Die-hard Ultras / Hardcore Supporters
in Fans ·
The Raiders owned the stands, while the Kansas City Chiefs took care of business on the field.
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wiredtrucker20 › Posts
Posts by wiredtrucker20
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Car loans
in Banking, Insurance & Loans ·
Looking for some perspective here.
Let’s say I’m shopping for a car and my monthly payment can't top $1,200-$433. With that kind of monthly budget over an 84-month term—and factoring in my down payment—I could realistically afford a vehicle priced around $33, but the one I actually want is sitting at $40. Lately, I've been seeing these auto loan offers where you can negotiate a balloon payment at the end, capped at maybe 25% of the car's value. From what I gather, this means I get to drive my dream car for seven years while paying the same monthly amount as if I were buying the cheaper model. Of course, once those seven years are up, I have to cough up that final 25-$10 chunk to the bank. My theory is that the car will probably be worth roughly that much by then, so I could just find a buyer or something similar to cover it. If that fails, I’m left either taking out another loan to cover the balloon payment or praying I’ve saved enough cash in the meantime—who knows what life looks like in seven years, other than the fact that I'll be older and closer to the finish line. Anyone actually dealt with these types of loans before? I’m assuming banks have some predatory methodology for handling that final payment, but hey...
Let’s say I’m shopping for a car and my monthly payment can't top $1,200-$433. With that kind of monthly budget over an 84-month term—and factoring in my down payment—I could realistically afford a vehicle priced around $33, but the one I actually want is sitting at $40. Lately, I've been seeing these auto loan offers where you can negotiate a balloon payment at the end, capped at maybe 25% of the car's value. From what I gather, this means I get to drive my dream car for seven years while paying the same monthly amount as if I were buying the cheaper model. Of course, once those seven years are up, I have to cough up that final 25-$10 chunk to the bank. My theory is that the car will probably be worth roughly that much by then, so I could just find a buyer or something similar to cover it. If that fails, I’m left either taking out another loan to cover the balloon payment or praying I’ve saved enough cash in the meantime—who knows what life looks like in seven years, other than the fact that I'll be older and closer to the finish line. Anyone actually dealt with these types of loans before? I’m assuming banks have some predatory methodology for handling that final payment, but hey...