2011 interest rate...

[Barry694]

Vehicle Loans

I have never figured out why people go in debt to finance a depreciating asset. Pay yourself by saving a set amount each month and when you have enough saved, go buy the vehicle you can afford. Look at your loan papers and see how much interest you pay over the term of the loan times the number of vehicles you will most likely own in your lifetime and you would have a retirement fund set aside if you had not gone in debt for a depreciating asset.

 

[RandyDaytona]

I have never figured out why people go in debt to finance a depreciating asset. Pay yourself by saving a set amount each month and when you have enough saved, go buy the vehicle you can afford.

Because people - especially Americans - have no patience and want what they want ASAP. It's become a cultural thing.

What I can't figure out is why it takes a scam artist like Dave Ramsey to teach people how to live within their means. There's nothing wrong with using credit. Just use it judiciously and with discipline. Make it work for you instead of against you.

 

[Beakerbox]

1.9% 15k down, 36 month loan. My Dealership matched the rate my credit union gave me.

 

[Mick1]

Guys you should NOT go to the dealer to get financing. You should arrange it before you go there and only be checking to see if they will beat what you are bringing.

"Lineman: There's no need for credit in my life anymore. Credit score? Who cares... Everything is cash with emergency reserves available in numerous places." On this point I disagree. Credit score is important, even for multi millionaires. It is used (and affirmed legal) for pricing of property and casualty insurance.

As far as rates go. Pentagon Federal Credit Union aka PenFed has the best rates I have seen in the Nation. Last year I got a 2.49% rate for 60 months, and I believe the rate is now down to 1.99%. To join Penfed is just takes a one-time $20 donation to the Natl Military Family Assc. The donation is tax deductible. The Penfed credit cards are pretty good too, but not as good as they used to be. Credit Score needs to be pretty high for them to approve you. I have no affiliation other than being a customer.

https://www.penfed.org/New-Auto-Loan/

 

[gamerc]

Not to nit pick on lending credit unions, but I've found Navy Federal Credit Union beats the pants off of PenFed for as long as I've been comparing the 2. 1.79% with no hassles.

Dave Ramsey isn't really a scam artist.... but he is a whore for any of his advertisers. I think he's a little nutty with his religious stance, but I tend to think that about anyone fanatical about anything. I think his principles are pretty good for most people, but for me, I don't follow them nor do I agree with all of them, but for the great unwashed masses mortgaged up to their eyeballs, it's a good set of goals to work towards. Paying off debt and making your money work for you is a good thing. In my case, I try to minimize my debt to just a car and house. I look for deals on things, and I do a cost breakdown analysis for purchases. I look at what it costs me a month and the expected service life of the product. Nothing more than anyone else does, I guess. I weigh that against want and whether or not I can live with the mid grade products.

I just would rather see my have my money than someone else.

 

[Lineman]

What Barry says!!

I have never figured out why people go in debt to finance a depreciating asset. Pay yourself by saving a set amount each month and when you have enough saved, go buy the vehicle you can afford. Look at your loan papers and see how much interest you pay over the term of the loan times the number of vehicles you will most likely own in your lifetime and you would have a retirement fund set aside if you had not gone in debt for a depreciating asset.