10-13-2011, 01:01 AM | #57 |
CaRaHoLiC
Drives: '12 ZL1,67 Cam,68 Biscayne 427 4 sp Join Date: Aug 2011
Location: B.C. Canada
Posts: 1,701
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Paying in full, cash, cheque, whateveryou want to call it...no loans
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10-13-2011, 01:20 AM | #58 | |
Drives: 69 Chevelle SS396 2013 ZL1 Join Date: Mar 2010
Location: West
Posts: 700
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Quote:
Same here.
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10-13-2011, 01:24 AM | #59 |
Drives: 2014 Z51 Corvette Join Date: Dec 2008
Location: Wisconsin
Posts: 1,349
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I will pay cash, then again I may buy a CTS V, an ATS V or a new Corvette when they come out. I will not rush into purchashing the ZL1. I want to make sure I get the most bank for my buck! Anybody who pays $500 to $800 a month for 60 months has to be crazy like a fox! That payment gets old real fast and then your left wondering why the hell did I do this?
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10-13-2011, 02:01 AM | #60 |
Join Date: Feb 2010
Location: Houston, Texas
Posts: 763
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10-13-2011, 04:42 AM | #61 | |
Drives: '06 Pontiac GTO M6, '19 F150 2.7TT Join Date: Nov 2008
Location: Charleston, SC
Posts: 1,425
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Quote:
$333mo X 12 mos X 40 years X 7% is $ 1.1M. |
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10-13-2011, 07:47 AM | #62 |
Drives: 2009 chevy cobalt ss, 1989 Iroc-z Join Date: Oct 2011
Location: pa
Posts: 75
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all i can say is im focusing on getting this for invoice as close as possible.
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10-13-2011, 07:53 AM | #63 |
Drives: 2006 Z06 Join Date: Sep 2010
Location: DC area
Posts: 859
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exactly...there is a big difference between a 500 a month payment and 800 a month for a car.
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10-13-2011, 08:07 AM | #64 | |
Drives: 2013 ZL1 IOM Vin #169 Join Date: Jan 2011
Location: Maryland
Posts: 1,953
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Quote:
Ok I'll try and explain better about the home equity. I own a house and I make payments on it, and I have equity in it (value above the loan value left to pay it off). Lets say my house is worth on today's market 300k and my mortgage that I need to pay off is 100k left. So if I went to sell the house after the costs of selling might come to 180k in profit. My banker says ok I can give you a loan due to your equity value in your house (180K). I'm sure when they did the loan process they also checked my credit score as well. They tell me you have been approved for a credit equity loan of "X" amount of dollars. This is kinda like a credit card in some ways which are I can withdraw up a certain amount of "X" dollars at a very low interest rate (something like 1.5% I have to check with my bank for the current rate). Now here's where the differences are with the home equity versus a credit card come in. A credit card does not charge any interest if you pay it off before the due date. But if you are late in paying or do not pay the who amount due then you get hit with a heavy penalty charge. But on the home equity loan if you pay just the portion of the loan that is due at that time there is no penalty. Also since this is basically treated as a second mortgage you get a tax write off on the interest your paying on that loan. Plus with a home equity loan you can make larger payments each month then they are requesting which I plan to do. I have done this several times in the past and has worked out very for me. Now that being said a home equity loan should be taken out with caution. First to get one in most cases you need to own a property (something of value that you have equity in it). You get that loan its against that said piece of property if you loose your job or the value of your house drops in value in like half and are under water. Then you take a home equity loan out to live off of then your creating a situation of default on your home equity loan if you run out of funds. The bank could than go after your home which is not good. So you have to be carefull and make sure to use that loan. A typical loan from a car dealership has a loan rate a little higher then a home equity loan lets say 3% or more depending out your credit rating (risk). But with a loan from the dealership if you default on your car payments the dealer then can go and get your car from you. But theycan't touch your house, so they are taking a risk that your a good prospect for that loan by getting a credit check. Speaking of credit cards as I'm sure you have heard time and time again always pay off your credit card in full and avoid paying penalties. But with credit cards you can use them to your advantage as well. I normally use a couple credits through my business that give me airline miles. I pay the cards off each month through my business and have use the miles to travel basically for free. I also picked up a GM card earlier this year and this will give me some money back to use towards the purchase of my ZL1. Long post I know but you asked so there it is.
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10-13-2011, 08:54 AM | #65 | |
Drives: 2009 chevy cobalt ss, 1989 Iroc-z Join Date: Oct 2011
Location: pa
Posts: 75
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So basically your best bet is not to get a loan through the dealer.. I want to avoid interest at all costs
Quote:
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10-13-2011, 09:00 AM | #66 |
Bear Backer
Drives: 69 Camaro Z/28, 69 Corvette Conv Join Date: Jan 2011
Location: San Jose, CA
Posts: 1,490
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It depends on the interest rate that I can obtain for an auto loan for the ZL1. If the loan rate is lower than the current rate of return I can get on my money, I will finance a good portion of the ZL1. If the loan interest rate is higher than the current rate of return I can get on my money I will pay cash for the ZL1. In other words, it comes down to the opportunity cost of the money that will be used to purchase the ZL1.
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Current Chevrolets: 1969 Camaro Z/28 -- 1969 427/390 Corvette Convertible -- 1970 350/300 Corvette Convertible -- 2013 Camaro ZL1 Convertible -- CRT / Exposed CF Weave Hood Insert / Suede Package / Polished Wheels / MN6
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10-13-2011, 09:02 AM | #67 |
Drives: 2009 chevy cobalt ss, 1989 Iroc-z Join Date: Oct 2011
Location: pa
Posts: 75
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i plan on dropping 20-30k thats including my current car on trade-in or if i sell it
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10-13-2011, 10:41 AM | #68 |
SoCalRaceTeam new-b!
Drives: 2012 ZL1/WHITE/BLACK STRIPE Join Date: Apr 2011
Location: norwalk ca
Posts: 2,021
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10-13-2011, 10:45 AM | #69 |
Drives: 2010 2SS/LS3 Join Date: Aug 2011
Location: Alabama
Posts: 29
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10-13-2011, 10:52 AM | #70 | |
Drives: 2013 ZL1 IOM Vin #169 Join Date: Jan 2011
Location: Maryland
Posts: 1,953
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Quote:
Well it depends really on the situation. If your young and trying to establish a credit score then a car loan through a dealer is an excellant way to do so. It's well worth the extra percent or two to go with a dealer. As long as they will provide you with a loan and they don't rake you over the coals to much on the interst rate. But if your young living still at home and don't have alot of obligations then thats a good option. If you already have a good credit score and have other options that will allow you a lower rate then I would go in that direction. For me I just am at the point in my life that I just don't want to go and fill out all the paper work at the dealers. I would rather hand them a check for the whole amount and get the keys as soon as possible. Also I would recommend that every one should know what there credit score, and if they don't know. There are a number of companies that would charge very little like $10 or $15 to have it done. Some companies will do it one time for free, but you have to get on line and search the net.
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