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mrswask
Pookie Love
Member since 5/05 20229 total posts
Name:
Michal
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Money Question
Need some opinions/advice- I am more than likely going to purchase my grandmother's car off lease in the next month - I can afford to straight out purchase the car - am I better off doing that (but losing that amount of money from my account so I no longer get the larger amount of interest) - or doing financing - that I'm only paying a little bit each month, but now am paying more money on the car because of having to pay interest?
Thanks for your thoughts!!
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Posted 10/25/07 7:32 PM  |
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Whamtastic
LIF Adult
Member since 1/07 997 total posts
Name:
Big Fat Baby with a Blackberry
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Re: Money Question
Pay it off now. Unless you have a crazy low interest rate on your loan or a crazy high interest rate on your savings, you'd end up spending more over the life of the loan than you would if you paid now and accounted for the loss of interest to your savings account.
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| Posted 10/25/07 7:35 PM |
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mrswask
Pookie Love
Member since 5/05 20229 total posts
Name:
Michal
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Re: Money Question
That's what I was thinking - althought the amount of money scares me! The interest rate I get from my bank - at the highest - would be around 5%.
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| Posted 10/25/07 7:38 PM |
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MegZee
My bunny
Member since 5/06 8777 total posts
Name:
Meaghan
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Re: Money Question
depends on the rate of your loan vs. the rate you get on your savings.
if you can save your $$ at a higher rate, take the loan.
if the loan is a higher % than what your savings is, dont take out the loan.
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| Posted 10/25/07 7:40 PM |
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itkocak
Member since 7/07 7639 total posts
Name:
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Re: Money Question
Message edited 11/13/2011 2:17:00 PM.
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| Posted 10/25/07 7:44 PM |
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nov04libride
big brother <3
Member since 5/05 14672 total posts
Name:
Me
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Re: Money Question
I would buy it cash. I made the mistake with a student loan, and then I am being taxed on having the money in the bank, though I was getting interest. So it definitely makes sense to buy in full.
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| Posted 10/25/07 7:46 PM |
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mrswask
Pookie Love
Member since 5/05 20229 total posts
Name:
Michal
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Re: Money Question
Posted by imthekevinofcindyandkevin
I would pay it now and treat it as a loan to myself and pay myself back. Make sense?
Makes sense, but I think that's part of what is making me hesitant about the whole thing (purchasing it) - I am no longer in the position to save the amount of money I did and have definitely been thinking about how long it's going to take me to recoup that money...
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| Posted 10/25/07 7:47 PM |
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mrswask
Pookie Love
Member since 5/05 20229 total posts
Name:
Michal
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Re: Money Question
Posted by nov04libride
I would buy it cash. I made the mistake with a student loan, and then I am being taxed on having the money in the bank, though I was getting interest. So it definitely makes sense to buy in full.
Good point as well
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| Posted 10/25/07 7:51 PM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: Money Question
- I am no longer in the position to save the amount of money I did and have definitely been thinking about how long it's going to take me to recoup that money...
for this reason I would make payments on the car- you just moved to a new state- I would feel better knowing that my money was in the bank earning interest- then sitting in my driveway depricating
I have a problem with parting with large sums on money- but a monthly payment is alot easier to take
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| Posted 10/25/07 8:29 PM |
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Reese32
LIF Adult
Member since 7/07 3631 total posts
Name:
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Re: Money Question
Posted by imthekevinofcindyandkevin
I would pay it now and treat it as a loan to myself and pay myself back. Make sense?
This is what I would do.
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| Posted 10/25/07 9:26 PM |
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