Credit Union and Financing

Mt Tam I am · 03-21-2013, 10:41 AM

Quote:

Originally Posted by Minsu

yea i got a job just to pay for the car, i have no other expenses. Im gonna pay the car in full in less than two years that the plan im gonna pay 750-800 a month.
with 13-15k down i need 13-15k finance so i can walk in the dealership will full cash so they will be at my feet. thats the plan. would it be smart to get the loan put it as DP then use my cash to pay off the loan? would that not be the smart thing to do.
or just go in full cash and pay the loan afterwards?

Does this $750/mo budget, include insurance elsewhere in your calculation? Good luck all around.

Jasonle · 03-21-2013, 09:56 AM

Good luck!

Minsu · 03-21-2013, 11:42 AM

isurance is stacked with my parents so they said they would take care of it as long as i take care of car payments. Now i think ill finance 15k for lets says 3-4 years making payments in the 300-400, i heard from a banker that if i Overpay the monthly amount it effects my credit in a bad way. if i sign up for 3-4 year finance but pay it off in a year are there any reprecussions

Cmike2780 · 03-21-2013, 12:07 PM

Quote:

Originally Posted by Minsu

isurance is stacked with my parents so they said they would take care of it as long as i take care of car payments. Now i think ill finance 15k for lets says 3-4 years making payments in the 300-400, i heard from a banker that if i Overpay the monthly amount it effects my credit in a bad way. if i sign up for 3-4 year finance but pay it off in a year are there any reprecussions

Paying more every month doesn't hurt or help your credit, but it does decrease the overall interest payed. Honestly, you should pay it off as quickly as possible. You don't know where you'll be financially in 3-4 years from now. Longer rates are usally more than shorter ones.

03-21-2013, 09:56 AM	#2 (permalink)
Jasonle A True Z Fanatic Join Date: Jan 2011 Location: St. Louis Posts: 3,509 Drives: 09 370z Rep Power: 26	Good luck! __________________ 2009 Nissan 370z/2003 Honda Soccer Van Shineauto Amuse Body Kit/UAM Fenders/Bc Br Coilovers/Topspeed Exhaust/Racing Hart Wheels and More My Sexy Beast

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03-21-2013, 11:42 AM	#3 (permalink)
Minsu A True Z Fanatic Join Date: Jul 2012 Location: New Jersey Posts: 1,401 Drives: 2013 MidBlue 370Z 6M Rep Power: 24	isurance is stacked with my parents so they said they would take care of it as long as i take care of car payments. Now i think ill finance 15k for lets says 3-4 years making payments in the 300-400, i heard from a banker that if i Overpay the monthly amount it effects my credit in a bad way. if i sign up for 3-4 year finance but pay it off in a year are there any reprecussions