How i've only made 1 payment in 6 months

ChrisSlicks · 01-20-2010, 01:54 PM

No offense but deferring a car loan has to be one of the dumbest things I've heard. You're accumulating interest at a rate of $10-$20 a day, cumulative, i.e. your now paying interest on your interest. If I were you I would be working my butt off to make extra payments in order to get the loan the right way up.

If you can't afford the payments comfortably then you shouldn't buy the car, period. How do you think this country got into the most recent financial crisis? It was by doing exactly what you describe, deferring payments for as long as possible on things people couldn't afford.

Always ask yourself the following question. If I have to sell tomorrow will I be screwed? I.e. Never owe more than the car is worth.

I don't think I would have bought any type of new car on graduation unless I landed one heck of a job.

Similar Threads
Thread	Thread Starter	Forum	Replies	Last Post
Safest way to recieve payment when you sell a vehicle?	The Arp	Other Vehicles	1	10-05-2009 08:25 PM
Down payment?	brisk	Nissan 370Z Pricing / Ordering Discussions	37	08-23-2009 05:40 PM
Down payment	faijia	Nissan 370Z Pricing / Ordering Discussions	21	07-26-2009 08:03 PM
How can I effectively estimate my monthly payment?	MarcusMIA	Nissan 370Z Pricing / Ordering Discussions	10	03-19-2009 10:13 AM
Ordering and down payment question...	takimbe	Nissan 370Z Pricing / Ordering Discussions	7	02-20-2009 03:26 AM

01-20-2010, 01:54 PM	#18 (permalink)
ChrisSlicks A True Z Fanatic Join Date: Mar 2009 Location: North East Posts: 6,203 Drives: 09 370Z Sport M6 Rep Power: 654	No offense but deferring a car loan has to be one of the dumbest things I've heard. You're accumulating interest at a rate of $10-$20 a day, cumulative, i.e. your now paying interest on your interest. If I were you I would be working my butt off to make extra payments in order to get the loan the right way up. If you can't afford the payments comfortably then you shouldn't buy the car, period. How do you think this country got into the most recent financial crisis? It was by doing exactly what you describe, deferring payments for as long as possible on things people couldn't afford. Always ask yourself the following question. If I have to sell tomorrow will I be screwed? I.e. Never owe more than the car is worth. I don't think I would have bought any type of new car on graduation unless I landed one heck of a job.