Good company to refinance auto loan with

[Wunderpus]

Worship at the temple of FICO. Credit has its uses especially in business where your talking hundreds and hundreds of thousands of dollars in to millions and some times billions. But more often than not those are protected by corporate structure with little actual risk on a individual person. Individuals like me and probably 75% or more of regular folks live up to our eyeballs in debt just to keep up with the Jones's. That was till i learned better. It sets you behind for decades although from the outside looking in it appears you got it made. Not.

Thats how these auto makers keep charging more and more till weve reached this obscene lvl of pricing on new vehicles. They know the consumers will still some how manage to FIT the cost in to their budget to satisfy their materialistic lust. Ive been there. The majority of ppl have and or are still in that mindset. If folks had to pay that 60-70k in cash to get in to that brand new pickup or suv. They wouldnt. Guaranteed. Its easier to fit a $900 pymt in every month. Which is another $900 they aint saving. While still incurring the overhead of operation of said vehicle. Double edged sword. A sword that always depreciates and costs you money. Bad idea

Probably the case for households that are at, or below $100K in annual income... But, for those who make decent money, taking a loan that you CAN and WILL pay off isn't necessarily a BAD thing. I don't have any debt that I couldn't just pay off today if I wanted to, but, I was advised by my financial advisor/BK lawyer friends to take on SOME debt... Those loans are just paid out of a separate account that I have set aside to pay off debt. My interest rates are so low, they're hardly noticeable. I think I pay 1.4% on my car's loan...? That's nothing. The real hindrance, financially from it, is the requirement to get full coverage insurance (which I would've anyway).

I think your generalizations about people not paying cash forward, again, is mostly applicable to people who are at or below the average income levels.

 

[gr8whitetrukker]

Probably the case for households that are at, or below $100K in annual income... But, for those who make decent money, taking a loan that you CAN and WILL pay off isn't necessarily a BAD thing. I don't have any debt that I couldn't just pay off today if I wanted to, but, I was advised by my financial advisor/BK lawyer friends to take on SOME debt... Those loans are just paid out of a separate account that I have set aside to pay off debt. My interest rates are so low, they're hardly noticeable. I think I pay 1.4% on my car's loan...? That's nothing. The real hindrance, financially from it, is the requirement to get full coverage insurance (which I would've anyway).

I think your generalizations about people not paying cash forward, again, is mostly applicable to people who are at or below the average income levels.

The average IRS reported income is only about $35,000 per person in the US. Or $60k for a household. Which again is the average. Which makes it the majority. Those are the ones that suffer most from taking on loans and who most of this advice is geared toward. Not that a high income earner couldnt get in crazy stupid debt. Absolutely they could. But there is no real reason for them too. Having an abundance of resources(money) can erase all the regular problems, regular ppl have.

 

[Wunderpus]

The average IRS reported income is only about $35,000 per person in the US. Or $60k for a household. Which again is the average. Which makes it the majority. Those are the ones that suffer most from taking on loans and who most of this advice is geared toward. Not that a high income earner couldnt get in crazy stupid debt. Absolutely they could. But there is no real reason for them too. Having an abundance of resources(money) can erase all the regular problems, regular ppl have.

Fuck, I didn't realize it was that low. I honestly don't know HOW people make it, I guess DEBT is the only option. Goes to show my white privilege is out of touch

And, I've seen millionaires lose all their money, mostly with shit like boats, women and planes. But, the occasional bad investment, too (however that can also be a good move as far as tax liability is concerned ). Luckily, my industry is entirely cash based, and they rarely leverage debt on purchases (there are the occasional circumstances where this is good).

But, I've found one thing to be true 99.9% of the time, rich people (over $1M annual income in this instance) almost never have any tax liability as they know how to write off depreciation etc. and make the books look like their living off ramen while driving a Bentley.

 

[gr8whitetrukker]

Fuck, I didn't realize it was that low. I honestly don't know HOW people make it, I guess DEBT is the only option. Goes to show my white privilege is out of touch

And, I've seen millionaires lose all their money, mostly with shit like boats, women and planes. But, the occasional bad investment, too (however that can also be a good move as far as tax liability is concerned ). Luckily, my industry is entirely cash based, and they rarely leverage debt on purchases (there are the occasional circumstances where this is good).

But, I've found one thing to be true 99.9% of the time, rich people (over $1M annual income in this instance) almost never have any tax liability as they know how to write off depreciation etc. and make the books look like their living off ramen while driving a Bentley.

Thats the tremendous beauty of it. Actually beating the system. Its not some thing the wealthy bat an eye at. Because they already have everything and look at the world thru a much different lens. Its the opportunity to create wealth the hardway that staying out of debt affords you. The system is designed to keep the middle and lower class IN!

Know how many times ive been told by friends and family growing up debt= life?

 

[nickjoky]

Probably the case for households that are at, or below $100K in annual income... But, for those who make decent money, taking a loan that you CAN and WILL pay off isn't necessarily a BAD thing, more right here. I don't have any debt that I couldn't just pay off today if I wanted to, but, I was advised by my financial advisor/BK lawyer friends to take on SOME debt... Those loans are just paid out of a separate account that I have set aside to pay off debt. My interest rates are so low, they're hardly noticeable. I think I pay 1.4% on my car's loan...? That's nothing. The real hindrance, financially from it, is the requirement to get full coverage insurance (which I would've anyway).

I think your generalizations about people not paying cash forward, again, is mostly applicable to people who are at or below the average income levels.

Thanks for sharing your story. I also have some loans are just paid out of a separate account. it is convenient for me and it also has a positive effect on my credit rating

 

[JesterBOB]

Probably the case for households that are at, or below $100K in annual income... But, for those who make decent money, taking a loan that you CAN and WILL pay off isn't necessarily a BAD thing. I don't have any debt that I couldn't just pay off today if I wanted to, but, I was advised by my financial advisor/BK lawyer friends to take on SOME debt... Those loans are just paid out of a separate account that I have set aside to pay off debt. My interest rates are so low, they're hardly noticeable. I think I pay 1.4% on my car's loan...? That's nothing. The real hindrance, financially from it, is the requirement to get full coverage insurance (which I would've anyway).

I think your generalizations about people not paying cash forward, again, is mostly applicable to people who are at or below the average income levels.

Thank you for such a helpful post and detailed explanation.

 

[JesterBOB]

Thats the tremendous beauty of it. Actually beating the system. Its not some thing the wealthy bat an eye at. Because they already have everything and look at the world thru a much different lens. Its the opportunity to create wealth the hardway that staying out of debt affords you. The system is designed to keep the middle and lower class IN!

Know how many times ive been told by friends and family growing up debt= life?

Yes, the whole system is built so that we take from small loans to large ones. So that all my life I had to and was on the hook.

 

[JesterBOB]

Any large loan is always a risk, and sometimes people not only don’t know about the risks, but most importantly, take them sometimes. right they initially can not repay the loan. I don’t understand how you can take a loan and not calculate all the risks.