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Old 10-29-2020, 06:51 PM   #21
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Originally Posted by Dakota 1120 View Post
What is shocking is the number of people who get sucked into those 'interest free for a year or 2 year" agreements and don't realize if NOT paid in full within the time frame ... interest is accessed from day one.

I have met many of them that got stuck with a pile in interest charges for that very reason.
Then IMHO they couldn't afford the loan to begin with. I understand things happen and many companies have allowed lian payments to slip without penalty because of this pandemic but I don't know of any auto dealer or RV dealer offering a deal like that, only companies like Home Depot, Best Buy,, etc.. I'd never buy a car or RV that way you lose too much money once you drive it off the lot and its why finance companies and even insurance companies offer Gap Insurance. In the reverse I don't know of anyone stuck like that including myself and most pay up ahead for HD, BB, to me its just a means to use someone else's money like Home Depot, etc.. just my two cents.
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Old 10-30-2020, 06:10 AM   #22
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Sense of humor is becoming a lost art, it seems.
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Right along with Common Sense.
I saw a T-Shirt that said "Common Sense is so rare it should be considered a Super Power"
It seems we’ve all lost our senses

Bruce
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Old 10-30-2020, 06:17 AM   #23
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My uncle just bought a $500k motorhome and financed it for 25 years.
He's 84. He told me he figures he'll only spend $10K to use this luxury R/V until he kicks the bucket!
I love this!

Bruce
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Old 10-30-2020, 07:25 AM   #24
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Thats tough decision sometimes with car dealers offering 0% or 1.99% when investments are earning very little if not losing because of the pandemic. I've done it both ways over the years weighing on the net cost that it would be for the term of the loan vs. withdrawing from your investments. The best method, IMHO, is taking a loan against your investments since your paying yourself back the loan plus interest.
Right now my new investments (as well as many others) are earning around 20% due to the pandemic. It has been a great time to buy.

As for which is less expensive, a loan or paying cash... Again, look at the cost of money over time. If you are earning 5% on your investments then why would you take that money out and pay for a car that you can get a 0%, 1% or 2% loan for? A 0% loan for the life of the loan is basically paying less than cash. Spreadsheets are great for comparing scenarios and using data, instead of feelings, to find the best way to use your money.
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