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Old 09-30-2011, 11:02 AM   #21
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A credit union is a co-op owned by its members. If you apply for a loan the lender can give you your credit score
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Old 09-30-2011, 11:38 AM   #22
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Why would anyone finance a car or a bike?

If you take, for example, a 2006 CBR1000RR. The original MSRP of the bike was 11,299 USD. According to NADA, the current average retail is 7, 360 USD. That is about 35% less that the original MSRP.

If you finance the bike for 5 years at a 5% yearly interest rate, you would have paid about 14k for the bike.

So by the time you actually own the bike, you would have lost 50% of your money.

I can understand financing a house, but paying extra for something that is losing value makes no sense to me.
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Old 09-30-2011, 11:45 AM   #23
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Quote:
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Why would anyone finance a car or a bike?

If you take, for example, a 2006 CBR1000RR. The original MSRP of the bike was 11,299 USD. According to NADA, the current average retail is 7, 360 USD. That is about 35% less that the original MSRP.

If you finance the bike for 5 years at a 5% yearly interest rate, you would have paid about 14k for the bike.

So by the time you actually own the bike, you would have lost 50% of your money.

I can understand financing a house, but paying extra for something that is losing value makes no sense to me.
1: most people don't have 20+ grand to drop in cash on a new car... Or 10 grand on a bike, for that matter. Life is expensive.

2: everything loses value after it is purchased. Eeeeeeverything. Houses depreciate in value just like vehicles.
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Old 09-30-2011, 12:13 PM   #24
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Old 09-30-2011, 12:19 PM   #25
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Quote:
Originally Posted by Smart Shark View Post
2: everything loses value after it is purchased. Eeeeeeverything. Houses depreciate in value just like vehicles.
Houses don't normally lose value, actually. Historically, they've actually gained value. I, personally, wouldn't bet on a house gaining value (a lot of people did and lost their when the market tanked) but its pretty safe to assume that a house will at least retain its value.
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Old 09-30-2011, 12:20 PM   #26
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Quote:
Originally Posted by Irak View Post
Why would anyone finance a car or a bike?

If you take, for example, a 2006 CBR1000RR. The original MSRP of the bike was 11,299 USD. According to NADA, the current average retail is 7, 360 USD. That is about 35% less that the original MSRP.

If you finance the bike for 5 years at a 5% yearly interest rate, you would have paid about 14k for the bike.

So by the time you actually own the bike, you would have lost 50% of your money.

I can understand financing a house, but paying extra for something that is losing value makes no sense to me.
I can understand your argument on the bike. But a car it's pretty obvious why people finance. People don't have enough money to buy a car cash, and unless you dont want something that might break down on you, you'll want something new. A car is a necessity unlike a motorcycle.

If you've made it through life so far without having to finance anything but a house, then I congratulate you.

Last edited by ivancuriel; 09-30-2011 at 12:24 PM. Reason: spelling
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Old 09-30-2011, 12:22 PM   #27
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I can understand your argument on the bike. But a car it's pretty obvious why people finance. People don't have enough money to buy a car cash, and unless you want something that might break down on you, you'll want something new.

If you've made it through life so far without having to finance anything but a house, then I congratulate you.


Thats why my wife drives the new car with the kids and I drive an old beat up Jeep. Two car payments would be impossible.
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Old 09-30-2011, 12:27 PM   #28
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finance = live beyond means.
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Old 09-30-2011, 12:31 PM   #29
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finance = live beyond means.
I think education should be an exception. Financing will give opportunity to someone that has no money, to educate themselves and then make money.

But overall yes you are right.
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Old 09-30-2011, 12:34 PM   #30
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Quote:
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finance = live beyond means.
I disagree for certain items.
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Old 09-30-2011, 12:37 PM   #31
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Quote:
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finance = live beyond means.
So I guess instead of financing a $90k house you should rent an apartment and throw money away while trying to save the whole 100k? Or instead of financing a car one should ride a bicycle from said apartment to a close job until one can afford a 1000 dollar car that will break down in 3 days? There are certian things that are neccesities, and credit cards and toys should definetly not be financed, but your statement was a little broad.
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Old 09-30-2011, 12:39 PM   #32
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Quote:
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2: everything loses value after it is purchased. Eeeeeeverything. Houses depreciate in value just like vehicles.
houses (well property) pretty much never lost value until recently. There's no way banks would give you a mortgage with virtually nothing down if they felt there was risk of depreciation.
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Old 09-30-2011, 12:51 PM   #33
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Quote:
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I think education should be an exception. Financing will give opportunity to someone that has no money, to educate themselves and then make money.

But overall yes you are right.
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I disagree for certain items.
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So I guess instead of financing a $90k house you should rent an apartment and throw money away while trying to save the whole 100k? Or instead of financing a car one should ride a bicycle from said apartment to a close job until one can afford a 1000 dollar car that will break down in 3 days? There are certian things that are neccesities, and credit cards and toys should definetly not be financed, but your statement was a little broad.
there are always exceptions and extremes. i.e. 120k in student loans for a pscyhology undergrad degree with no job prospects in the 6 figure salary range, or financing a fancy vehicle or house when living paycheck to paycheck.
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Old 09-30-2011, 01:15 PM   #34
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2: everything loses value after it is purchased. Eeeeeeverything
Try buying land and you'll be surprised
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Old 09-30-2011, 01:56 PM   #35
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Old 09-30-2011, 03:44 PM   #36
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Is that trade-in, retail, or loan value?
retail

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Check with your parents to see if they already have a CU, might help you out with consideration on the loan....
are you implying that I'm some fresh out of high school dope with no credit history?
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Old 09-30-2011, 03:59 PM   #37
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retail



are you implying that I'm some fresh out of high school dope with no credit history?
Thats exactly what he means..


...no a credit union is exclusive to certain people by location. If your parents have an account you may be able to open one also.
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Old 09-30-2011, 04:20 PM   #38
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Thats exactly what he means..


...no a credit union is exclusive to certain people by location. If your parents have an account you may be able to open one also.
What he said, because my intial response was not going to be that nice...geesh, you try and help some people and....
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Old 09-30-2011, 04:54 PM   #39
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lol i figured but just sayin...
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Old 09-30-2011, 06:53 PM   #40
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Quote:
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retail

You know the bank's not going to finance 100% of retail value, right? They might not even finance 100% of loan value which is a lesser amount
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