03-01-2023, 06:55 PM | #23 |
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03-01-2023, 07:44 PM | #25 |
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03-01-2023, 07:48 PM | #26 |
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03-01-2023, 08:38 PM | #27 |
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Same here. I don’t even pay interest on my mortgage cause I don’t have one! Cash is always best but can’t pass up money at .9% like on my CS. I trade a Mini Cooper in and pay diff in cash since apparently no super sweet low rates to be had.
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03-02-2023, 10:10 AM | #28 |
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I don't get how people are getting such cheap payments. This vehicle for me out the door is $115,000 cad financed over 3 years with 35,000 down
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03-02-2023, 10:29 AM | #29 | |
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I go by the 10% rule after taxes on all car payments in the household. |
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03-02-2023, 10:36 AM | #30 |
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03-02-2023, 10:53 AM | #31 |
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Thanks for breaking that down for us because under normal circumstances, $2400 gets you a $145K vehicle, I think everyone was like...
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03-23-2023, 12:56 PM | #32 |
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I made the judgment call to finance a small portion of the payment. Just to let everyone know some particulars, don't be surprised to have crazy rates thrown in your face.
Some quick facts: credit >800, financing 15k at 48months I was offered a rate of 5.6% including bank status perk I was told if I financed less than 20k, the rates were actually higher so I'm paying more to finance at 15 than at 20-25k (obviously the bank wants to make money). I previously have done business with CapitalOne, but the wrinkle here is they base financing off of cars that are currently for sale - there is a stop sale on our cars. This would present a lot of phone calls and headaches I don't need on day of collection. As a consequence of the problems with CapitalOne, I'm electing to go with BoFA. It's a really shitty time to finance anything, and I actually regret moving a bunch of money to CD's and investments now since I can't access funds without penalty. Ultimately I'll only be paying a couple thousand interest but on principle it's pissing me off. Be prepared! Pay with cash if you can. |
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03-23-2023, 06:17 PM | #34 |
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Drives: G87, G26, E46, Mk6 5K
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03-23-2023, 06:47 PM | #37 |
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03-23-2023, 07:05 PM | #38 | |
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Drives: G87, G26, E46, Mk6 5K
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03-23-2023, 07:50 PM | #39 |
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If you can get it NFCU and USAA have rates lower than BMW FS. There is also a 1k military rebate for cash (non-BMWS) and 500 military rebate for finance or lease.
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03-24-2023, 08:54 AM | #40 |
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Even then it makes no sense unless these are pre tax dollars paid by your business. 8% on a personal loan for a depreciating asset is nuts. Numbers here in Quebec:
88k MSRP 13k taxes 101k financed @ 8% 60 months total payments 123k. I'm only buying in a year or so, I expect things to cool down a bit.
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03-24-2023, 08:57 AM | #41 | |
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Everyone has their own unique financial and personal decision-making process. |
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03-24-2023, 09:15 AM | #43 | |
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I dont know if things will cool down so soon ... Brent Crude stocks (oil price) went down AGAIN this morning by a sudden 3.39% after Bank of America's latest announcement. |
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03-24-2023, 10:17 AM | #44 |
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If you have the means to pay for the car outright, it would be the best to do so now given the current economy. (Well, then again, it has always been the most cost effective way to pay for anything at any time)
Every loan product is going to come with a hefty interest rate now. If you have to borrow $, just put down as much as you can and borrow the least amount or just accept that you’ll have to pay more. I’m afraid there is no “cheat” for the high interest rates, even the home equity loan interest rates have increased. I’m sure when you see the car though, it’ll be worth it |
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