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Old 01-19-2010, 05:14 PM   #1
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Future Interest Rates?

To you bankers out there, what do you think interest rates are going to do in the next 10 months?

I'm in a quandry, wanting to buy a 2010 SS now with no down payment at 5.25%. This means I'll be financing almost $40,000 for 6 years = a monthly payment of $649 and total interest of $6,716. If I wait 10 months to save $5,000 for a down payment and interest rates are 9% then my payment would drop only $18/month, but I'll be sending $10,425 to interest. Almost my entire down payment would be eaten up by interest.

My wife insists...er, thinks I should save up the down payment. I want...er, think I should buy it now. If interest rates remain stable for 10 months I'd choose the deferred pleasure route and go with the down payment. If they're going up drastically like I think they are I'd be better off buying now.

What do you think?
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Old 01-19-2010, 05:27 PM   #2
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(disclaimer: not a banker though I follow the markets)

I don't think rates are going to change too much in the next 10 months. I don't see them going any lower than they are right now, either. There's some upward pressure due to dollar strength concerns, but those things don't always manifest predictably.

I say if you qualify for the loan right now, get it now. Pay extra on the loan along the way if you ever have extra to shorten it's term. Shortening the length of time you owe money is going to make a much bigger difference in terms of amount of interest paid than a percentage point here or there.
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Old 01-19-2010, 05:29 PM   #3
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rates won't be going anywhere near 9% in the next 10 months. Maybe up 1/2%. The key is your beacon score, the market will climb rate wise, but not by much in 10 months
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Old 01-19-2010, 06:23 PM   #4
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You think your interest rate will go from 5 to 9? That wont happen within 10 months but maybe 10 years. Also with most banks if you put a down payment down your rate will be lower so a down payment might be the way to go for you.
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Old 01-19-2010, 06:30 PM   #5
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I heard as of today, that the interest rates are going back up. If they go back up, then the housing market is going to tank. I don't work for a bank or work in the field of markets. But, if you have a house that you can't sell, might check out renting through a good company that will represent their clients.

Quote:
Originally Posted by My 5th View Post
To you bankers out there, what do you think interest rates are going to do in the next 10 months?

I'm in a quandry, wanting to buy a 2010 SS now with no down payment at 5.25%. This means I'll be financing almost $40,000 for 6 years = a monthly payment of $649 and total interest of $6,716. If I wait 10 months to save $5,000 for a down payment and interest rates are 9% then my payment would drop only $18/month, but I'll be sending $10,425 to interest. Almost my entire down payment would be eaten up by interest.

My wife insists...er, thinks I should save up the down payment. I want...er, think I should buy it now. If interest rates remain stable for 10 months I'd choose the deferred pleasure route and go with the down payment. If they're going up drastically like I think they are I'd be better off buying now.

What do you think?
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Old 01-19-2010, 06:44 PM   #6
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Quote:
Originally Posted by My 5th View Post
. . . .
My wife insists...er, thinks I should save up the down payment. I want...er, think I should buy it now. . . .
What do you think?
I think I am having the same dinner conversation!

and I tried every rationalization I could come up with as to why it would be better to buy now -- interest rates going up, prices going up, winter is the time to buy a sports car, etc. etc. etc. and she won't bite . . . face it, she's run circles around you logically; you will always save money with a bigger downpayment; also to me 6 years is way too long to be paying for a car so I wouldn't even go there . . .

you need to change your tactics; talk about the time-value of fun instead of the time-value of money!

or maybe when the new mustang comes out this spring they will have a fire sale on the Camaros that is too good to pass up . . . . we can dream, right?
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Old 01-19-2010, 07:45 PM   #7
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Heck if you got a stellar credit score there are amazing rates to be had out there right now. I just got a flyer from my local CU telling me to come refinance my car for 3.99%. Thats just an insane deal, and if you can find it, and find a bank that won't REQUIRE you to make the down payment, then go ahead and get it now I say! Who knows how long deals like that will stay around. Odds are rates are going up, its just a matter of when. I don't see them going up more than a point in the next 10-12 months though, and probably not even that.

Can't go wrong agreeing with the wife though, even if she's wrong ;-) But remind her that if the down payment is really bugging her, you can always buy it now and apply the $5K towards the loan later to lower the interest. No prepayment penalties on a car loan.
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Old 01-19-2010, 11:36 PM   #8
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Quote:
Originally Posted by Bert View Post
I think I am having the same dinner conversation!


you need to change your tactics; talk about the time-value of fun instead of the time-value of money!
Unfortunately, my wife is more into security than fun. She thinks savings accounts are more fun than cars. When the Dollar finally falls through the floor a savings account will be worth a fraction of what you had in it, but a Camaro is still a Camaro! I guess that's why women are from Venus and men are from Mars.
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Old 01-20-2010, 07:29 AM   #9
Bert
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Quote:
Originally Posted by My 5th View Post
Unfortunately, my wife is more into security than fun. She thinks savings accounts are more fun than cars. When the Dollar finally falls through the floor a savings account will be worth a fraction of what you had in it, but a Camaro is still a Camaro! I guess that's why women are from Venus and men are from Mars.
I hear ya brother . . . mine too . . . but it is a good balance, marriage is a partnership and she keeps me out of trouble (can't think of a real example of that, but I'm sure it has happened at least once or twice over the past 28 years . . . . )

that's a good argument about inflation and the value of the dollar, I hadn't tried that one!

hmmmmmm . . . need to come up with a reason why a Camaro is better than gold . . . .
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Old 01-20-2010, 07:59 AM   #10
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hmmmmmm . . . need to come up with a reason why a Camaro is better than gold . . . .
Just get a gold plated Camaro
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