You are buying a used car for say $8,000-$10,000. You could take that money out of your *Line of Credit *provided by your bank or you could go with dealer financing. Given that you would like to pay it off as soon as you can, even within a year, which option would you go with and what would be your reasons for that?
Re: Buying a car: Dealer Financing vs Line of Credit
whats the diff in interest rate
Re: Buying a car: Dealer Financing vs Line of Credit
.
Re: Buying a car: Dealer Financing vs Line of Credit
Make some (realistic) numbers up :)
Re: Buying a car: Dealer Financing vs Line of Credit
i would say, get dealer financing, keep line of credit for like any emergency needs.
Re: Buying a car: Dealer Financing vs Line of Credit
i dont know how it works in kanayda but in amreeka i went and got my car finance through the dealer and they went to a bank. you pay to the bank regardless. Things to consider here are
- low interest rate
- flexiable payment options
- convienience (for you... i asked the dealership to use the bank i already had an account with so making payments is as simple as going online once a month and clicking "transfer funds from checking to the loan account")
If you need more advice call me and i'd be glad to assist you for a small consulting fee ofcourse
Sincerely,
Gamma The Sexy Hunk
Re: Buying a car: Dealer Financing vs Line of Credit
Cheegum would you mind telling the mileage of the used car in this cost range?!?!
Re: Buying a car: Dealer Financing vs Line of Credit
^ information costs money my dear
Re: Buying a car: Dealer Financing vs Line of Credit
Gamma: when did cheegum hire you as a secretary?
Re: Buying a car: Dealer Financing vs Line of Credit
ever since gama went to get some dictation
Re: Buying a car: Dealer Financing vs Line of Credit
I wonder which one is worse.. gamma being dictated by cheegum or cheegum hiring him as a secretary! :p
Re: Buying a car: Dealer Financing vs Line of Credit
Get a financing with dealership, man if you're able to make a down payment of 2 grand+ up front.
Interest rate at your local bank will kill you. I did it and it was pain in the ass.
Re: Buying a car: Dealer Financing vs Line of Credit
or u wondering about it…
Re: Buying a car: Dealer Financing vs Line of Credit
^fraudia why u gotta mess up mah style here on gs. i take each thread seriously. M workin here
Re: Buying a car: Dealer Financing vs Line of Credit
Gamma go back to your room.
See fraudz the one thing i dont like about dealer financing is the fixed payments you have to make every month. I am assuming that if you have some extra money and you make an extra payment, you still pay the same amount of interest. Compared to that a Line of Credit seems a more flexible option where if i manage to put aside a $1000 in a month, i can pay put it back in the LOC without any penalties.
Basically the idea is to pay the sum off asap.
Re: Buying a car: Dealer Financing vs Line of Credit
Well GTG that depends on the year and make and model of the car :) For 10 grands you can buy a 2000 BMW 323i thats seen 300,000+ clicks. Or for 10 grands you can buy a 2002 Toyota Corolla that has seen 100,000 clicks.
Re: Buying a car: Dealer Financing vs Line of Credit
^ cars dont have clicks no more moron. its all digital... what an idiot
Re: Buying a car: Dealer Financing vs Line of Credit
Then theres digital ones that make a click sound everytime a km is up. Or theyre animated to look like the numbers are rolling up. Just like how digital cameras make that fake shutter sound. Whats up with that anyway?
Re: Buying a car: Dealer Financing vs Line of Credit
^ if you drive cheap ass cars from 70s then obviously you are gonna hear dumb ass click sounds and only ****ty cameras from canon and panasonic have shutter sounds these days. Cheegum please get some class... dont be a gujju
Re: Buying a car: Dealer Financing vs Line of Credit
errrr dude, you can make extra payments if you want to even if you get financing thru dealer. look for prepayment penalties but i dont think there should be a problem.
unless canada is more backwards than i thought it was 