Financed 10K for 3 years will pay off early ( Need to keep Credit Score High )
Any Vets out there I financed with Navy Federal Credit Union 1.79%
Any Vets out there I financed with Navy Federal Credit Union 1.79%
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Finance your house, pay cash for your toysMy Dad always said, always pay cash for your toys.
Sometimes there are other requirements to manage your available credit/cash mix. e.g. D to I ratios when qualifying for mortgages too.Yes, but often nigh net worth people and high cash on hand people have zero credit because they don't have cards or mortgage. Can't get those rates with sub 800 credit scores that come with utilization of debt
Generally a good rule of thumb. All of us have different comfort levels with debt and that changes with age. I’ve paid cash for my vehicles the 15 years have and financed all my real estate except one rental property. I might finance some of my Bronco if it ever shows up as I just paid cash for a couple of Ski Doos.Finance your house, pay cash for your toys
Same. Rates are very low and I get better return on my cash vs paying it all out on purchase.Financed, but put down a pretty hefty down payment. About half.
This is so wrong.If there are people that paid cash I'm going to question their intelligence level with penfed giving 0.99% APR loans there are literally high yield savings accounts with higher than 0.99% return. Unless you're keeping your DTI low for other reasons, have terrible credit, or enjoy throwing money down the drain it makes zero sense.
Edit: Retirement is the worst excuse one could have for paying cash for the car lol. In retirement, any income no matter how small is even MORE important than those working.
I understand this is a generational thing. Many boomers grew up to 12% mortgages and 15% auto loans, but times have changed. Borrowing money is nearly free these days, and inflation is at record levels. You absolutely should have a significant rainy day fund, but keeping tens of thousands or hundreds of thousands of dollars in cash (instead of safe CD's, high yield savings accounts, or bonds) is the best way to get left behind in 2022.