Credit Union and Financing

TripleBlkZ · 03-21-2013, 09:44 AM

Also only get the loan for what you need minus your down payment. In your case looks like will be 30k or 15k loan. 30k might be harder to get because the finance company is now fundin 100% value of car they don't care if you can drop money on it later.

And keep in mind 30k loan will be a ~$500 monthly payment and will all be that unless you rewrite, the lump sum after the fact wont adjust you paymentunlike a 15k which might be only $250/mth

TripleBlkZ · 03-21-2013, 09:49 AM

IMO take the lower payment and over pay as you can. You don't want to be stuck with a 700/800 a month payment that you have to make because you signed up for that. Things maybe be good now but 2 years is a long time and what I something happens that you lose your income. It's easy to make a smaller payment with option to over pay the having a large payment and have that unknow risk of now be able to make it and lose the car.

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03-21-2013, 09:44 AM	#1 (permalink)
TripleBlkZ Enthusiast Member Join Date: May 2010 Location: Kelowna, BC Posts: 333 Drives: 2014 QX50 Rep Power: 17	Also only get the loan for what you need minus your down payment. In your case looks like will be 30k or 15k loan. 30k might be harder to get because the finance company is now fundin 100% value of car they don't care if you can drop money on it later. And keep in mind 30k loan will be a ~$500 monthly payment and will all be that unless you rewrite, the lump sum after the fact wont adjust you paymentunlike a 15k which might be only $250/mth

03-21-2013, 09:49 AM	#2 (permalink)
TripleBlkZ Enthusiast Member Join Date: May 2010 Location: Kelowna, BC Posts: 333 Drives: 2014 QX50 Rep Power: 17	IMO take the lower payment and over pay as you can. You don't want to be stuck with a 700/800 a month payment that you have to make because you signed up for that. Things maybe be good now but 2 years is a long time and what I something happens that you lose your income. It's easy to make a smaller payment with option to over pay the having a large payment and have that unknow risk of now be able to make it and lose the car.