Good company to refinance auto loan with

Discussion in 'Men's Economics' started by Evom1, Mar 30, 2017.

  1. Wunderpus

    Wunderpus Member Supporter

    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.
  2. gr8whitetrukker

    gr8whitetrukker Member Supporter

    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.
    Last edited: Jun 26, 2017
  3. Wunderpus

    Wunderpus Member Supporter

    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.
  4. gr8whitetrukker

    gr8whitetrukker Member Supporter

    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?