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I'm getting inheritance in a few months and need a car now
Posted on 9/20/16 at 5:24 pm
Posted on 9/20/16 at 5:24 pm
I am very fortunate and will be receiving enough money to buy a car in the next couple of months. I had planned on waiting until then, but my car blew the head gasket and is beyond totaled. What type of loan should I get with these circumstances? Is it possible to get a loan with 0 interest for a period of time, and I can pay it off once I get the money?
Any advice would be very appreciated.
Any advice would be very appreciated.
11
Posted on 9/20/16 at 5:55 pm to Green Grass Miracle
If you're getting the money in a couple of months, I'm not sure if you're looking at enough interest to worry about. Considering it's usually about a month and a half until your first payment, you're looking at probably a single payment. Just make sure you get a loan that doesn't have early pay off penalties.
Posted on 9/20/16 at 6:04 pm to Joshjrn
Great advice about the early payoff penalty!
Posted on 9/20/16 at 6:06 pm to Green Grass Miracle
I mean, they have plenty of those pay day loan places...but I would imagine your bank could do some type of short term loan?
This post was edited on 9/20/16 at 6:07 pm
Posted on 9/20/16 at 7:26 pm to Green Grass Miracle
Don't buy a expensive car, it's a depreciating asset. Invest the money
Posted on 9/20/16 at 7:29 pm to Green Grass Miracle
You should also talk to the lawyer handling the succession.
Posted on 9/20/16 at 8:29 pm to Green Grass Miracle
quote:
I'm getting inheritance in a few months and need a car now
Posted on 9/20/16 at 8:50 pm to Green Grass Miracle
Don't look for any type of special loan. Just get a regular car loan. Interest rates are really low now as long as you have the cash on hand to make the first few payments.
Posted on 9/20/16 at 9:01 pm to Croacka
You're a pretty smart man there, Croacka.. We should play golf soon.
Posted on 9/20/16 at 9:39 pm to Green Grass Miracle
quote:
but my car blew the head gasket and is beyond totale
No it is not. Fill that thing with water every time you drive, it will go a few more months of you commute less than 20 minutes or so.
Posted on 9/20/16 at 10:15 pm to Green Grass Miracle
Should I just get a loan from the dealership? Does it really matter if I plan on paying off this loan in a few months, as long as there is no early payoff penalty?
Posted on 9/20/16 at 11:13 pm to Green Grass Miracle
Shop rates if you want to. A lot of manufacturers are offering really good finance rates right now. It doesn't hurt to go into the dealership pre-approved by a bank but the dealer may be able to offer you a better rate.
Posted on 9/20/16 at 11:19 pm to Green Grass Miracle
If you are in Baton Rouge, check the rates at Neighbors Federal credit union.
Posted on 9/21/16 at 9:49 am to Green Grass Miracle
If you're locked in on paying off the car once you receive inheritance, regardless of interest rate, try to leverage the interest rate to reduce the sales price. You would only be able to do this with the dealer and only makes sense if you're certain you will receive the money soon.
The interest rate will be largely irrelevant if you're paying off in 1-3 months.
The interest rate will be largely irrelevant if you're paying off in 1-3 months.
Posted on 9/21/16 at 9:53 am to ProudLSUMom
quote:
I'm getting inheritance in a few months and need a car now
If you are in Baton Rouge, check the rates at Neighbors Federal credit union.
Also if you are baton rouge, I've heard commercials on 104.5 ESPN from dealerships about not payments for 6 months because of the flood, maybe you can play that angle.
Posted on 9/21/16 at 12:19 pm to Green Grass Miracle
PenFed
Posted on 9/22/16 at 9:28 am to Green Grass Miracle
If your credit is good and you make decent money, I would shop the loan and see what you can get. If you can get 0 percent financing, or something ultra-low like 0.9 percent, it may make more sense to invest the money and just pay the note.
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