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Posted on 5/4/19 at 5:42 pm to TigerintheNO
quote:and those people can't afford a boat
People get sick, accidents happen, layoffs occur.
Posted on 5/4/19 at 5:46 pm to slackster
quote:
$230k at 4% over 20 years is a financing deal I'm taking every single day of the week.
You have to own the boat for this financing deal.
Do you buy every truck that is offered at 0%? Cmon man.
Posted on 5/4/19 at 5:51 pm to OceanMan
quote:
You have to own the boat for this financing deal.
Do you buy every truck that is offered at 0%? Cmon man.
We're arguing different things. You conceded that if you're already buying the boat, the discussion of how you pay for it is different. That's all in contending.
I've got no qualms about the fact people abuse financing, but blaming it on the deal itself is wrong. There are people who take advantage of financing all the damn time, but fools on this board think it's always a bad decision.
Financing a house and financing a car are the same thing. It's not like paying cash makes a car no longer depreciate.
If you're going to buy X, and you can pay cash or you can finance, you should consider financing. Period.
Posted on 5/4/19 at 5:55 pm to slackster
quote:
In the decision to pay cash vs finance, the underlying asset simply doesn't matter.
The underlying asset determines the interest rate. It absolutely matters.
You have to settle on an asset before you have all of the information to determine how you will finance it.
ETA: look I know you are a smart guy but I think you are missing something here that I think is irresponsible to omit. I dont mean to come across as argumentative and intentionally missing your point.
This post was edited on 5/4/19 at 6:01 pm
Posted on 5/4/19 at 5:58 pm to slackster
quote:
Financing a house and financing a car are the same thing. It's not like paying cash makes a car no longer depreciate.
Then why does one also have a product called stop gap insurance when you choose to finance?
It’s because there is additional risk in financing a vehicle vs a home.
Posted on 5/4/19 at 5:58 pm to chalmetteowl
quote:
nd those people can't afford a boat
So basically everyone can’t afford a boat.
Coo.
Posted on 5/4/19 at 5:59 pm to OceanMan
He is in the hole, but won’t stop digging.
Posted on 5/4/19 at 6:00 pm to GEAUXT
quote:
240 Months
Why do bankers and helicopter mothers refer to years in months?
Posted on 5/4/19 at 6:06 pm to OceanMan
quote:
The underlying asset determines the interest rate. It absolutely matters.
False. The riskiness of the borrower determines the interest rate, not the asset being financed.
Posted on 5/4/19 at 6:12 pm to iAmBatman
quote:
False. The riskiness of the borrower determines the interest rate, not the asset being financed.
Go look at Chevy incentives right now and tell me if this is true. Every vehicle has a different rate offered.
Posted on 5/4/19 at 6:18 pm to OceanMan
Vehicle manufacturers offer incentives to increase sales volume.
Are you trying to say that a persons ability to repay a loan isn’t the determining factor for the rate they are charged?
Are you trying to say that a persons ability to repay a loan isn’t the determining factor for the rate they are charged?
Posted on 5/4/19 at 6:21 pm to OceanMan
quote:
Go look at Chevy incentives right now and tell me if this is true. Every vehicle has a different rate offered.
Now read the fine print about "well qualified buyers".
Posted on 5/4/19 at 6:29 pm to iAmBatman
quote:
Are you trying to say that a persons ability to repay a loan isn’t the determining factor for the rate they are charged?
No, not at all. That’s just not the aspect of financing that is under debate in this thread.
Each class of asset has its own scale of rates that will be approved lied regardless of the borrowers credit risk. Especially if that asset will serve as collateral. Homes are generally some of the cheapest financing deals you can find for a reason. Unsecured loans are more expensive.
quote:
Vehicle manufacturers offer incentives to increase sales volume.
So you agree that when it comes to interest rates, the particular asset being financed does indeed matter?
Posted on 5/4/19 at 6:55 pm to OceanMan
quote:
Then why does one also have a product called stop gap insurance when you choose to finance?
It’s because there is additional risk in financing a vehicle vs a home.
There's risk to the underwriter, but what's your point?
You and a few others seem to have a difficult time grasping apples to apples in this thread.
Posted on 5/4/19 at 6:58 pm to OceanMan
quote:
The underlying asset determines the interest rate. It absolutely matters.
You have to settle on an asset before you have all of the information to determine how you will finance it.
ETA: look I know you are a smart guy but I think you are missing something here that I think is irresponsible to omit. I dont mean to come across as argumentative and intentionally missing your point.
What I'm saying is that the fact that an asset depreciates or appreciates is of marginal importance to the decision to finance or not, assuming you could pay cash from jump street.
That assumption is key to my argument. If you don't have the ability to pay cash, that's a different conversation altogether.
Posted on 5/4/19 at 6:58 pm to OceanMan
quote:not really. only when they're trying to get rid of a product that has terrible sales (cruze).
Go look at Chevy incentives right now and tell me if this is true. Every vehicle has a different rate offered.
Posted on 5/4/19 at 7:00 pm to OceanMan
quote:
Especially if that asset will serve as collateral. Homes are generally some of the cheapest financing deals you can find for a reason. Unsecured loans are more expensive.
Collateralized loans are inherently less risky because there is an asset to repossess.
quote:
So you agree that when it comes to interest rates, the particular asset being financed does indeed matter?
No
Posted on 5/4/19 at 7:25 pm to iAmBatman
quote:
False. The riskiness of the borrower determines the interest rate, not the asset being financed.
Yes and no. The liquidity of the underlying asset often dictates base rates.
Posted on 5/4/19 at 7:31 pm to GEAUXT
quote:
$23k down and $1,600 for 20 years for a 27 ft center console.
Good Lord people are stupid
yeah, well if YOUR SO SMARTER, then tell me what they are supposed to drive to the dock at there timeshare
tell me THAT why don't you???
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