ORIGINAL: awsure
Listen, If you want to borrow money to buy something that is your business but markfromaurora was looking for input on how to buy a Challenger & I think my advice is pretty sound. I cannot believe anyone would actually take issue with someone suggesting he think about saving the money and paying cash.
I don't remember
taking issue or expressing such with
anything you said.
ORIGINAL: awsure
Anyone CAN pay cash if they SAVE their money long enough.
I don't recall disputing that either. I'm not encouraging financing a car - just answering the question that was asked - one that I don't think would have been posed if he had the disposable income or time to save to pay for a Challenger in full. If he
had the cash (or
would have the cash by the time he wanted to make a purchase), would he have asked the question at all??? People borrow money to make purchases for things they want or need
now. Whether a
savings amount, or a
payment amount, it still boils down to
taking a specific amount of cash from your income at a specified time/schedule to meet your goal. I didn't suggest he could afford to make bigger loan payments than savings deposits, nor did I ever dispute the advantages of having money in the bank.
ORIGINAL: awsure
By the way...I am pretty sure your friend was in a lot better financial shape by paying cash for everything when his illness hit than if he had been financed to the hilt like most people.
ORIGINAL: BootCamp
Whatever you do, DON'T put yourself in a situation where you end up being a slave to your car payments.
Did I suggest anywhere that he put himself in a position where he was
"financed to the hilt like most people"????
ORIGINAL: awsure
To think that anyone would claim a good security net is to maintain a good credit rating is laughable.
Absolutely wrong. A good credit rating/history is merely one more "tool" available to be used (not abused) if needed. Blindly discounting any possibility and failing to plan for emergencies is ignorant. As in my friend's case, sometimes no amount of money in the bank is enough for the unforeseen and sometimes ugly circumstances life presents us with. Having a good credit rating is an asset. Having little or no credit history is a liability. Keeping your indebtedness managable is essential. In essence, that's exactly how banks make money - prudent balancing of assets and liabilities.
Apparently I put a knot in your shorts, Hal. I was trying to offer an educated and experienced answer to
Mark's question, not ruffle
your feathers. Maybe you read too much
into my post. No need to sling insults when information is being offered to those who've asked for it.[sm=insomnia.gif]