I will NEVER take out a car loan.

I will NEVER take out a car loan.

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  1. 1 month ago
    Anonymous

    I will NEVER improve my credit to own a house. I will either pay CASH or rent for the rest of my life

    • 1 month ago
      Anonymous

      What a weird system. Over here credit score is determined by your income, e.g how much you're able to pay in reasonable time.

      • 1 month ago
        Anonymous

        Here its based on your payment history/ability to consistently pay. So if you make money, you still have a bad credit score if you miss payments all the time

        • 1 month ago
          Anonymous

          As long as it's not determined by amount spent but consistent payback OP should be able to maintain great score while not putting a car unnecessarily on credit

      • 1 month ago
        Anonymous

        Credit in the US isn't purely "could you pay," but rather "do you have a history of paying"
        This leads to some funny shit like lawyers making 10s of thousands a month having shit credit because they forget to set up auto pay then get distracted when a bill comes in

    • 1 month ago
      Anonymous

      >what is a co signer

    • 1 month ago
      Anonymous

      >le creddit score

    • 1 month ago
      Anonymous

      You don't need to take on 10s of thousands of dollars of debt just to buy a house later. As a matter of fact that car debt will frick over your debt to income ratio and cuck you out of a mortgage.

      • 1 month ago
        Anonymous

        this... I have never owned a car that wasn't paid for with cash... but somehow, I bought a house on credit and my score is in the high 700s. Just used a credit card for years leading up to asking for a mortgage.

    • 1 month ago
      Anonymous

      Here its based on your payment history/ability to consistently pay. So if you make money, you still have a bad credit score if you miss payments all the time

      Credit in the US isn't purely "could you pay," but rather "do you have a history of paying"
      This leads to some funny shit like lawyers making 10s of thousands a month having shit credit because they forget to set up auto pay then get distracted when a bill comes in

      i'm in the US and had zero credit and bought a big expensive house with a <3% rate. just make a lot of money and get manual underwriting. never had a credit card, car loan, anything.

    • 1 month ago
      Anonymous

      I've never had a car loan and that didn't stop me from buying a house. Forcing yourself into debt to build credit is a trap. Don't fall for it.

      What a weird system. Over here credit score is determined by your income, e.g how much you're able to pay in reasonable time.

      Getting approved for a home loan relies on both. They look at how much you make to determine what you can afford, but also your credit history to estimate how likely you are to make your payments in full and on time.

  2. 1 month ago
    Anonymous

    Reasonable and based. Paying interest for a deprecating asset is asinine

    • 1 month ago
      Anonymous

      not if you can get a 0 to 2% APR deal

      • 1 month ago
        Anonymous

        >just get a magical APR lmao

        • 1 month ago
          Anonymous

          https://www.carfax.com/blog/0-apr-car-deals
          wow magic

      • 1 month ago
        Anonymous

        Actually paying 100K for a tesla becomes reasonable at -20% apr so just get that.

  3. 1 month ago
    Anonymous

    Me too , mom won't let you

    • 1 month ago
      Anonymous

      What kind of mom won't let their kid not take a loan?

  4. 1 month ago
    Anonymous

    Your loss. People who take own loans get far more in return.

    • 1 month ago
      Anonymous

      Why am I expected to partake in this israelitery just to get a shitbox that takes me to and from work?

    • 1 month ago
      Anonymous

      People who take loans on things that provide more value than the interest costs. Buying a tower of toilet paper isn't going to help you, and you now owe 10K for them.

    • 1 month ago
      Anonymous
  5. 1 month ago
    Anonymous

    Losing out on DCA investing.
    So you're missing out on a lot of fricking money paying upfront, vs dragging out over 4 years

  6. 1 month ago
    Anonymous

    6% additional cost is worth having cash to routinely invest and receive 10-20% annual compounding returns.
    Or be like me, and be up 300% with crypto, all long term investments

  7. 1 month ago
    Anonymous

    My 401k averages 10% a year.
    I don't have shitty credit so I can get a loan from my bank at around 5% to buy a car.
    I make more money by getting a loan and having my funds accrue interest in my 401k instead of paying cash outright.

    If you don't understand this then maybe that's why you're poor.

    • 1 month ago
      Anonymous

      >buy car outright
      >afterwards can save up all the money I would've used on car payments into investments and whatever the frick else

      • 1 month ago
        Anonymous

        The time value of money means that the money you saved is worth less because you'll only have it at a much later date, when it could have earned you interest or been worth more from inflation if you had it now. If you can take out a loan at a lower rate than your investments return then you'll typically come out on top, because all the money you didn't spend in a lump sum is earning more interest than the interest you pay on the loan. Most people who take out loans aren't thinking like this, but it's a good way to game the system.

        https://i.imgur.com/YkVGD3i.jpg

        >be 18
        >buy first car
        >take out loan for $8k
        >crash car
        >fix it under collision coverage
        >next insurance bill goes from $800 per 6 months, to $2800
        >have $6k left on the loan
        >go to the bank, pay it off in full
        >drop collision
        >insurance rates drops to $180 per 6 months
        10 years later
        >buy a new used car for $13k
        >apply for loan, zero down, 12.5%apr
        >haggle the price down to $11.5
        >drive car home
        >sign into finance website
        >pay out the entire loan amount in a single payment
        >drop collision coverage
        >receive title in mail a week later
        creditors fear me

        Some bastards actually got wise to this and made rules that you can't pay off the entirety of the loan in full unless you pay an extra fee, usually equivalent to the interest you'd normally pay. Always check your contract for this kind of shit beforehand

        • 1 month ago
          Anonymous

          >made rules that you can't pay off the entirety of the loan in full unless you pay an extra fee, usually equivalent to the interest you'd normally pay
          I had a mortgage in China, the interest is precalculated for the term of the loan and added to the principle and that's what you owe.
          They don't care when you pay it off, they'll take their monthly autopay repayments or you can give them as much money as you want, you're paying the entire sum regardless.
          It's up to you if you pay it with today's money or today+10years money but you're paying the same number of yuan either way.

      • 1 month ago
        Anonymous

        >Buying investments 4 years from now instead of today
        Imagine buying bitcoins 4 years ago
        And.then today

        You kids are fricking stupid

        • 1 month ago
          Anonymous

          >muh FOMO

    • 1 month ago
      Anonymous

      not to mention 401k is pre-tax

    • 1 month ago
      Anonymous

      >thinks they'll get 10% every year
      Sometimes it'll dip by 60% and homosexuals like you are first to panicsell them

      • 1 month ago
        Anonymous

        Wrong, rich folk like myself scoop it all up for the days, weeks, months assets are undervalued.

  8. 1 month ago
    Anonymous

    >be 18
    >buy first car
    >take out loan for $8k
    >crash car
    >fix it under collision coverage
    >next insurance bill goes from $800 per 6 months, to $2800
    >have $6k left on the loan
    >go to the bank, pay it off in full
    >drop collision
    >insurance rates drops to $180 per 6 months
    10 years later
    >buy a new used car for $13k
    >apply for loan, zero down, 12.5%apr
    >haggle the price down to $11.5
    >drive car home
    >sign into finance website
    >pay out the entire loan amount in a single payment
    >drop collision coverage
    >receive title in mail a week later
    creditors fear me

    • 1 month ago
      Anonymous

      Why did you get a loan for the later car in the first place? Was it so you could get that $1.5k rebate?

  9. 1 month ago
    Anonymous

    Do creditors consider whether you have a terminal illness? I guess I'm wondering if someone with like 3 months to live can debtmaxx, buy a bunch of cool stuff with credit cards and give it to their friends.

    • 1 month ago
      Anonymous

      yes
      thats why i never go to the doctor, only I will know if im terminally ill.

  10. 1 month ago
    Anonymous

    True

  11. 1 month ago
    Anonymous

    If your car got crashed, you just loose $40K instantly. :^)

    No refund, goy!

    • 1 month ago
      Anonymous

      >what is car insurance

      • 1 month ago
        Anonymous

        ~~*They*~~ will credit that lower market value to you.

  12. 1 month ago
    Anonymous

    Good thinking

  13. 1 month ago
    Anonymous

    >angry israelite noise

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