Financing options?

[V10 RCKT]

You are absoultely correct

I in no way meant to create a false illusion re borrowing against the equity in ones' home. It was late...

Thanks for setting the record straight. :thumb:

Your dead president will go out in tomorrows mail



{note to self...stop posting when brain-dead}

[LTHL-GRY]

I got 5.5% for 84 months... Stipulations were: 720 minimum FICO, '03 or '02 model or '01 with less than 5000 miles (this was in 5/03) and 10% down. With that rate and term I was able to buy an '02 for a lower payment than a much cheaper '99 or '00.

I disagree with the "pay cash or do without" crowd. If I can borrow at a good rate with the only collateral being the item financed I will borrow all they have to lend and then some. I can turn my cash at a much higher rate than 5.5% with the added security of having money in the bank.

If you borrow against your home the interest is NOT automatically tax deductible (common misconception, see your CPA) and you have tied up valuable emergency liquidity to buy a deprecating asset.

Vipers are not always easy to sell quick unless you take it in the shorts. However if you need cash quick a home equity LOC can be amazingly fast and easy to obtain, if you haven't used up all your equity on toys...

[V10 RCKT]

First and foremost...Congrats on the purchase! :thumb: Get some pics posted.

Re options for purchasing...many different ideas...to each their own. The bottom line is that you are happy about the transaction and have no buyers remorse (if you do, a quick run in the Viper will clear that up!).

Re using the equity in one's home: again...to each their own. I made a simple mistake (which was misleading, which I took responsibility for and apologized). Unless one goes over 100% of the homes value (a bad idea), one CAN take a percentage of the mortgage interest paid as a tax DEDUCTION on Schedule A (unless your standard deduction is higher than the mortgage interest paid - if that is the case you will take the standard deduction).

I was simply trying to point out that mortgage interest may be tax deductible whereas a car note is not (unless the vehicle is used for business purposes).

Anyway...it is a moot point now.

Again, congrats and enjoy

[_Mark_]

I must have misread, I thought you had bought an SRT financed for 7 years. In that case, you would probably be upside down on the loan in about what, 3 months?

:shitstirrer:

[Frozenguy]

why would he buy a car for straight cash, when he can take that 50K and buy a house 100% financing and use that 50K for payments for a year, sell the house and have made 100K

[V10 RCKT]

Originally Posted by Frozenguy

why would he buy a car for straight cash, when he can take that 50K and buy a house 100% financing and use that 50K for payments for a year, sell the house and have made 100K

And the color of the sky in your world is?