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| *Loan,banking and credit>>>auto loan |
What is a "good Reason" for a defered payment on an auto loan? |
What is a "good Reason" for a defered payment on an auto loan? I don't understand what you mean ! Good reason for dealer selling the car is: just another way of using factory incentive money, which is basically a rebate to dealer. Was that really the question ? lign="right" > Sign in to vote! Well, it depends on how far you are willing to go with this. Say...that an emergency came up and the money had to go to something else, like emergency electric bill, something and say that you will make the payment when the money becomes available or a.s.a.p. *********** or you can say that your job cut down your hours and you're not making as much as you used to???? lign="right" > Sign in to vote! There isn't any. If you have to defer payments on your car, you cannot afford the car. Buy cars in cash, even if you have to settle for crappy cars. Here's why: If you get a loan to buy a car, you have to pay: 1) the loan/lease payment, which easily gets to $250+/month. 2) Comprehensive and collision insurance 3) Mileage overages if you have a lease. If you have a lease, you WILL have mileage overages. Yes, even you. 4) If your car is worth less than the loan, which is always the case, you will also have to get gap insurance. This can also cost hundreds of dollars per month. All told, you will be spending at least $500/month just for the car to sit in your driveway. In contrast, if you buy a car in cash, you pay for: 1) The purchase of the car 2) Liability insurance, which is 1/2 to 1/10 of comprehensive and collision insurance. 3) That's it! Nothing says you need a snazzy, new car that cost $10,000. Buy a cheap, $3,000 car. Then, save the $500/month you'd spend on the car you would've had a loan on. After a couple of years, you can buy a really nice car with the money you've saved! lign="right" > Sign in to vote! |
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