Downpaymnet Vs Higher Montly Payments

Would I be better keeping money in the bank or using it for a down payment on a new car. I would get a higher monthly payment but my rate is 2.9% for 48 months. The amount is $27,000 without down payment or $ 19,000 with down payment.

Comments(8)

  • jimandlacy9th November, 2005

    Wait on the car if you can, buy a property with the money and refi cash out after closing. This is a Real Estate Investing forum after all.

    Jim

  • dakerrian9th November, 2005

    O would also leave the money in the bank. If you have the cash you have leverage to buy real estate. If you use it for a down payment the money is gone.

  • monkfish9th November, 2005

    Questions:

    Is a $27K car going to help you become financially independent?

    Will wasting $27K on a new car help you retire early?

    Answers: NO! and NO!

    Get your money out of the bank and buy real estate, not cars.

    Good Luck.
    [addsig]

  • d_random9th November, 2005

    Another thing, buy your investment property BEFORE you finance your car if you can. Best to have a lower debt to income ratio when you apply for a loan.

  • yankeept11th November, 2005

    iF YOU CAN BORROW AT 2% FOR 48 MONTHS, BORROW AS MUCH AS YOU CAN.

  • InActive_Account4th February, 2005

    Do you plan to live thier?

    If you are trying to rent it out - then the questions becomes, how much can you make each month - i.e. cashflow. If you are going to lose money every month - DO NOT do the deal

  • kram37th February, 2005

    doh! too late! our offer was accepted! smile I guess the game is on... hope things work out ok, tho!

  • neutral11th November, 2005

    It would take you over 8 years to recoop the 30k by saving $300/month... its all about using other peoples money... think about what you could do with that 30k in your pocket/.

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