Personal Investments • New car loan vs savings? Please check the math.

OP,

Don't take the car loan unless the dealer pays you.

You can take a minimal 10K loan. And, you can pay it off at the first payment.

This gives you the maximum return.

KlangFool

This is easily the simplest solution and probably the best of both words. Regarding your other post:

If you don't ask for it, the dealer keeps the $1,000.

According to lakpr, there is the $1000 difference for financing versus not, at least based on the numbers used. Are you suggesting there is another $1000 that I can get discounted for financing if I ask? I get the impression you were reinforcing lakpr's comment by pointing out that I have to ask for that $1000 but that's not clear to me. (I have little car purchasing experience.)

Thanks for your feedback, KlangFool.

3cat,

https://www.costcoauto.com/?utm_source= ... e=1&cmpc=1

1) Do you use the Costco Auto Program? There could be additional discount and rebate on participating dealer.

2) This is on top of whatever additional rebate/discount that car dealer gives you for taking a loan.

3) I always start with step (1). I get the best deal with (1). Then, I negotiate for an even better deal if the dealer pays me to take the car loan.

4) Then, I make sure that I can pay off the car loan earlier (first payment) without any penalty. And, I make sure that I take a minimal car loan (usually 10K).

5) Yes, we are tough car shoppers.

KlangFool

Statistics: Posted by KlangFool — Mon May 06, 2024 8:25 am — Replies 13 — Views 670

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