There isn’t that much of a difference between 1%-2%. It’s probably around $15-$20 a month (roughly).
if you can get any where around there, you should be fine.
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if you can get any where around there, you should be fine.
BalorGrayJax
Full Access Member
Not a lot of Dave Ramsey guys in here.. always interesting. I won't preach to anyone, but I'd definitely tell those looking to finance to double check *all* of their local credit unions and call local community banks for various offers. Don't get hung up on a few basis points.. the difference between .50% on 6 yrs for $70k is about a grand so if you all are honest about paying it off and accelerating the debt early then it will be negligible in 2-3years. Good luck everyone.
Some are here. I'm on baby step 7. It has taken a long time to get here, buying my first Raptor at 46 years old
KevoUsmc
FRF Addict
My mortgage is financed @ 2.5% - When they ran me for credit at the dealership they said they could do 3.9%, I laughed and said we'll work on that once the truck comes. I plan on showing up to the dealer already with offers in hard to see if they'll match. Otherwise I'll just get the truck and re-finance the next day. Still 2 months out so can't shop yet (don't want to ding my credit score)
melvimbe
FRF Addict
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.
RaptorMan703
Full Access Member
He would say don’t buy a new vehicle and absolutely don‘t buy an 80k truck.
Rice and beans, beans and rice.
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.
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.
slv_
Full Access Member
It's definitely targeted toward a certain group of people (no disrespect to anyone who follows his methods, it's just a keep it simple approach). He'll even admit his methods are often not the most mathematically efficient approaches to personal finance.
Debt isn't the boogeyman it's made out to be.
RaptorWhoSaysNI
Full Access Member
Similar situation here man, 44 and buying my first Raptor.
goldenretriever96
Member
I was moving into a new house in March and missed 3 payments on credit cards on accident. Completely trashed my credit score. Went from 780 to 640. I've been sending letters out to get them removed. Credit scores are a ******** gimick. Spent years building that thing up.
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