What's the APR on your car loan?

[billy hoyle]

Originally Posted by THE SAUNA

5.9% on a used car... got the loan more than 2 years ago...

thats pretty good for a used car IMO

 

[toliveanddieinnj]

My mom cosigned for me, it was great, I of course made all the payments and my credit score went from non existent to a 724. And then ive kept it high myself. really good move.

 

[toliveanddieinnj]

My mom cosigned for me, it was great, I of course made all the payments and my credit score went from non existent to a 724. And then ive kept it high myself. really good move.

 

[toliveanddieinnj]

My mom cosigned for me, it was great, I of course made all the payments and my credit score went from non existent to a 724. And then ive kept it high myself. really good move.

 

[toliveanddieinnj]

My mom cosigned for me, it was great, I of course made all the payments and my credit score went from non existent to a 724. And then ive kept it high myself. really good move.

 

[toliveanddieinnj]

My mom cosigned for me, it was great, I of course made all the payments and my credit score went from non existent to a 724. And then ive kept it high myself. really good move.

 

[toliveanddieinnj]

My mom cosigned for me, it was great, I of course made all the payments and my credit score went from non existent to a 724. And then ive kept it high myself. really good move.

 

[toliveanddieinnj]

My mom cosigned for me, it was great, I of course made all the payments and my credit score went from non existent to a 724. And then ive kept it high myself. really good move.

 

[toliveanddieinnj]

My mom cosigned for me, it was great, I of course made all the payments and my credit score went from non existent to a 724. And then ive kept it high myself. really good move.

 

[toliveanddieinnj]

My mom cosigned for me, it was great, I of course made all the payments and my credit score went from non existent to a 724. And then ive kept it high myself. really good move.

 

[toliveanddieinnj]

My mom cosigned for me, it was great, I of course made all the payments and my credit score went from non existent to a 724. And then ive kept it high myself. really good move.

 

[toliveanddieinnj]

My mom cosigned for me, it was great, I of course made all the payments and my credit score went from non existent to a 724. And then ive kept it high myself. really good move.

 

[oo master chief oo]

If you havethat kind of liquidity congrats but it seems like ur digging ur self into a financial ditch. The car costs more thanthe principle And interest, it's a gass guzzler, higher insurance and maintainence.

 

[oo master chief oo]

If you havethat kind of liquidity congrats but it seems like ur digging ur self into a financial ditch. The car costs more thanthe principle And interest, it's a gass guzzler, higher insurance and maintainence.

 

[oo master chief oo]

If you havethat kind of liquidity congrats but it seems like ur digging ur self into a financial ditch. The car costs more thanthe principle And interest, it's a gass guzzler, higher insurance and maintainence.

 

[oo master chief oo]

If you havethat kind of liquidity congrats but it seems like ur digging ur self into a financial ditch. The car costs more thanthe principle And interest, it's a gass guzzler, higher insurance and maintainence.

 

[oo master chief oo]

If you havethat kind of liquidity congrats but it seems like ur digging ur self into a financial ditch. The car costs more thanthe principle And interest, it's a gass guzzler, higher insurance and maintainence.

 

[oo master chief oo]

If you havethat kind of liquidity congrats but it seems like ur digging ur self into a financial ditch. The car costs more thanthe principle And interest, it's a gass guzzler, higher insurance and maintainence.

 

[oo master chief oo]

If you havethat kind of liquidity congrats but it seems like ur digging ur self into a financial ditch. The car costs more thanthe principle And interest, it's a gass guzzler, higher insurance and maintainence.

 

[oo master chief oo]

If you havethat kind of liquidity congrats but it seems like ur digging ur self into a financial ditch. The car costs more thanthe principle And interest, it's a gass guzzler, higher insurance and maintainence.

 

[oo master chief oo]

If you havethat kind of liquidity congrats but it seems like ur digging ur self into a financial ditch. The car costs more thanthe principle And interest, it's a gass guzzler, higher insurance and maintainence.

 

[oo master chief oo]

If you havethat kind of liquidity congrats but it seems like ur digging ur self into a financial ditch. The car costs more thanthe principle And interest, it's a gass guzzler, higher insurance and maintainence.

 

[oo master chief oo]

If you havethat kind of liquidity congrats but it seems like ur digging ur self into a financial ditch. The car costs more thanthe principle And interest, it's a gass guzzler, higher insurance and maintainence.

 

[man e]

Originally Posted by LazyJ10

If you're as capable of making money, as you are so candid about (and I'm not claiming as untrue) then why not just pay the car off immediately? Since you're not depleting all of your capital (assuming), you'll be back up in no time. Furthermore, for someone as astute as yourself with money, why would you pay $XX,XXX.xx for something and immediately shed 10-25% of the price as soon as it's driven off the lot?

So you're going to pay more on interest on an original principal amount, that in a matter of moments, won't be worth the same as the note?

The problem with you have no credit is, they don't care that you're 20 and can make $1M by the time you're 22. That means very little to them. What would mean more to them is if you showed your income consistently around the same levels over a period. Or even with gains, not gigantic ones though. Furthermore, without credit history, yes you'd pay higher points on the loan (if you could obtain one) without a co-signer, outside collateral, etc.

For reference, my credit is around 797 as of last month, and I pay 1% APR on my car to which, I didn't finance the full amount. Can I make more than 1% on the remaining principal to cover payments? Yes.

Thanks for the response. 
Well any new car will lose its value once it's driven off the lot & I am aware that the car may lose even more than 25% of its value over the next 12 months but that's a loss I am willing to take. It'll be MY first new car and this is just a way of rewarding myself. May not make all the sense financially but it's something I am really looking forward to. 

Here's my problem with paying the car off immediately though. Let's say you can secure a loan at 2.00%. 

If you can get a yield of 5%  on a fixed income (corporate bond or what ever else you decide; something with little or no risk) over the same time period of the loan. why not? That's a $2,700.00 profit yearly (@ 90K), may not be much, but it's better than 0 return. 

The only benefit of paying cash that I see is discount on the price. Invoice on a 2010 Range Rover is about 75-85K, if I am given anything near that for paying cash then it's a different ballgame. 

 

[man e]

Originally Posted by LazyJ10

If you're as capable of making money, as you are so candid about (and I'm not claiming as untrue) then why not just pay the car off immediately? Since you're not depleting all of your capital (assuming), you'll be back up in no time. Furthermore, for someone as astute as yourself with money, why would you pay $XX,XXX.xx for something and immediately shed 10-25% of the price as soon as it's driven off the lot?

So you're going to pay more on interest on an original principal amount, that in a matter of moments, won't be worth the same as the note?

The problem with you have no credit is, they don't care that you're 20 and can make $1M by the time you're 22. That means very little to them. What would mean more to them is if you showed your income consistently around the same levels over a period. Or even with gains, not gigantic ones though. Furthermore, without credit history, yes you'd pay higher points on the loan (if you could obtain one) without a co-signer, outside collateral, etc.

For reference, my credit is around 797 as of last month, and I pay 1% APR on my car to which, I didn't finance the full amount. Can I make more than 1% on the remaining principal to cover payments? Yes.

Thanks for the response. 
Well any new car will lose its value once it's driven off the lot & I am aware that the car may lose even more than 25% of its value over the next 12 months but that's a loss I am willing to take. It'll be MY first new car and this is just a way of rewarding myself. May not make all the sense financially but it's something I am really looking forward to. 

Here's my problem with paying the car off immediately though. Let's say you can secure a loan at 2.00%. 

If you can get a yield of 5%  on a fixed income (corporate bond or what ever else you decide; something with little or no risk) over the same time period of the loan. why not? That's a $2,700.00 profit yearly (@ 90K), may not be much, but it's better than 0 return. 

The only benefit of paying cash that I see is discount on the price. Invoice on a 2010 Range Rover is about 75-85K, if I am given anything near that for paying cash then it's a different ballgame.