Financing question

[BandJCarm]

Originally Posted by TitanMike

This only makes sense if the interest rate on your purchase contract is ZERO.

Otherwise you may be using someone else's money but you're paying for the privilege. If the money you could be using to pay off the contract is invested in a high yield (more than the interest rate on the loan) investment that's a whole different animal.

Another of my favorites is "I'm buying Xxxxxx because I need the deduction".

Let's see, it's a good deal to spend $50,000 (just to grab a number) and save maybe 20% of that on my tax bill? Sounds like a good deal to someone I'm sure. If you are a business and are using a Section 179 deduction, then it's a whole different game.

Yeah, I get all that.

It was somewhat tongue in cheek..........

I financed because I don't have the cash. Isn't that the usual reason? LOL

If I wait till I have the cash, at my current rate of saving, I could have bought this unit when I become 128 years old. However, I can make the payments and still eat ok.

SO.................
tastes great
less filling

[Captain America]

When I called Alliant Credit they told me they need the dealer invoice. They said that's the hiccup because some dealers don't want to give it up.

To qualify for their loan you have to put down 10% of dealer's cost. If you put down 10% of the sale price, you got it covered.

[Cabinfever97]

Originally Posted by Captain America

When I called Alliant Credit they told me they need the dealer invoice. They said that's the hiccup because some dealers don't want to give it up.

To qualify for their loan you have to put down 10% of dealer's cost. If you put down 10% of the sale price, you got it covered.

You do not need to put down 10% of dealer cost. The amount you borrow effects your interest. If you borrow 90% of dealer invoice then you get the best rate. As the amount borrowed to dealer invoice goes up the rate goes up. We just completed our loan with Alliant. We borrowed about 110% of dealer invoice. Not totally sure what dealer invoice was because our dealer faxed it directly to Alliant. Alliant told me our rate would be 4.49%, not the 3.99 because we were in the 110% of dealer invoice range. They were GREAT to deal with. I would STRONGLY recommend them!!

[yesitsme11]

I financed mine last June at 1.9% with no money down for 10 yrs. I am a firm believer on not using my money for a down payment.

[Tatsngats]

Originally Posted by yesitsme11

I financed mine last June at 1.9% with no money down for 10 yrs. I am a firm believer on not using my money for a down payment.

With who?

[cavie]

I've always found local credit unions to be the best way to go.

[RangeMaggotBob]

Originally Posted by yesitsme11

I financed mine last June at 1.9% with no money down for 10 yrs. I am a firm believer on not using my money for a down payment.

WELLLLL- you gonna tell us with who? At those rates, I may just refinance.

[Bikemobile]

1.9?!?? Prove it!

[frlancr]

Perhaps his mom...

[Kimber45]

I believe its officially "first national bank of mom"

[frlancr]

"momma"