Best Finance rates you can find available to all

[ganooch]

Listen - Here is my $.02. I could afford to purchase this truck in cash. I am very lucky. BUT
I am going to finance 50K. I can borrow that 50K for $2,500 for 5 years. I think that's a hell of a deal.
Now...I am going to put 50K in an index fund and just HOPE to make more than that.

I think Ramsey is talking to people that are broke and are financing 60K at 7.9% financing and not using that money for other things.

You said exactly what I am thinking. Ramsey is good for people with a ton of debt trying to get out from under it. When you don't have credit card balances, aren't paying off student loans, and have disposable cash, you need to look at the opportunity cost of investing that money elsewhere. Buying an $80K truck isn't the best decision for some, but for those who's income exceeds their expenses, are already plowing money into 401Ks, and know what they are doing, spend your money how you want. Finance it if it makes sense.

 

[Ragnar]

I plan on paying in gold bars.

 

[Ragnar]

 

[PK37]

Just bought my kid a used car today and got 1.89/60 months… that was for a 2018… 2019 and newer was even better …. But I didn’t ask… I’m using the same credit union for the truck but only planning on financing about 30k of it… so hopefully I’m in at 1.65-1.75? ….

 

[gobluejd]

I am only going to need to finance maybe $10k. I typically go thru Ford Credit. But from what I see they are like 5%. I am hoping I can find something around 2% and for maybe just 2 years.

 

[RotorOver]

Navy Federal Credit Union (NFCU) is at 1.79% 36 mos, 2.19% 60 mos, 2.29% 72 mos

 

[BalorGrayJax]

Now I'm curious to know what Ramsey recommends for car buying. Care to share, or do I need to google?




If I'm financing, I generally want required payments around $50-$100 below what I want to pay. I don't want it high as I don't want it to start feeling like a burden. Lower, and I feel like I'm throwing away money on interest payments.

And I know it's in my head, but if my payments are over $500 on a 5 year loan, then I feel like I should have put more down or I'm buying more than I can afford.



I feel like I just got cards dealt at the blackjack table.

Since you asked... Dave Ramsey would say never to buy a new car unless you have a networth of > $1MM. He also says that all cars in the home should never be over 50% of your total household income. He doesn't believe in borrowing debt to pay for cars, if you can't pay in cash then you can't afford it. The later of which is true, particularly if you're buying new.

 

[BalorGrayJax]

Listen - Here is my $.02. I could afford to purchase this truck in cash. I am very lucky. BUT
I am going to finance 50K. I can borrow that 50K for $2,500 for 5 years. I think that's a hell of a deal.
Now...I am going to put 50K in an index fund and just HOPE to make more than that.

I think Ramsey is talking to people that are broke and are financing 60K at 7.9% financing and not using that money for other things.

Ramsey is absolutely not talking to simply broke people or those with basic money issues. His audience is wide ranging from the every day millionaire to the guy/gal who lost it all. If you have the cash to pay cash for the car then you should pay cash for the car and also invest an additional $50k into an index fund as you suggested. Needlessly wasting $2500+ when you have the ability to pay in cash is going against any wealthy persons mindset.

Now if you're saying.. you got $100k in the bank and want to put $30k down and put $50k into mutual funds then we are talking about 2 different view points on what you can afford because in this scenario while you may have the cash to buy the asset, you clearly can't actually afford it. If this last paragraph isn't correct, then there should be no issue paying cash and keeping with your investments.

Again, I didn't come to preach.. but.. since people brought it up lol

 

[G-Train]

Would love to pay cash, but that gov't salary isn't going to cut it. I finance for as long as possible and usually pay off my vehicles within a year. Our other gig (real estate) is completely volatile on earnings, 2 months with 0 and then a month with something insane, especially in this market. I appreciate the info on rates for sure. If anybody hears of good rates for AD military, fire those away too. I usually just finance with the dealer and talk them into free goodies.

You should look at PenFed, Navy Fed. Remember, the dealer adds points on the rate so you have to be careful. Come with an alternative option.

 

[Sephiroth]

I am only going to need to finance maybe $10k. I typically go thru Ford Credit. But from what I see they are like 5%. I am hoping I can find something around 2% and for maybe just 2 years.

Penfed brother. If you have any issues, let me know. Feel free to PM me.