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Why do people think they can not buy a car without a loan?

Why in the world would anyone ever buy a car with a loan, or worse, on lease? I really just don't get it. Do you not realize that if you just waited a year or two, you could own your car out right and be on your way to a really nice car with no payments ever? This is what is wrong with our society. Americans have NO patience. If we did, the country would not be in the state it is now.

 
AngelDawn7

Asked by AngelDawn7 at 1:43 AM on Dec. 13, 2009 in Politics & Current Events

Level 3 (25 Credits)
This question is closed.
Answers (19)
  • We have spent $1,701 on our last 4 cars!!!! We have sold two of them for a total of $750 and are still driving the other 2! You can get a clunker that runs for pretty cheap. Even putting $1000 in repairs a year - that is far less then ANY loan. Then when we no longer want to put money into them, we sell them while they still run a little. LOL! Even sending one to a junkyard, we were able to get $250 for it. I agree, I don't understand the need to get a loan - there will always be a few, rare times it is necessary, but most people consider it the norm!
    micheledo

    Answer by micheledo at 10:04 AM on Dec. 13, 2009

  • I agree, but it took a hard lesson to teach me that. When I was 19 my friend bought a new car. I just had to have one too. SO I went out and bought one. The problem is the sales man told me to lie abut my income so I could get approved. That $300 a month for five years about killed me. There were several times it was almost repossessed because I just could pay the loan. Since then I have never bought another car without paying cash.
    Nathskitten

    Answer by Nathskitten at 1:46 AM on Dec. 13, 2009

  • There is nothing wrong with having a car/house loan as long as you can afford the payments. I do find it rather silly to pay over $400 a month for a car payment though. But it is a personal choice for those that are willing to pay that amount.
    ronjwake

    Answer by ronjwake at 1:57 AM on Dec. 13, 2009

  • Honestly because sometimes you just dont have the option of waiting a year or two.

    I always had cars I paid cash for, no payments to worry about. Then one day my car died, I didnt have the cash on hand and with 3 kids I couldnt exactly wait a year or two to buy one, I had a good job could afford the payments so why would I wait? I got a great rate so its not like i was getting completely screwed on the deal and I also got over $8000 in rebates on it.

    I get what your saying but its not always an option if its a purchase you were not planning to make and circumstances force you to have to.
    3_ring_circus_

    Answer by 3_ring_circus_ at 2:05 AM on Dec. 13, 2009

  • Some people can't wait that long. I'd rather have a car payment than have to take the bus with a baby. And, a car payment is a good way to build your credit as long as you can afford it. And my car payment isn't near $400.
    SaraP1989

    Answer by SaraP1989 at 2:29 AM on Dec. 13, 2009

  • Oh, I really do understand about needing a car ASAP, but why buy a car that is so expensive. $8000 rebate? Holy crap that is an expensive car. Instead of paying interest and a loan payment, if you need a car asap, then get a loan for $1000 - $2000. Your payments will be about $100 a month. If you can afford $300, then make the extra $200 to yourself. In 1 -2 years you will have your POS paid off and have $1200 - $2400 saved up. Sell your POS and buy another car out right for about $3000. Then pay yourself the $300 a month you can afford for another 2 years. Then you will have $3600 + interest + the sale of your old car. I've actually seen this work for a friend of mine. It took some time, but within 10 years he now can afford to buy a car outright that is worth about $20,000 plus he has money to pay for repairs. This man makes about $30K a year. It's called discipline and patience.

    AngelDawn7

    Answer by AngelDawn7 at 3:31 AM on Dec. 13, 2009

  • FYI - I do not consider a home loan the same as a car loan. The only loan anyone should ever take is a home loan. If you have to take a loan on something else you can't afford it or you are seriously wasting your money.

    AngelDawn7

    Answer by AngelDawn7 at 3:33 AM on Dec. 13, 2009

  • we needed a car that could get good gas milage, haul all of our stuff, and was a safe car for 2 kids. also a bigger car because we were always needing more room. so we found a great car, for a great price, and took out a loan. our payment is 196 a month with a low interest rate. its the perfect car for us and we plan on keeping it. when we pay it off in 6 months (we'll have had it for 18 months) we are getting my husband his truck that he wants. we have never skipped a payment or been close to. but we did it because we didn't have a few years to wait.
    ben127

    Answer by ben127 at 3:55 AM on Dec. 13, 2009

  • $8000 rebate? Holy crap that is an expensive car

    How so? I ended up paying $12,000 for a brand new minivan with a warranty, it will last me 15-20 years, and my repair bills in the 5 years that i have had it were for oil changes and regular maint. only, If I were to buy a used car I have the added benefit of more reapir bills which obviously i dont have $3000 lying around to dump into a car i dont plan on keeping KWIM. I was raised and all my young adult life with used cars and seeing the repair bills climb higher and higher no thanks, once i was financially able and the need arose i bought the new car with small kids the last thing i want to worry about is how many times my car will be in the shop.

    If I didnt have the kids it would be a different story, hence why before kids DH and i shared a car, worked at the same place and had no car payments, it was cheaper.
    3_ring_circus_

    Answer by 3_ring_circus_ at 4:20 AM on Dec. 13, 2009

  • we needed a car that could get good gas milage, haul all of our stuff, and was a safe car for 2 kids. also a bigger car because we were always needing more room


    The above is another big reason I went with my car.
    Anonymous

    Answer by Anonymous at 4:22 AM on Dec. 13, 2009

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