Payment Options? - Page 2 - Camaro5 Chevy Camaro Forum / Camaro ZL1, SS and V6 Forums

Olddudesrule · 02-09-2017, 05:47 PM

Quote:

Originally Posted by 102SS

If you own your own home take out a line of credit,most of the time you only need to repay the interest each month not the principle and this would keep your payments low until you get your check.

2% to 3 per year is the norm.

Bad idea, and a short term solution. Why would you borrow from you're home to buy a car that you really can't afford right now. Not trying to be a dick, but this is not sound financial advice.

Mnhdrider · 02-09-2017, 06:32 PM

I agree with Olddudesrule, nothing worse than having to sell toys you can't afford!
You will have no problem finding a nice Camaro later.
Good judgment comes from experience, experience comes from bad choices 😧

102SS · 02-09-2017, 06:38 PM

Quote:

Originally Posted by Olddudesrule

Bad idea, and a short term solution. Why would you borrow from you're home to buy a car that you really can't afford right now. Not trying to be a dick, but this is not sound financial advice.

Look I am not his financial adviser,he asked for a way to get the car now and I offered a solution.

WoodBoss · 02-10-2017, 11:20 AM

I would hold off and focus on something else to keep you busy. When you get your settlement bank it. Put a little down and finance the rest when you are working. Right now the bank isn't going to want to hear your story anyway.

Olddudesrule · 02-10-2017, 07:47 PM

Quote:

Originally Posted by Mnhdrider

I agree with Olddudesrule, nothing worse than having to sell toys you can't afford!
You will have no problem finding a nice Camaro later.
Good judgment comes from experience, experience comes from bad choices 😧

Well said....

Olddudesrule · 02-10-2017, 07:49 PM

Quote:

Originally Posted by 102SS

Look I am not his financial adviser,he asked for a way to get the car now and I offered a solution.

Not digging on you, just making the point that, while this is a solution, it's not a sound financial one. This is something you might due in a medical emergency, or a serious family hardship, not to buy a car.

rm1023 · 02-10-2017, 08:23 PM

Quote:

Originally Posted by WoodBoss

I would hold off and focus on something else to keep you busy. When you get your settlement bank it. Put a little down and finance the rest when you are working. Right now the bank isn't going to want to hear your story anyway.

Good advice. I bought a 91 300zx and restored it to keep me busy before buying my Camaro.

As an addendum to his advice, there are maintenance and upgrades you will need/want to perform. These cars can get expensive very quickly and without a job, it can become a monetary drain on your finances that might be needed for life's necessities. I would buy something for A-B travel and worry about C later.

Not to mention, the insurance company hopes that you are in a financial situation that requires you to settle fast when they start making offers. I recommend holing up and reducing expenses as much as possible until things work out in a more financially favorable way.

02-09-2017, 06:32 PM	#16
Mnhdrider Drives: 15 black 2SSRS1LE Join Date: Dec 2016 Location: Northwest MN Posts: 25 View My Garage	I agree with Olddudesrule, nothing worse than having to sell toys you can't afford! You will have no problem finding a nice Camaro later. Good judgment comes from experience, experience comes from bad choices 😧

02-10-2017, 11:20 AM	#18
WoodBoss "Old School" Drives: 2010 2SS L99 Join Date: Apr 2015 Location: Sherrills Ford, NC Posts: 1,294	I would hold off and focus on something else to keep you busy. When you get your settlement bank it. Put a little down and finance the rest when you are working. Right now the bank isn't going to want to hear your story anyway.