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Cars We Drive! - Page 1265

post #18961 of 26345
Quote:
Originally Posted by GreenFrog View Post


Do you know if credit bureaus interpret that differently than a secured auto loan?

In other words, I would think a personal loan is a riskier type of debt because.. I mean personal loans are for people with riskier financials, no?
LightStream. They're a subsidiary of Suntrust and they had good reviews. It says they target people with good credit profiles and have high lending criteria. Was also a very easy sign up process. Got approved within 10 minutes of applying with the option of being funded same day.

 

I remember this company having 1.99% unsecured loans from a Bogleheads thread.  They can randomly audit you to see if you used the funds as stated, in this case you must have selected use on a car, and if not they can jack up the rate to some other category.

 

https://www.bogleheads.org/forum/viewtopic.php?t=146234

post #18962 of 26345
Quote:
Originally Posted by jbarwick View Post

I remember this company having 1.99% unsecured loans from a Bogleheads thread.  They can randomly audit you to see if you used the funds as stated, in this case you must have selected use on a car, and if not they can jack up the rate to some other category.

https://www.bogleheads.org/forum/viewtopic.php?t=146234

1.99 is sweet. Don't care if I get audited.
post #18963 of 26345
Quote:
Originally Posted by GreenFrog View Post


Don't know, don't care. I didn't even choose to get the unsecured loan and they don't even know what car I'm getting.

This loan 100% meets my needs and is exactly what I wanted. It being unsecured so I can keep the title is an unexpected cherry on top.

 

I just don't understand why you would pay more to borrow money than you have to.  You're talking about paying about $1000+ over the life of the loan.

post #18964 of 26345
Quote:
Originally Posted by brokencycle View Post

I just don't understand why you would pay more to borrow money than you have to.  You're talking about paying about $1000+ over the life of the loan.

particularly dragging it out over 6 years...going to end up way upside down
post #18965 of 26345
Quote:
Originally Posted by brokencycle View Post

I just don't understand why you would pay more to borrow money than you have to.  You're talking about paying about $1000+ over the life of the loan.

Given my car ownership track record, it's doubtful I'll own this for more than 2 years, so I wouldn't be paying the full interest amount.

There's also no prepayment penalty, nor do they front load the interest, and I fully expect to generate returns in excess of 4% with the funds through investments.

Hell, I'd go for a 7 year loan if I could. My main goal is to maximize cash flow and this loan fully meets that need.
post #18966 of 26345
Quote:
Originally Posted by JohnGalt View Post

particularly dragging it out over 6 years...going to end up way upside down

I've always taken the longest possible loan and then pay extra each month.
post #18967 of 26345
Btdubs, I can flip this car if I wanted to right now for $20k plus.

I'm actually building equity in dis icon_gu_b_slayer[1].gif
post #18968 of 26345
Quote:
Originally Posted by Pilot View Post

I recently paid off my car and all my student loans (very generous loan from the parents since my dad would rather me pay him monthly than the government and save 6 figures in interest), which subsequently caused my credit score to tank because of some credit card balances i have. Can't complain about having a lot less debt, but we're in the process of moving and getting the fiance a new car so the lower credit score is gonna fuck us over on that. Pulling a GF and hopefully getting the 72 mo loan on her 4Runner.

I'm not too worried about that as I have a few mortgages, a number of credit cards and an unsecured line of credit. I could withstand the hit to my credit from closing out some loans.

Unfortunately, BMW financial services doesn't make it easy as they don't accept electronic payments for loan payoff so I either need to send a personal check and wait 15 business days or get a certified check or money order from my bank to get it done quicker. Given that the main reason I'm doing this is to sell the car, looks like I will have to pay a visit to my bank. I guess this is what I get for borrowing money.
post #18969 of 26345
Quote:
Originally Posted by GreenFrog View Post


Given my car ownership track record, it's doubtful I'll own this for more than 2 years, so I wouldn't be paying the full interest amount.
 

 

You could still not pay the full interest amount if you got a loan that had a lower interest rate

 

Quote:
 

There's also no prepayment penalty, nor do they front load the interest, and I fully expect to generate returns in excess of 4% with the funds through investments.

Hell, I'd go for a 7 year loan if I could. My main goal is to maximize cash flow and this loan fully meets that need.

 

Why would you prepay a loan if you can earn returns greater than the loan amount?  Why wouldn't you borrow at a lower rate while getting those returns?

I honestly don't know why I'm bothering to reply... Do whatever you want.  I just don't understand paying more for something than you have to.

post #18970 of 26345
I'm baffled. What don't you understand?

At best I could get, what, a 3% loan on a secured 5 year note? Dude I don't give a shit about that 1% difference on a principal of 17.5k. That's fucking peanuts.

Like I said, I want to maximize cash flow by extending the loan amount as much as possible within a reasonable interest rate range. That's EXACTLY what I got. And on top of that, I get to keep the title?

How is this so confusing to you? You say this stuff as if I'm making a grave mistake. Dude, I'm doing just fine handling my finances. I think I know what I'm doing.

If I could get a secured auto loan for 6 years and 2 or 3% hell yeah I'd do that. But as many others state, secured auto loans have strict age requirements on cars and the best I could have done was a 5 year note.

I wanted the extra year, simple as that. And in terms of the loan prepayment.. That's obviously referring to the idea that id be paying off the car well before 6 years pass by selling it...
post #18971 of 26345
Quote:
Originally Posted by GreenFrog View Post

Don't know, don't care. I didn't even choose to get the unsecured loan and they don't even know what car I'm getting.

Attitudes like this are why debt traders at banks make so much godforsaken money.
post #18972 of 26345
It's moot now, but you should look into credit unions in the future. I took out a $30k loan at 1.9% over 5 years on the Supra (1995). <3
post #18973 of 26345
Quote:
Originally Posted by GreenFrog View Post

I'm baffled. What don't you understand?

At best I could get, what, a 3% loan on a secured 5 year note? Dude I don't give a shit about that 1% difference on a principal of 17.5k. That's fucking peanuts.

Like I said, I want to maximize cash flow by extending the loan amount as much as possible within a reasonable interest rate range. That's EXACTLY what I got. And on top of that, I get to keep the title?

How is this so confusing to you? You say this stuff as if I'm making a grave mistake. Dude, I'm doing just fine handling my finances. I think I know what I'm doing.

If I could get a secured auto loan for 6 years and 2 or 3% hell yeah I'd do that. But as many others state, secured auto loans have strict age requirements on cars and the best I could have done was a 5 year note.

I wanted the extra year, simple as that. And in terms of the loan prepayment.. That's obviously referring to the idea that id be paying off the car well before 6 years pass by selling it...

 

You and I have vastly different understandings of a "a grave mistake."  What is confusing to me is why someone who is doing "just fine" handling their finances would willingly pay more for a loan than they had to.

post #18974 of 26345
Quote:
Originally Posted by deepitm View Post

Attitudes like this are why debt traders at banks make so much godforsaken money.

k
Quote:
Originally Posted by brokencycle View Post

You and I have vastly different understandings of a "a grave mistake."  What is confusing to me is why someone who is doing "just fine" handling their finances would willingly pay more for a loan than they had to.

You're trolling at this point. I made my point loud and clear. You can't be this dense.
post #18975 of 26345
Too many finance guys on this board. Let's talk about the plans / mods for the new whip? Blacked out tail lights coming first I presume. foo.gif
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