its 70kshould i do it? i make good money but dont really drive that much but itd be cool to have like a suped up mustang or something
>>28894026>just $1500 for 8 years goy
>>28894027if i used the full amount itd be like right on 1200 for 5 years
>>28894026Why would you ever put yourself in a large amount of debt for a rapidly depreciating object? The fact that you don't even have any sort of idea of what to do with that money other than a vague sense of some sort of toy shows that you shouldn't spend the money.Despite what you may have been told, buying things doesn't actually make you happier.
>>28894052 buying things does kinda make me a bit happier and it wouldnt be putting a financial strain on me or anything like that even at 1000 a month
>>28894026>no mention of term or lengthdo it retard, you've earned it
>>28894072term length is variable depending on the down payment i decide to use retard
>>28894057>buying things does kinda make me a bit happierThis is a sign of a truly broken mind. Rank consumerism is not a hobby. Are you really able to think of no better use of 70 thousand dollars?
The answer is no. This is fucking stupid.You don't even seem to be a car guy, just got approved for a loan and thought "might as well get stuff."I just... fuck, man - don't go into debt for something unless you absolutely have to. If you can burn $1k a month like nothing then buy an older Mustang GT and slowly restore it?
>>28894078>>28894077hey i was just asking jeez just tired of my old chevy 2500
>>28894026>i make good moneyDefine good money, because IMO a car should be no more than 5% of your net worth unless you literally have no other expenses. And cars like that really don't have any intrinsic value, the moment you drive the car off the lot it will drop in value by 10k + the taxes you paid on it.If you're trying to fill some void in yourself then go for it and suffer the buyers remorse, mustangs are old boomer mobiles though.
>>28894026>should i do it?Should you take out a $70K loan with interest on a depreciating asset that you don't need?You're kidding right?Go buy a reliable used car for $10K.
>>28894057it makes your other investments useless. if you make good money then just save for a year and buy with cash so you don't have debt and a depreciating asset sucking away your gains.
>>28894079>hey i was just asking jeezSorry, it's just.. I'm almost 40 and have never had a loan or credit score.Everyone around me works shit jobs, they all think they'll be rich in "5 more years" and are tens of thousands in debt.They spent their 20s going on instagram vacations and renting super-fancy apartments at 2k/mo.Meanwhile, if I don't like a job, I can just quit and go somewhere else without worrying that my car will get repo'd. I don't have to worry about paying off shit I don't need and that security is something almost worth paying for. Freedom is worth it. If you don't really REALLY want a sports car, it probably isn't worth locking your life down for.
>>28894075>still no specificsok
>>28894081good money is about 110k a year in one of the cheapest areas in the country to live, the reason the line is so relatively small is because i fucked my credit up as a teenager but its getting better now so im starting finally to get credit cards and shit again (and responsibly using them) dont really give a shit about the pricing etcetra, i was looking at a mustang GT just because the payments wouldnt be too crazy with a 15k down payment and if I didnt like it i could just trade it in in a year or two>>28894087you are right which is why ive always just bought my cars outright for cash its just I could fit a nice sporty car under one credit card payment a month which wouldn’t be bad and look good on my credit report >>28894089you cant operate without a decent credit anymore, they pull your credit report for rentals nowadays
>>28894101please do not get a 70k car loan at only 110k a year. a high debt to income ratio does not actually look good on a credit report.
>>28894105the car I was looking at is like 30k not 70
>>28894026No? lol bro (((financial institutions))) are just trying to keep you as a debt slave for ever. They approved me for a 1.5 million dollar home loan dude I didnt even use half of that
>>28894101What's that 110k after tax? It doesn't sound like good money at all to me. Just the fact that you're talking about the monthly payment and not what your total cost of financing is going to be makes you sound like you come from a poor family. That 70k will end up being over 100k when you add interest at current rates.Buying something that expensive on such a small salary is grade A poor person behaviour. When you go to trade it in after two years they'll offer you like 40k for it if you're lucky, at which point you will still have negative equity in it with such low payments. $1000 a month for two years is only $24k, the depreciation on that car plus the interest over that time period means you'll still have to pay them another $10k just to take it off your hands. Look this is monumentally stupid but you're going to do it anyways so just go do it and be broke.
>>28894075The rate is only dependent on the term. My CU is offering 3.89 for 36 months or 4.29 for 60. Down payment affects your monthly payment. You don't seem to know this so you're an idiot.t. 3500 monthly payment for 36 months with 50k down
>>28894101>you cant operate without a decent credit anymoreAnd yet, here I am.
>>28894123>You don't seem to know this so you're an idiot.I am not a psychic anon, these are crucial details when making a bum ass thread like this.Why flex a 70K loan when you're looking at a 30K car and putting half down?Respectfully, fuck off and have a terrible night.
>>28894123>>28894133Wrong anon, sorry, OP got me FIRED UPFUCK YOU OP
>>28894116>>28894123>>28894124>>28894133>>28894158alright fine you win i wont get the stupid car
>>28894057But imagine if you had a cheaper but still fun car and also 1000 extra bucks a month to spend on whatever
>>28894181i already got one of those just forget it
>>28894177buy a base model sports car instead so it's not a needless financial burden if you want to drive it somewhere and spend the money you save on making it look cool
>>28894026car debt is ok on 3 occations>you can pay it down today but you dont want to>you can actually afford to pay it down monthly (that usually gets you into the above)you can afford to order a nev car upon recieving your current. order times means that half-year barely driven cars go for the proce of equal to new ones since they get it on the day.
>>28894052This... and even if it makes you happier, the potential stress from the debt is worse.
>>28894026loans are for retardsby the time you pay it back the car will be scrappedjust get a used car for cheapt. mech
>>28894374No, loans are great when inflation and market returns are higher than interest rates. It doesn't make sense to save up 70k in depreciating cash for a purchase.What's retarded is spending 70k on a fucking mustang of all things.
>>28894395i never said 70k the one i was looking at was 30k but im not gonna do it because of the overwhelming negative reaction
>>28894431>but im not gonna do it because of the overwhelming negative reactionIdeally it's because you realized what we had to say was wise. Not just because most people responded negatively.I just don't think it's wise to go into debt for something you don't need that doesn't make you money.You get into a several-year $30k loan, then the market crashes, then you get a new boss who makes your like hell, then you get cut in "restructuring" (I remember my facility shutting down in '09 and everyone's lives getting rekt), then your wife leaves... And there you are $25k in debt with a mustang that sells for $15k. Heaven forbid an uninsured crashes into you or you get a crank bearing failure... I could imagine for a while.I'm glad you're not immune to good advice. If you don't have to, don't lock yourself into a debt situation where you can't afford to leave your job, that's how people an hero. Get an old one, maybe even someone's modded one for <$10k if you want to play around.
>>28894026>retard asks if he should indebt himselfAbsolutely, go for it
>>28894026Yes, get into the debt, goy
>>28894228I got a loan for a car once and it was awful. 30k spread out for 15 months, ~2k monthly payments. I could pay it off very easily but knowing you have that 2k looming every month was a terrible feeling. In the end Schloah Schekelstein at the bank only got out 4k out of me so there's that at least.
>>28894450my loan is $200 for 3 years and i don't notice it at all. i put 75% down, could pay it off now if I wanted to.
>>28894471
