? Isn't it something like, 15-20%?
I think financing is okay if done right, but as with all credit, people abuse it. As we have seen in other threads, we have kids in here living with their parents purchasing Zs. Many better things to spend money on than a new car.

Sardis · 07-19-2009, 05:48 AM

As a Fin Adviser, please DO NOT finance any modifications to your vehicle. If I was a foaming at the mouth old fin adv with a pocket protector, I would be telling you financing a depreciating asset such as a car is a bad investment, but live the dream

The car has some value, even though it will always be in a state of depreciation. Don't do things to this car that will make it deprecate it even quicker, if you don't pay out of pocket.

Last thing you want to do is end up paying for a car + modifications long after the car is gone IE Repo/Loan/Etc..

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07-19-2009, 05:48 AM	#3 (permalink)
Sardis Base Member Join Date: Apr 2009 Location: CA Posts: 72 Drives: EX Z Owner Rep Power: 17	As a Fin Adviser, please DO NOT finance any modifications to your vehicle. If I was a foaming at the mouth old fin adv with a pocket protector, I would be telling you financing a depreciating asset such as a car is a bad investment, but live the dream The car has some value, even though it will always be in a state of depreciation. Don't do things to this car that will make it deprecate it even quicker, if you don't pay out of pocket. Last thing you want to do is end up paying for a car + modifications long after the car is gone IE Repo/Loan/Etc..