Downpaymnet Vs Higher Montly Payments
Would I be better keeping money in the bank or using it for a down payment on a new car. I would get a higher monthly payment but my rate is 2.9% for 48 months. The amount is $27,000 without down payment or $ 19,000 with down payment.
Wait on the car if you can, buy a property with the money and refi cash out after closing. This is a Real Estate Investing forum after all.
Jim
O would also leave the money in the bank. If you have the cash you have leverage to buy real estate. If you use it for a down payment the money is gone.
Questions:
Is a $27K car going to help you become financially independent?
Will wasting $27K on a new car help you retire early?
Answers: NO! and NO!
Get your money out of the bank and buy real estate, not cars.
Good Luck.
[addsig]
Another thing, buy your investment property BEFORE you finance your car if you can. Best to have a lower debt to income ratio when you apply for a loan.
iF YOU CAN BORROW AT 2% FOR 48 MONTHS, BORROW AS MUCH AS YOU CAN.
Do you plan to live thier?
If you are trying to rent it out - then the questions becomes, how much can you make each month - i.e. cashflow. If you are going to lose money every month - DO NOT do the deal
doh! too late! our offer was accepted!
I guess the game is on... hope things work out ok, tho!
It would take you over 8 years to recoop the 30k by saving $300/month... its all about using other peoples money... think about what you could do with that 30k in your pocket/.