Brag or Beat: Just bought a 2007 Yaris

[Rapidtransit]

[ QUOTE ]
A question for all,

Let it first be known that I am mentally retarded when it comes to anything finance related.

If what he did was so bad and he would have been better off getting a loan from an independent bank to pay for this car, couldn't he still do this? Do you still get charged the financing over 5 years if you pay off the car right now?

[/ QUOTE ]

He's probably not going to be able to do much better from a bank interest wise due to his age and the like. Typically a car dealership will work with a few loans and can always get a better rate then you can from a bank. That being said, they almost always raise the rate for you, as a middleman fee. IIRC in Massachusetts they are allowed to do this up to 2%. It is possible he may be able to find a loan and save this 2% but I doubt it due to age.

[guids]

[ QUOTE ]
A question for all,

Let it first be known that I am mentally retarded when it comes to anything finance related.

If what he did was so bad and he would have been better off getting a loan from an independent bank to pay for this car, couldn't he still do this? Do you still get charged the financing over 5 years if you pay off the car right now?

[/ QUOTE ]

On most loans, the interest is paid first, ie, I took out a 19k loan for my car, I was thinking about paying it all off in one lump sum after this weekend, but Im not because Id be paying the same amount either way, this way I have the liquid cash, at least thats what the lady at the credit union told me.

[IggyWH]

[ QUOTE ]
[ QUOTE ]
A question for all,

Let it first be known that I am mentally retarded when it comes to anything finance related.

If what he did was so bad and he would have been better off getting a loan from an independent bank to pay for this car, couldn't he still do this? Do you still get charged the financing over 5 years if you pay off the car right now?

[/ QUOTE ]

On most loans, the interest is paid first, ie, I took out a 19k loan for my car, I was thinking about paying it all off in one lump sum after this weekend, but Im not because Id be paying the same amount either way, this way I have the liquid cash, at least thats what the lady at the credit union told me.

[/ QUOTE ]

Thanks for that info. Luckily, when I got my car a year and a half ago, my parents fronted me the remaining cash I needed. It was nice not having to take out a loan.

[Freakin]

[ QUOTE ]
[ QUOTE ]
[ QUOTE ]
A question for all,

Let it first be known that I am mentally retarded when it comes to anything finance related.

If what he did was so bad and he would have been better off getting a loan from an independent bank to pay for this car, couldn't he still do this? Do you still get charged the financing over 5 years if you pay off the car right now?

[/ QUOTE ]

On most loans, the interest is paid first, ie, I took out a 19k loan for my car, I was thinking about paying it all off in one lump sum after this weekend, but Im not because Id be paying the same amount either way, this way I have the liquid cash, at least thats what the lady at the credit union told me.

[/ QUOTE ]

Thanks for that info. Luckily, when I got my car a year and a half ago, my parents fronted me the remaining cash I needed. It was nice not having to take out a loan.

[/ QUOTE ]

A better alternative

[AJFenix]

Hilarious thread.

[kipin]

drexah and FakePlasticTrees should have a stupidity contest.

For OOT's amusement of course.

[BigPoppa]

One guy totalled up all the payments he'll ever make + down payment and said $19.2k. A few posters later they're talking as if he paid $19k as the actual purchase price and got massively ripped off.

Espeically with all taxes and other stuff rolled into the total, the OP did not get a bad deal at all. I'm not a huge fan of new cars, but I see nothing wrong with the purchase.

The OP has a safe and reliable car all the way through college and for a few years afterwards if he'd like. Nothing wrong with that.

It's his money, and if he wants the car I don't see a problem (but I would if he were financing a luxury car for a ton more cash).

BTW: The only new car I ever bought was a Toyota and my ex was still driving it without problems 7 years later (when drunk idiot husband ran it into ditch at high speed, but that ain't Toyota's fault).

[ed8383]

I would say beat but you have shown to have the financial capability to pay $300 a month,you like the car, gets good gas mileage, and it is a toyota.

toyota's last forever!

[tuq]

[ QUOTE ]
The OP has a safe and reliable car all the way through college and for a few years afterwards if he'd like. Nothing wrong with that.

[/ QUOTE ]
I guess the problem I have with this is, his perception of an acceptable ride in just a few short years isn't going to remotely be what it is today. Today he's the proud owner of a new car. In 1-2 years when he's in college, all of a sudden he's picking chicks up on dates in the modern-day equivalent of a Yugo. His ability to get laid is going to suffer, particularly compared to his competition, who are driving cars more accepted by the balla instincts of most women.

If OP (again, this thread is so bizarre and he's a new poster that I find it hard to believe) can find a way to completely ignore the stigma his ride implies then more power to him, but I really doubt he'll be tooling around in that nearly as long as he thinks.

[BigPoppa]

[ QUOTE ]
[ QUOTE ]
A question for all,

Let it first be known that I am mentally retarded when it comes to anything finance related.

If what he did was so bad and he would have been better off getting a loan from an independent bank to pay for this car, couldn't he still do this? Do you still get charged the financing over 5 years if you pay off the car right now?

[/ QUOTE ]

On most loans, the interest is paid first, ie, I took out a 19k loan for my car, I was thinking about paying it all off in one lump sum after this weekend, but Im not because Id be paying the same amount either way, this way I have the liquid cash, at least thats what the lady at the credit union told me.

[/ QUOTE ]

This is generally not true.

Loans for "bogues" (as we called bad credit risks) are sometimes locked in like by the special financing companies those loans go through.

Most car loans, however, go through banks or the finance company owned by the car manufacturer> These loans are almost all simple interest, and you can pay off the balance at any time without paying all the interest.