How many of you took out a loan for your car?

gravik · February 2nd, 2012, 05:50 PM

Just curious how many of you guys took out a loan to get your car.

I'm probably going to take out a small loan (Under $5k) when it comes time to get a Cobra or Mach.

AnotherS197GT · February 2nd, 2012, 05:53 PM

I did.

Six Banger · February 2nd, 2012, 05:55 PM

I didn't. I'd rather save for a couple more months/a year and then just pay cash and skip the interest.

Then again I've only bought cars for under $5000. I'd probably only finance a brand new/1 year old car and if I could pay off at least 65-75% upfront

roosgt! · February 2nd, 2012, 05:56 PM

I took out a personal loan for the car and paid it back 4 months later.
I did it to get better credit rating.

furreal302 · February 2nd, 2012, 05:57 PM

I paid cash but I drive old pos vehicles

zinc02GT · February 2nd, 2012, 05:58 PM

I paid right around 30% of the total price price of my car up front. The rest was financed.

1FastFox · February 2nd, 2012, 06:01 PM

I did/will use financing for my main form of transportation but I have a golden rule not to finance toys.

gravik · February 2nd, 2012, 06:03 PM

Originally Posted by 1FastFox

I did/will use financing for my main form of transportation but I have a golden rule not to finance toys.

Thats a good rule. Though for me, a 'Stang will be my main transportation and toy.

1996 GT · February 2nd, 2012, 06:44 PM

Paid mine in cash. They wouldn't let my finance anyways if i was to apply.

WhiteNoise · February 2nd, 2012, 06:48 PM

I split the cost for my stang with my parents when i was in high school, so we took a loan out and they paid their half off. I would have my half paid if it wasnt for college...

04Machsy · February 2nd, 2012, 08:50 PM

Me, Ill be happier when shes paid off

T-Lee. 30 · February 2nd, 2012, 08:51 PM

I did like 7 years ago when I got it!

GTman05 · February 2nd, 2012, 09:43 PM

I got my car for 21k...took out a 10k loan, paid the rest in cash

asiansensation78 · February 2nd, 2012, 10:28 PM

Financial advisers always say to never take out a loan on car. The loan gains interest while the car depreciates. Just save the money in a savings account or CD until you can afford the car that you want

88TempoGLS · February 2nd, 2012, 10:46 PM

I have always paid cash for EVERYTHING. If i could go back and do it differently, i would. Turned out to really bite me in the ass when it came time to take out a loan for a house, because i had NO credit.

T-Lee. 30 · February 2nd, 2012, 11:10 PM

Originally Posted by 88TempoGLS

I have always paid cash for EVERYTHING. If i could go back and do it differently, i would. Turned out to really bite me in the ass when it came time to take out a loan for a house, because i had NO credit.

Thats why its important to at least finance a few things sometimes even things that cost more than a few thousand. The creditors will look at the past and present financial responsibility(things you've financed and maintained good standing with the loan). So buying things str8 out is fine and dany but like you said when it come to a major purchase your record shows no record of financial responsibility. I have had quite a few cars in the past 12 years and financed them for a bit then paid them off early. After my x wife jacked up my credit a bit with a truck that was in my name a few years ago I built it back up by taking out two small loans paid one off already and the other is a 36month loan that i will have paid off in less than 13 months and the credit score has come back up quite a bit.

So its fine to buy things str8 out but it doesnt show financial responsibility when it comes to a major purchase later down the road.

RZNCAIN · February 2nd, 2012, 11:20 PM

Financing things especially if your young, no matter how small the purchase is can be very important to building your credit when it comes to buying a house. Unless you plan on paying cash for that as well.

RZNCAIN · February 2nd, 2012, 11:20 PM

Originally Posted by 88TempoGLS

I have always paid cash for EVERYTHING. If i could go back and do it differently, i would. Turned out to really bite me in the ass when it came time to take out a loan for a house, because i had NO credit.

BINGO!

RZNCAIN · February 2nd, 2012, 11:24 PM

Originally Posted by asiansensation78

Financial advisers always say to never take out a loan on car. The loan gains interest while the car depreciates. Just save the money in a savings account or CD until you can afford the car that you want

I could give a fuck what your financial adviser or any financial adviser says. We live it the day of retarded good interest rates. I have seen rates in the upper 1s on used cars. That is almost free money. Money put in the right places can gain more interest then, then the interest you are paying on some car loans if you have very good credit.

T-Lee. 30 · February 2nd, 2012, 11:24 PM

Originally Posted by RZN____

Financing things especially if your young, no matter how small the purchase is can be very important to building your credit when it comes to buying a house. Unless you plan on paying cash for that as well.

Spot on!!!

February 2nd, 2012, 05:55 PM	#3
Six Banger Hardcore Enthusiast 2001 - 3.8 Join Date: Jun 2010 Location: Massachusetts Posts: 2,971 iTrader: 1 reviews	I didn't. I'd rather save for a couple more months/a year and then just pay cash and skip the interest. Then again I've only bought cars for under $5000. I'd probably only finance a brand new/1 year old car and if I could pay off at least 65-75% upfront __________________ Look on the bright side: If you're reading this, you're alive. And that's fucking awesome.

February 2nd, 2012, 05:56 PM	#4
roosgt! MM Official Sammich Maker 1999 mustang gt n/a Join Date: Jan 2009 Location: Vancouver, British Columbia Posts: 4,121 iTrader: 3 reviews	I took out a personal loan for the car and paid it back 4 months later. I did it to get better credit rating. __________________ KASE Racing 72 Chevell 500hp 74 Comet 500+hp and spray 99 Mustang GT bolt on's and 93 tune 85 Notch 520ci BBF

February 2nd, 2012, 05:57 PM	#5
furreal302 Regular 94 GT 13.95@100 Join Date: Jun 2011 Location: NY Posts: 435 iTrader: 2 reviews	I paid cash but I drive old pos vehicles __________________ 94 Opal Frost GT ~230k T5 swap, other mods

February 2nd, 2012, 05:58 PM	#6
zinc02GT HUGE RED HEADED DUDE W/FIVE-OH 2011 Mustang GT 12.1 @ 116 Join Date: Dec 2007 Location: Alabama Posts: 5,847 iTrader: 1 reviews	I paid right around 30% of the total price price of my car up front. The rest was financed. __________________ Mods in garage. Built suspension and gears since posted times.

February 2nd, 2012, 06:01 PM	#7
1FastFox Skirt Chasing Phallus Phondler Kit Car/Ducati/Explorer Nike Fast Join Date: Mar 2007 Location: Indiana Posts: 10,495 iTrader: 4 reviews	I did/will use financing for my main form of transportation but I have a golden rule not to finance toys. __________________ QUOTE OF THE DAY (5/25/12): “Don’t play what’s there, play what’s not there.” ‐ Miles Davis

February 2nd, 2012, 05:53 PM	#2
AnotherS197GT I Post Entirely Way Too Much 2008 Mustang GT Join Date: Jul 2010 Location: Dearborn, MI Posts: 5,872 iTrader: 6 reviews	I did.

February 2nd, 2012, 06:44 PM	#9
1996 GT Traction...? 1996 GT/ 2008 GT Vert Join Date: Nov 2010 Location: Canada Posts: 2,215 iTrader: 0 reviews	Paid mine in cash. They wouldn't let my finance anyways if i was to apply.

February 2nd, 2012, 06:48 PM	#10
WhiteNoise Enthusiast 1997 Mustang GT Join Date: Jul 2010 Location: Western Maryland Posts: 691 iTrader: 0 reviews	I split the cost for my stang with my parents when i was in high school, so we took a loan out and they paid their half off. I would have my half paid if it wasnt for college... __________________ Mods: MAC o/r H, SCT tuner, CAI, short throw shifter, dash LED conversion Upcoming: Suspension build (Spring/Summer 2012)

February 2nd, 2012, 08:50 PM	#11
04Machsy Hardcore Enthusiast 2004 Mustang Mach1 Join Date: Feb 2010 Location: Greeley, CO Posts: 2,570 iTrader: 0 reviews	Me, Ill be happier when shes paid off __________________

February 2nd, 2012, 08:51 PM	#12
T-Lee. 30 I Post Entirely Way Too Much 03 gt, 96 tbird, 05bv gxp Faster than trolls! Join Date: Oct 2010 Location: United States! Posts: 5,276 iTrader: 0 reviews	I did like 7 years ago when I got it! __________________ 03 V1 S trim @5psi 339/359 3:73's Iraq and Afghanistan War Vet 4 deployments from 01-08.My Wife is also a War Vet

February 2nd, 2012, 09:43 PM	#13
GTman05 Hardcore Enthusiast 2005 Mustang GT Join Date: Jun 2010 Location: NY Posts: 1,458 iTrader: 3 reviews	I got my car for 21k...took out a 10k loan, paid the rest in cash __________________ New York Giants Super Bowl XLVI CHAMPIONS 05 Build Thread http://www.moddedmustangs.com/forums...ml#post4305844

February 2nd, 2012, 10:28 PM	#14
asiansensation78 Too Soon, Junior! 03 GT Vert 15:43.28@25.21 Too many naked bitches in the back Join Date: Jul 2009 Location: Columbus, OH Posts: 3,742 iTrader: 4 reviews	Financial advisers always say to never take out a loan on car. The loan gains interest while the car depreciates. Just save the money in a savings account or CD until you can afford the car that you want __________________ 03 GT - Scrapes on lane markers - Modded 02 Cougar - Able to clear most speed bumps - Some mods 01 Explorer - Parking blocks NOM NOM NOM - Stock Nitrous Switch Panel for sale!

February 2nd, 2012, 10:46 PM	#15
88TempoGLS Hardcore Enthusiast 2000 Ford Contour SVT 15.2 @ 90mph Join Date: Oct 2009 Location: Middletown, Pa Posts: 2,452 iTrader: 0 reviews	I have always paid cash for EVERYTHING. If i could go back and do it differently, i would. Turned out to really bite me in the ass when it came time to take out a loan for a house, because i had NO credit. __________________ 2000 CSVT 03 Escape 3L block, 02 Mercury Cougar 2.5 heads, SVT cams untuned. Stock manifolds, short ram intake, MSDS Y pipe, stock exhaust. 195whp/182wtq 1985 Honda 450 Nighthawk 70+MPG average 8200 miles and counting

February 2nd, 2012, 11:20 PM	#17
RZNCAIN Shelby's Minion 2007 Mustang Shelby GT (Mach1) Sept. '10 ROTM Join Date: Jul 2010 Location: WI Posts: 11,490 iTrader: 2 reviews	Financing things especially if your young, no matter how small the purchase is can be very important to building your credit when it comes to buying a house. Unless you plan on paying cash for that as well. __________________ Sponsored by Specialty Coatings Car Salesman Club- Founder -------------------------- 2007 Shelby GT- Hardparked 2003 Mach 1- Hardparked 1988 LX 5.0- Umm...Driver?

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