21–30 of 95 posts
Why do people borrow money to buy a car? Why not save money, maybe invest in something safe(ish), and buy your car in cash, preferably used? I get it that people get emotional about cars, but good heavens, this impulse puts you in the hole for years. It's almost as bad as cheating on your wife (and far, far worse than cheating on a gf).
Why would someone extend a loan to people based on one-time or limited time stimulus payments?
I'm sure if they felt that they wouldn't be able to repossess, they wouldn't be nearly as incautious in extending the loan.
That’s an interesting data point. makes me wonder what other unconventional metrics could be considered to get a temperature on our economy.
Why would someone extend a loan to people based on one-time or limited time stimulus payments?
Why do people borrow money to buy a car? Why not save money, maybe invest in something safe(ish), and buy your car in cash, preferably used? I get it that people get emotional about cars, but good heavens, this impulse puts you in the hole for years. It's almost as bad as cheating on your wife (and far, far worse than cheating on a gf).
In most market I feel you can safely earn at least an ~8% return if you invest fairly conservatively.
Why would I forego an 3-8% return on my money by paying cash for an asset that's just going to depreciate?
Here I was imagining actual explosives hampering repo efforts, when they merely speak of a rising rate of auto repos. OK. I fell for it.
Earlier quoted context omitted.
Car financing is a good way to build credit before buying a home. I regret that my credit score actually went down when I paid off my car loan early. The rules are really weird here. Using some credit is better than using no credit if you think you might need credit in the future (mostly to buy a house). Also, buying a new car is much less of a hassle than buying a used one. The price difference between used and new…
> Car financing is a good way to build credit before buying a home. I've heard people say this, but it's never made sense to me and sounds like something the loan industry has convinced people of just to sell more loans. Is it actually true? Every time I've gotten a mortgage, they seem to just care about my income and whether I've had any missed payments on credit cards or other bills before. And credit scores aren’t…
Ya, not having income is a blocker, but you also need to take care of your credit score. I basically had no credit score because I was out of country for 11 years (and..unlike new immigrants, they don't give Americans a benefit of the doubt here), so credit cards and an auto loan was really important when I came back (not having had a car for 11 years made my insurance premium go up, also).
Why do people borrow money to buy a car? Why not save money, maybe invest in something safe(ish), and buy your car in cash, preferably used? I get it that people get emotional about cars, but good heavens, this impulse puts you in the hole for years. It's almost as bad as cheating on your wife (and far, far worse than cheating on a gf).
Why do people borrow money to buy a car? Why not save money, maybe invest in something safe(ish), and buy your car in cash, preferably used? I get it that people get emotional about cars, but good heavens, this impulse puts you in the hole for years. It's almost as bad as cheating on your wife (and far, far worse than cheating on a gf).