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Thread: What's a reasonable interest rate?

  1. #26
    Yekhefah
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    Default Re: What's a reasonable interest rate?

    Yeah, I really can't afford a new car. Besides, leasing never made sense to me. Instead of paying money so I can own the car, I'd be paying money so the dealer can own it! No, thanks!

  2. #27
    God/dess Emily's Avatar
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    Default Re: What's a reasonable interest rate?

    Quote Originally Posted by Yekhefah
    Yeah, I really can't afford a new car. Besides, leasing never made sense to me. Instead of paying money so I can own the car, I'd be paying money so the dealer can own it! No, thanks!
    leasing can be good, but it sounds like you're the type of person that likes to keep a car for awhile, so it's probably not for you

    With a lease you are paying the depreciation, which all cars do, especially in the first few years. it's like having a rental car, really.

    At least with a lease you are paying less than the actual finance payment would be. Try applying that to rent! most of the time you are paying your landlord's mortgage, plus some!

  3. #28
    Yekhefah
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    Default Re: What's a reasonable interest rate?

    I know, rent sucks because you're not building equity, but I'm not in a position to buy. I figure with rent, I'm buying the freedom to pick up and leave when I get the urge, and to have all my maintenance needs taken care of.

  4. #29
    Banned Melonie's Avatar
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    Default Re: What's a reasonable interest rate?

    If your not willing to walk away from it you need to have him title it over to you ASAP. Why wasn't ownership sorted out during the divorce? Don't bring the car any closer to being rightside up without ownership.
    That statement should be written in blood ! Without clear title, she could wind up paying off the vehicle only to see him take possession and sell it out from under her.

    Making him pay a down payment towards the refi would probably fix that, and get you a lower rate. From the lenders standpoint to cover the risk on a used, upside down with zero down (presuming since you alude to having some CC debt and think you can't afford a new car) autoloan they need to make XX%.
    agreed ... this would not only prove commitment/acceptance on the part of her ex, but would also significantly reduce the difficulty of obtaining new financing as well as the interest rate.

  5. #30
    Featured Member scorpio's Avatar
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    Smiley Re: What's a reasonable interest rate?

    Thanks, Emily!

  6. #31
    Featured Member lunchbox's Avatar
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    Default Re: What's a reasonable interest rate?

    Quote Originally Posted by Yekhefah
    I know, rent sucks because you're not building equity, but I'm not in a position to buy. I figure with rent, I'm buying the freedom to pick up and leave when I get the urge, and to have all my maintenance needs taken care of.
    Technically, you haven't built any equity in your current car, and are still upside down. That is not exactly the kind of freedom you get when you lease. Driving 20k miles a year kind of rules out leasing. The reality is as long as you don't get any major penalties, your loss compared to depreciation is minimal if any, and you save youself from the hassle of ownership, especially if you keep the car after warranty.

    It's not like owning a home where you can see some appreciation, giving a much larger upside to owning.

    Quote Originally Posted by Emily
    And who is the troll? Scorpio? He's been here a long time and gives lots of good dollar den advice. He just doesn't sugar-coat anything!
    Why would I call him a troll? I was mocking myself.

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