Latest best APR rates?
Today | 11:27 AM
#16
I am not sure what people are talking about here - you are saying cars like that should only have 100% cash buyers? This has come up on threads before. Hey, if you can afford that, more power to you. But not everyone can and people also manage their liquidity in different ways based on the current point in their lives.
Today | 11:39 AM
#17
Racer
Sounds like we have similar approaches to finance.
You mentioned the rolling of debt of one old auto loan into a new one...that is what I've been reading, too, about the uptick in average loan terms. I used to spend time in the Hampton Roads area of Virginia, and it was clear that was (and still is) going on in a major way. Younger tradesmen who work at the ship yard would trade in their basic F-150 single cab that was only 3 years old so they could start driving a $100K+ F-350 King Ranch, yet live in a $300K rancher in a not-so-great school district.
You mentioned the rolling of debt of one old auto loan into a new one...that is what I've been reading, too, about the uptick in average loan terms. I used to spend time in the Hampton Roads area of Virginia, and it was clear that was (and still is) going on in a major way. Younger tradesmen who work at the ship yard would trade in their basic F-150 single cab that was only 3 years old so they could start driving a $100K+ F-350 King Ranch, yet live in a $300K rancher in a not-so-great school district.
Today | 11:41 AM
#18
Racer
How do you think most of these YouTuber's and content creators get cars? Most take out insane loans. They don't hold onto the cars all that long because who wants to see stale content. So rinse and repeat.
What I've come to find as I get older is that the average person blows their money on stupid things. There's a small number of us that budget appropriately within our means (whether that's a $30k car or a $300k car), you see all kinds of situations where people roll in money from old loans into their new auto loan and so on. Personally, I don't like the debt... unless it's cheap debt which is hard to find the past 2 years (very low APR situations where I know I can take the $ and invest it to make more $).
What I've come to find as I get older is that the average person blows their money on stupid things. There's a small number of us that budget appropriately within our means (whether that's a $30k car or a $300k car), you see all kinds of situations where people roll in money from old loans into their new auto loan and so on. Personally, I don't like the debt... unless it's cheap debt which is hard to find the past 2 years (very low APR situations where I know I can take the $ and invest it to make more $).
You mentioned the rolling of debt of one old auto loan into a new one...that is what I've been reading, too, about the uptick in average loan terms. I used to spend time in the Hampton Roads area of Virginia, and it was clear that was (and still is) going on in a major way. Younger tradesmen who work at the ship yard would trade in their basic F-150 single cab that was only 3 years old so they could start driving a $100K+ F-350 King Ranch, yet live in a $300K rancher in a not-so-great school district.
Today | 12:55 PM
#20
I re-financed 68k on my '24 911 through my local credit union. Just did it last week - I have an 814 credit score and got 5.79%.
Today | 01:38 PM
#21
Love it when the rock star, mover and shaker, investors bark about borrowing money for everything so their portfolio can rake in that 12%, 15%,.... year in year out regardless of the totally unpredictable economic forces that effect investments for the mere commoners of the world like myself.
Today | 02:06 PM
#22
I am not sure what people are talking about here - you are saying cars like that should only have 100% cash buyers? This has come up on threads before. Hey, if you can afford that, more power to you. But not everyone can and people also manage their liquidity in different ways based on the current point in their lives.
The following 2 users liked this post by 2SG5:
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Today | 03:01 PM
#23
Most profitable dealers push leasing HARD because they know the customer comes back in 24 or 36 months.