Financing?
Rennlist Member
Joined: Nov 2006
Posts: 14,881
Likes: 2,802
From: Pittsburgh, PA
Correct - HELOC will no longer be deductible. Plus, why ever put your house at risk for non-essential things. Home equity is one aspect of a savings plan. But an important one, obviously. I am always amazed, for instance, by folks who roll credit card debt into a home equity, then run the debt back up. Crazy and risky financial planning. Pay cash when you can, and borrow only when your cash can perform better than the loan rate.
Racer
Joined: Apr 2017
Posts: 291
Likes: 72
From: Philadelphia, PA
One other option (if you are veteran or have been an employee of the federal government) is USAA insurance. A great company that offers easy straightforward loans with very low rates. They also offer excellent insurance for auto & home.
Race Director
Joined: Nov 2006
Posts: 15,860
Likes: 1,629
From: Clifton, NJ
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Rennlist Member
Joined: Apr 2014
Posts: 3,051
Likes: 478
From: Orlando burbs
I've used PenFed too, and one of my mortgages is with them.
I was surprised to find AAA offers auto rates as low as 1.79%, when you set up automatic payments, for new and used cars with excellent credit.
By the way, I jacked up our credit scores by paying off all our credit cards several times a week instead of once monthly. We use credit cards for every purchase possible without a surcharge for using a credit card. Paying every few days keeps the reported balances very low, while maximizing our cash rebates (currently around $1200-500 cash back each year). Just this simple trick of paying early and often raised our credit scores from 795/800 to 825/830. I like it because it's easy to do on my phone, and it keeps me informed of what's happening on my account activity.
On the best credit cards,
here are the best credit card cash rebates I've found -
AMEX Blue Cash Preferred: 6% on groceries, 3% in department stores
Sam's Club MasterCard: 5% on gasoline, 3% on dining and travel
PenFed Visa: 2% on everything else
I was surprised to find AAA offers auto rates as low as 1.79%, when you set up automatic payments, for new and used cars with excellent credit.
By the way, I jacked up our credit scores by paying off all our credit cards several times a week instead of once monthly. We use credit cards for every purchase possible without a surcharge for using a credit card. Paying every few days keeps the reported balances very low, while maximizing our cash rebates (currently around $1200-500 cash back each year). Just this simple trick of paying early and often raised our credit scores from 795/800 to 825/830. I like it because it's easy to do on my phone, and it keeps me informed of what's happening on my account activity.
On the best credit cards,
here are the best credit card cash rebates I've found -
AMEX Blue Cash Preferred: 6% on groceries, 3% in department stores
Sam's Club MasterCard: 5% on gasoline, 3% on dining and travel
PenFed Visa: 2% on everything else
Instructor
Joined: Feb 2006
Posts: 204
Likes: 2
From: Boston
https://www.myconsumers.org/personal/checking
If you're willing to swipe your card 12 times a month, this isn't crazy at all.
I have a LMCU account that's similar, 3% if you use the card 10 times.
https://www.myconsumers.org/personal/checking
If you're willing to swipe your card 12 times a month, this isn't crazy at all.
I have a LMCU account that's similar, 3% if you use the card 10 times.
Racer
Joined: Aug 2017
Posts: 467
Likes: 33
Three Wheelin'
Joined: Mar 2009
Posts: 1,724
Likes: 74
From: Napa Valley, CA
https://www.myconsumers.org/personal/checking
If you're willing to swipe your card 12 times a month, this isn't crazy at all.
I have a LMCU account that's similar, 3% if you use the card 10 times.
Now I see how that interest rate makes sense. A minimum balance and transactions using the credit component of the card. Like you said, good deal (better than what I get, anyway) - if you are a deadbeat (the term credit card companies use to describe people who pay off their full balance every month) and have the means to keep a certain balance in your checking account.
Rennlist Member
Joined: Oct 2007
Posts: 21,645
Likes: 7,347
From: Seattle, Washington
if you can, pay cash for cars - i've been doing this for 25 years - cheaper insurance only needing liability policy and i self insure if i'm responsible for damage to my car - i've calculated that i have saved approx $60K insurance savings alone in 25 years with porsches and ferrari i've owned
