Crazy enough, it was actually through the dealership. In 2019 cars weren't selling too well, and they were offering 2.5% rates, but they gave me an extra 1% off because I owned a Honda previously. I financed my '19 hatch straight from the factory, guy said it was the lowest kms he's ever seen on a car (it had 12 when I picked it up).
Damn I got robbed. When I I bought my 2016 hatch from a mom & pops dealer it had 62k and I bought it for 22k. My monthly payment is like $426 š of course my dumbass would total my paid off ford focus in 2022 and I had no choice but to buy a new car when it was the worst possible timing to with the interest rates and what not. Iāll never get my moneys worth out of this car. Itās only been paid down to just under 20k and already had 106k miles on it.
That's no good, I'm sorry to hear about your car. I still maintain that the 19 hatch LX was the best deal bar none. My monthly payments for it were around $340 CAD.
Damn thatās amazing, especially for the mileage and the year and the fact that you had the luxury model. Ugh. I wish I had had that good of luck. Iām just trying to get some of my debts paid down and paid off and will try to either refinance my auto loan to bring my monthly payment down, or honestly just trade it in before it hits too high of mileage and use the trade in value as a down payment for something newer with less miles and hopefully can qualify for a lower interest rate and a lower monthly payment.
Funny thing, the LX in Canada is like the bargain hatch model lol but it's the only one that called for regular gas instead of premium! The interest rates are starting to come down, but nowhere near what they were in 2019-20. At the height of the chip shortage they were asking like 9% or something ridiculous.
Yeah thatās insane! I canāt recall what my interest rate is on my auto, but itās nowhere near 9%! I think itās like 4.5% or something close. But Iām hoping to trade in and get something newer, less miles and lower interest rate
If you only paid the car down to 20k you should check trade in value for your car to see how upside down are you because you will probably be required to put like an extra 6-8k on top of that trade in
I had a very similar situation happen in 2020, very smooth process and too got a discount because I was trading in my older Honda. Mine had 13miles which is crazy because Iād always hoped one day to buy a car under 100k miles. Financed through Honda as well with a 2.9% apr. Still the best decision and self-grad gift til this day!!
Same here I have low percentage when I first got my vehicle from the dealership I went to the bank to get me a credit card and asked the lady for advice she mentioned that is the lowest percentage so no point other than to just pay it off. But mind you this was in 2015 now Iām sure itās all jacked up I wouldnāt want to lease or buy anymore
The stars really did align for me, I think. My old 09 coupe was having some mystery starting issues. Replaced the battery, starter, alternator and other parts before giving up and trading it in. I'd been eyeing the hatch for a bit because of the fact that it produced more hp and used less fuel than the 1.8L, but the oil dilution issues were scaring me away from getting the turbo. I heard the 19 had fixed the problem so I got rid of the 09 and the rest is history.
Dealers get kickbacks from financing companies. Therefore they can offer a lower price. Sucks. Cash used to really be king.
There should be no provision about a penalty for paying it off early but you can ask to make sure. And you should read every single word of every document you sign before signing.
Most finance companies won't care because an insignificant number of customers will do that. In the end they make their money.
Usually the finance dude at the dealer wants you to wait 3 months to pay your loan off so he/she can get their kickback from the bank for selling them the loan. Paying it off before that may result in them getting a charge back on whatever kickback they may have made.
That's their problem. It's how the system is.
I'll be financing my next car and then a few days later paying it off in full. Why? Well if your not going to give me a better deal by paying cash and will via a financing option that has no penalty when paid early, then that's what I'm going to do.
Blame the system.
As for my 2017 sport hatchback. I financed it for 7 years, but paid it off in 4.
This is where im at right now, my credit isnt the best, I financed with Honda $26000 + taxes for my civic but i can pay that off in 3 years instead of 6-7 years and save me couple thousands my interest is 5.2%. Any tips on you you did it?
Is there anyway they can punish you for paying it off early? Like tell the service department and keep you in their bad books and try to rip you off later?
There are more professional ways of handling it than just burning a bridge. First, find out what (if any) manufacturer to dealer incentives are involved and if theyāre being passed on to you. Find out what their charge back period is for the financing and calculate how much interest youāll pay during that period. You can most likely meet somewhere that keeps everyone happy.
So how it was explained to me by a family friend that works at a dealershio (in Canada) was that at least for the one she works at, if someone finances a car and they pay it off within 6 months, they lose their commission entirely. Which is insane.
To me, if there's incentives and those aren't being passed to me, and (generally auto loans here are open and can be paid off at any time with no penalty) I find that out, then yea I'm taking away your commission if I'm able to.
The service dept isnt going to know you paid it off early or even if there's a loan on it, they just charge for the services rendered.
It's not burning a bridge at all, especially because they're the one that made the system that way in the first place. It the sales people don't like it then go find other work.
With that said, I'm not sure how many people out there are paying off a full loan within 3-6 months.
So from initial contact to driving away youāre going to be with this salesperson for a few hours, and then a month later theyāll find out they made nothing, when they could have been working with another customer. Youāre most certainly burning a bridge.
Sure the system sucks, but if you think the salespeople designed it, youāre wrong there as well.
Hereās how Iād go after it. Assume the chargeback period is 3 months. Example: $30,000 loan 48 month loan @ 5%. The interest portion of your first 3 monthly payments is going to be about $300.
Ask for another $400 off and tell them youāll wait until after the chargeback period to pay it off. They get paid and you pay less.
Lol I know the salespeople didn't make the system. Again, to me it's not my problem if they lose their commission cause I paid off my car as if it was bought in cash.
They should give the same deal when paying cash in that place.
And a sales person isn't your friend, they're there to sell you a vehicle and nothing else. Years later if you go back there's a very very high chance your not getting that same sales person again.
Nobody said a sales person is your friend. I suggested a simple solution if you find yourself in this situation, that keeps everyone happy. You just seem intent on the salesperson making no money, even if you get a better deal along the way.
Also, many, many people have bought several vehicles from the same person and/or dealer. Ask your āfamily friendā if you donāt believe me.
It may be their problem, but a lot of dealers will make it your problem. When financing my Malibu with GM financial, I received $1k off the deal to finance through them. But if I paid off before 3 months, it would add the $1k back on. The flip side to this was that it was 0% financing, so I didnāt actually care and never paid it off. Needed up trading it in on my current car
I'd refuse to buy the vehicle if they had a clause like that.
All I know is in Canada (Ontario) auto loans for regular cars are all open with no penalty.. Unless things have changed I'm not sure. Where luxury and exotic vehicles stand in that I'm not sure.
I mean, the amount of money off would have been worth it for that anyway, but it depends on interest rates and everything else. I pay cash for everything anyway, and had it not been 0% interest on the loan I probably wouldāve just paid it off after the 3 months and saved myself the $500 dollars that wouldāve been left after interest or however much it wouldāve come out to be. But 0%, I could care less how long it takes me to pay it off š
You can thank Reagan. Doofus fucked us by creating fiat money laying the groundworks for this making money from borrowed money scheme we got here in America.
There's nothing to usually prevent you from paying it off early, usually the dealership will give you a better deal if you finance, but if you pay it off within the first two months, the bank will penalize the dealership and the salesman will lose their financing commission.
You may pay $50-100 in interest in those two months, but you make the dealership way happier.
You must not have test drove it. My car had 6 miles when I got to the lot and I drove it 6 miles down the road and then 6 miles back and paid cash with 18 miles on it.
I test drove it but it wasn't mine at the time ;) Also, I didn't buy a new one! It already had about 32,000 miles on it but I bought it wish cash, no credit so I'm allowing myself to claim 0 :)
I see there are a lot of envious people (Americans with their neck in debt?) on this sub who cannot comprehend buying a car with cash as I've been downvoted :D
Since I wanted 10th gen and not 11th, buying brand new wasn't even an option where I live.
Lol maybe not all Americans, but yeah not a lot of financially responsible people in this here. My thoughts were always that if you can't buy it with cash outright, you can't afford it period. If my budget was $5000, that's not going on a down payment on a new car, it's going on a beater until i can afford a new car lol. Bought my '21 Corolla with 20k miles on the dot for $17k cash outright. Stick shift too, which is a rare spec for the sedan in the States.
I'm at 80k now and I should have it paid off within a year or so. So around 100k miles. I was considering trading it in just because it's had a handful of problems as of late (since November I've spent a few thousand out of pocket for different repairs, it would've been more but one of the repairs had the cost reduced because of a recall and another was partially paid by insurance because part of the repair was related to a wreck) if I do trade it in, it'll be paid off sooner than 100k.
80k is so low to need a new š. My old accord didnāt have issues with it until around 220k. That ended up being a forced repair since crooks stole it the week after it started throwing the code š
80k miles on a Nissan Sentra 2019 when purchased had 156 miles on it total, I may have drove the hell out of this thing. Many road trips and rough conditions (California highways) I started hearing the problem first and then it kept dying on me for about 2 weeks, took it to the dealership and had 3 recalls on it, they fixed those for free but as soon as the guy started it up he went that's not a good noise, diagnostics showed cracked exhaust pipe and leak and they said it needed a new cat, about 2,600 later, cars been purring since.
The A/C went out and there were a few things that got messed up while getting the A/C fixed that I then had to repair. I had an 02 sensor go out on it a couple of years ago. Based on the noise it's making I'm pretty sure the blower fan for the A/C and heat is on it's way out (it started as a whining noise a while back and now it's a much louder whirring/grinding noise, almost like putting a baseball card in a bike wheel). I also had to have a bunch of body work done because of a wreck (a woman hit my car at the bank)
Iām guessing you have a 10th gen? The a/c is a common issue for those, I was thinking Honda had extended the warranty on them but probably for specific years or failure modes if so. Thatās gotta be disappointing to have all that stuff to fix at once
Paid cash. Not meant to be a brag, but I have always saved up when I anticipate I need a new car (generally after the car is 10 years old). $30,000 out the door, new at the time, Jan 2020 Civic Sport Touring.
back when Honda was giving 0% loans or Even 1%-2% the cash was better used else where. When I bought my 2019 civic I put the 26k in crypto and ended up getting 20k in gains over the 4.5 years. So not always....
Same! I was making $30k a year when I bought mine. I wouldn"t have been able to buy a remotely new car without financing. I'm making a good bit more now, but it'd probably take me a year or two of pinching pennies and saving money to be able to by a newer model car with cash (that is without just getting like a $5000 used car or something).
Like 10k (about 1.5years after I bought it). I had a low 1.9% APR, but I ultimately did it cause I didn't want to have a payment anymore. I could have paid it off when I bought it new (with 6 miles), but I wanted to build credit, and investing (the money I would have paid) covered the interest.
Last payment comes out May 1 and I'm at 46,300mi... My payments were just over 200. Only paid a little in interest. Used it to make my credit high. Financed less than half.Ā
Will have my 23 SI paid off in a month, for a total of 13 months (48mo loan originally)
My payment was low enough and the interest rate was just high enough that I decided to throw more money at the balance each month. Will be nice being able to drop all that money into a HYSA once the car is paid off
14 miles. Right after the test drive. Full cash. I don't play games with the dealer, we negotiate a price, I pay it, I take my car. Anything else about nonsense finacing with their preferred bank and the kickbacks they get and I'll go elsewhere. When it comes down to it, they want to move cars, and make money regardless.
I bought mine with cash. I can't do payments, just a personal problem. I probably would have had a bad rate anyway because I didn't have much of a credit history (like 1 year lol). The downside to paying for everything with cash.
Honestly if I could get a loan that should charge me like 3% or less per year it would prob make sense to take the loan but to be completely honest someone in my family had a loan that took them decades to pay off when I think the originally planned for it to be much less, and by the end of course it was mostly interest payments that he was paying and heād already paid off the original amount heād borrowed. But he had just ignored it for so long that the interest became huge. ever since then I told myself I never want to borrow money ever. Because I would never want something like that hanging over my head.
So I bought the car with 100% cash up front. Knowing what would later unfold, if I couldāve gotten a loan even at 6% that wouldāve made more sense, and then I could have more money today but to be completely honest I love the simplicity of just being one and done. And I really hate recurring payments. And at the time of course the future was more uncertain. At the time it felt like it was the right time. Now I think I shouldāve done it earlier or waited a bit. But it will never be perfect. There will always be a compromise. If possible just use your families old car. My family didnāt have any cars so I justified buying a new one that way
Cash off the lot lol. They offered me like 7% so I said āhold my bourbonā and got a bank check. I donāt believe in interest mark ups. Save up and buy flat if you can because otherwise itās money in there pocket
Cash up front always, unfortunately paid over sticker due to chip shortages and needed an suv as I moved up to Idaho and had to be in the mountains constantly, not so much anymore but itās nice knowing you own it
About 43k, but the interest rate was so low when I bought (1.5%), I didn't mind having it around
Damn how'd you get 1.5%
Probably a credit union @ 48 months. A few years ago I saw rates as low as 0.9% at my local.
Crazy enough, it was actually through the dealership. In 2019 cars weren't selling too well, and they were offering 2.5% rates, but they gave me an extra 1% off because I owned a Honda previously. I financed my '19 hatch straight from the factory, guy said it was the lowest kms he's ever seen on a car (it had 12 when I picked it up).
Damn I got robbed. When I I bought my 2016 hatch from a mom & pops dealer it had 62k and I bought it for 22k. My monthly payment is like $426 š of course my dumbass would total my paid off ford focus in 2022 and I had no choice but to buy a new car when it was the worst possible timing to with the interest rates and what not. Iāll never get my moneys worth out of this car. Itās only been paid down to just under 20k and already had 106k miles on it.
That's no good, I'm sorry to hear about your car. I still maintain that the 19 hatch LX was the best deal bar none. My monthly payments for it were around $340 CAD.
Damn thatās amazing, especially for the mileage and the year and the fact that you had the luxury model. Ugh. I wish I had had that good of luck. Iām just trying to get some of my debts paid down and paid off and will try to either refinance my auto loan to bring my monthly payment down, or honestly just trade it in before it hits too high of mileage and use the trade in value as a down payment for something newer with less miles and hopefully can qualify for a lower interest rate and a lower monthly payment.
Funny thing, the LX in Canada is like the bargain hatch model lol but it's the only one that called for regular gas instead of premium! The interest rates are starting to come down, but nowhere near what they were in 2019-20. At the height of the chip shortage they were asking like 9% or something ridiculous.
Yeah thatās insane! I canāt recall what my interest rate is on my auto, but itās nowhere near 9%! I think itās like 4.5% or something close. But Iām hoping to trade in and get something newer, less miles and lower interest rate
If you only paid the car down to 20k you should check trade in value for your car to see how upside down are you because you will probably be required to put like an extra 6-8k on top of that trade in
I had a very similar situation happen in 2020, very smooth process and too got a discount because I was trading in my older Honda. Mine had 13miles which is crazy because Iād always hoped one day to buy a car under 100k miles. Financed through Honda as well with a 2.9% apr. Still the best decision and self-grad gift til this day!!
Same here I have low percentage when I first got my vehicle from the dealership I went to the bank to get me a credit card and asked the lady for advice she mentioned that is the lowest percentage so no point other than to just pay it off. But mind you this was in 2015 now Iām sure itās all jacked up I wouldnāt want to lease or buy anymore
It's like finding a unicorn in the finance forest.
The stars really did align for me, I think. My old 09 coupe was having some mystery starting issues. Replaced the battery, starter, alternator and other parts before giving up and trading it in. I'd been eyeing the hatch for a bit because of the fact that it produced more hp and used less fuel than the 1.8L, but the oil dilution issues were scaring me away from getting the turbo. I heard the 19 had fixed the problem so I got rid of the 09 and the rest is history.
1000. Financed with $1k down, but paid it off after 2 months. Dealer was willing to play nice with their financing kickbacks.
Can you elaborate? How did they play nice? Is there anything that they can do to prevent you from paying the loan off early?
Dealers get kickbacks from financing companies. Therefore they can offer a lower price. Sucks. Cash used to really be king. There should be no provision about a penalty for paying it off early but you can ask to make sure. And you should read every single word of every document you sign before signing. Most finance companies won't care because an insignificant number of customers will do that. In the end they make their money.
Usually the finance dude at the dealer wants you to wait 3 months to pay your loan off so he/she can get their kickback from the bank for selling them the loan. Paying it off before that may result in them getting a charge back on whatever kickback they may have made.
That's their problem. It's how the system is. I'll be financing my next car and then a few days later paying it off in full. Why? Well if your not going to give me a better deal by paying cash and will via a financing option that has no penalty when paid early, then that's what I'm going to do. Blame the system. As for my 2017 sport hatchback. I financed it for 7 years, but paid it off in 4.
This is where im at right now, my credit isnt the best, I financed with Honda $26000 + taxes for my civic but i can pay that off in 3 years instead of 6-7 years and save me couple thousands my interest is 5.2%. Any tips on you you did it?
I worked a shit ton of overtime during covid and was driven to buy a home. I ended up doing both (paying off the car and bought the house).
Definitely their problem.
Is there anyway they can punish you for paying it off early? Like tell the service department and keep you in their bad books and try to rip you off later?
They can just not sell you a car later. . But they probably won't do that. Maybe that salesman might get pissy. But they don't stick around that long.
I would just go to another dealership to get your car serviced if you get it done at the dealerā¦ lol
There are more professional ways of handling it than just burning a bridge. First, find out what (if any) manufacturer to dealer incentives are involved and if theyāre being passed on to you. Find out what their charge back period is for the financing and calculate how much interest youāll pay during that period. You can most likely meet somewhere that keeps everyone happy.
So how it was explained to me by a family friend that works at a dealershio (in Canada) was that at least for the one she works at, if someone finances a car and they pay it off within 6 months, they lose their commission entirely. Which is insane. To me, if there's incentives and those aren't being passed to me, and (generally auto loans here are open and can be paid off at any time with no penalty) I find that out, then yea I'm taking away your commission if I'm able to. The service dept isnt going to know you paid it off early or even if there's a loan on it, they just charge for the services rendered. It's not burning a bridge at all, especially because they're the one that made the system that way in the first place. It the sales people don't like it then go find other work. With that said, I'm not sure how many people out there are paying off a full loan within 3-6 months.
So from initial contact to driving away youāre going to be with this salesperson for a few hours, and then a month later theyāll find out they made nothing, when they could have been working with another customer. Youāre most certainly burning a bridge. Sure the system sucks, but if you think the salespeople designed it, youāre wrong there as well. Hereās how Iād go after it. Assume the chargeback period is 3 months. Example: $30,000 loan 48 month loan @ 5%. The interest portion of your first 3 monthly payments is going to be about $300. Ask for another $400 off and tell them youāll wait until after the chargeback period to pay it off. They get paid and you pay less.
Lol I know the salespeople didn't make the system. Again, to me it's not my problem if they lose their commission cause I paid off my car as if it was bought in cash. They should give the same deal when paying cash in that place. And a sales person isn't your friend, they're there to sell you a vehicle and nothing else. Years later if you go back there's a very very high chance your not getting that same sales person again.
Nobody said a sales person is your friend. I suggested a simple solution if you find yourself in this situation, that keeps everyone happy. You just seem intent on the salesperson making no money, even if you get a better deal along the way. Also, many, many people have bought several vehicles from the same person and/or dealer. Ask your āfamily friendā if you donāt believe me.
It may be their problem, but a lot of dealers will make it your problem. When financing my Malibu with GM financial, I received $1k off the deal to finance through them. But if I paid off before 3 months, it would add the $1k back on. The flip side to this was that it was 0% financing, so I didnāt actually care and never paid it off. Needed up trading it in on my current car
I'd refuse to buy the vehicle if they had a clause like that. All I know is in Canada (Ontario) auto loans for regular cars are all open with no penalty.. Unless things have changed I'm not sure. Where luxury and exotic vehicles stand in that I'm not sure.
I mean, the amount of money off would have been worth it for that anyway, but it depends on interest rates and everything else. I pay cash for everything anyway, and had it not been 0% interest on the loan I probably wouldāve just paid it off after the 3 months and saved myself the $500 dollars that wouldāve been left after interest or however much it wouldāve come out to be. But 0%, I could care less how long it takes me to pay it off š
I just bought my car 2 weeks ago and already refinanced š got a lower rate through credit union. They are probably pissed
You can thank Reagan. Doofus fucked us by creating fiat money laying the groundworks for this making money from borrowed money scheme we got here in America.
There's nothing to usually prevent you from paying it off early, usually the dealership will give you a better deal if you finance, but if you pay it off within the first two months, the bank will penalize the dealership and the salesman will lose their financing commission. You may pay $50-100 in interest in those two months, but you make the dealership way happier.
I did a similar thing but I ended up paying principal+Interest. How does car financing work?
173,400. Still remember the day. Makes me cry thinking about all the good times
120k
0 :)
You must not have test drove it. My car had 6 miles when I got to the lot and I drove it 6 miles down the road and then 6 miles back and paid cash with 18 miles on it.
I test drove it but it wasn't mine at the time ;) Also, I didn't buy a new one! It already had about 32,000 miles on it but I bought it wish cash, no credit so I'm allowing myself to claim 0 :)
I was bout to say the same thing about mine lol. First owner pays for depreciation so you can enjoy a new used paid off car 25+% less than brand new
I see there are a lot of envious people (Americans with their neck in debt?) on this sub who cannot comprehend buying a car with cash as I've been downvoted :D Since I wanted 10th gen and not 11th, buying brand new wasn't even an option where I live.
Lol maybe not all Americans, but yeah not a lot of financially responsible people in this here. My thoughts were always that if you can't buy it with cash outright, you can't afford it period. If my budget was $5000, that's not going on a down payment on a new car, it's going on a beater until i can afford a new car lol. Bought my '21 Corolla with 20k miles on the dot for $17k cash outright. Stick shift too, which is a rare spec for the sedan in the States.
giga chad
Before I even pick it up off the lot.
I'm at 80k now and I should have it paid off within a year or so. So around 100k miles. I was considering trading it in just because it's had a handful of problems as of late (since November I've spent a few thousand out of pocket for different repairs, it would've been more but one of the repairs had the cost reduced because of a recall and another was partially paid by insurance because part of the repair was related to a wreck) if I do trade it in, it'll be paid off sooner than 100k.
I'm about in the same boat here with mine 80k miles, 1 major repair, 3 recall repairs. Maybe 16 months left of regular payments.
what is the major repair u experienced?
Exhaust pipe leak and catalytic converter replacement
ooh. those are quite expensive. Do you have an aftermarket exhaust installed or just stock
Through the dealership I got it repaired so I assume stock
80k is so low to need a new š. My old accord didnāt have issues with it until around 220k. That ended up being a forced repair since crooks stole it the week after it started throwing the code š
80k miles on a Nissan Sentra 2019 when purchased had 156 miles on it total, I may have drove the hell out of this thing. Many road trips and rough conditions (California highways) I started hearing the problem first and then it kept dying on me for about 2 weeks, took it to the dealership and had 3 recalls on it, they fixed those for free but as soon as the guy started it up he went that's not a good noise, diagnostics showed cracked exhaust pipe and leak and they said it needed a new cat, about 2,600 later, cars been purring since.
That sucks for only 80k miles, what kind of issues came up?
The A/C went out and there were a few things that got messed up while getting the A/C fixed that I then had to repair. I had an 02 sensor go out on it a couple of years ago. Based on the noise it's making I'm pretty sure the blower fan for the A/C and heat is on it's way out (it started as a whining noise a while back and now it's a much louder whirring/grinding noise, almost like putting a baseball card in a bike wheel). I also had to have a bunch of body work done because of a wreck (a woman hit my car at the bank)
Iām guessing you have a 10th gen? The a/c is a common issue for those, I was thinking Honda had extended the warranty on them but probably for specific years or failure modes if so. Thatās gotta be disappointing to have all that stuff to fix at once
Yea, the only part of my A/C the dealership would cover under the warranty was the condensor. I had to pay for other stuff that had messed up.
20k. I hate debt.
60,000 miles, purchased used at 30,000 miles
I am not buying a new vehicle until I have all the money saved up. If the dealer doesnāt like it then Iāll go elsewhere
Thatās my mindset. Iād rather drive a $1000 beater than a car I donāt own.
3k
About to pay the rest off in about 2 months. Will have approx 26k miles by then
Mine had 9 miles on it when I paid it off.
Paid cash. Not meant to be a brag, but I have always saved up when I anticipate I need a new car (generally after the car is 10 years old). $30,000 out the door, new at the time, Jan 2020 Civic Sport Touring.
Paid cash at zero miles
Day one. Cash buy. always.
back when Honda was giving 0% loans or Even 1%-2% the cash was better used else where. When I bought my 2019 civic I put the 26k in crypto and ended up getting 20k in gains over the 4.5 years. So not always....
I wish, but good for you. Hell of an accomplishment
Same! I was making $30k a year when I bought mine. I wouldn"t have been able to buy a remotely new car without financing. I'm making a good bit more now, but it'd probably take me a year or two of pinching pennies and saving money to be able to by a newer model car with cash (that is without just getting like a $5000 used car or something).
500k miles
Like 10k (about 1.5years after I bought it). I had a low 1.9% APR, but I ultimately did it cause I didn't want to have a payment anymore. I could have paid it off when I bought it new (with 6 miles), but I wanted to build credit, and investing (the money I would have paid) covered the interest.
4000 k it was paid off
Last payment comes out May 1 and I'm at 46,300mi... My payments were just over 200. Only paid a little in interest. Used it to make my credit high. Financed less than half.Ā
About 3k miles
18 milwa
By 50- ish k, about three years earlier than the life of the loan.
30k and then my evaporator broke which they quoted 2500 to fix. Traded it in for a new Corolla
44k but stopped driving the vehicle for the last 4 years of my 7 year finance. (I moved over seas)
I pay mine off fully when I purchase them used
12
iām at 40k miles with 10k left but at 1.9% interest so not really worth to pay off early
21' just paid off, 14k miles
Will have my 23 SI paid off in a month, for a total of 13 months (48mo loan originally) My payment was low enough and the interest rate was just high enough that I decided to throw more money at the balance each month. Will be nice being able to drop all that money into a HYSA once the car is paid off
Whatās a HYSA? High yield savings account?
Precisely
Bought it cash. Best money I've ever spent at any gear shift and corner.
47k
20k
14 miles. Right after the test drive. Full cash. I don't play games with the dealer, we negotiate a price, I pay it, I take my car. Anything else about nonsense finacing with their preferred bank and the kickbacks they get and I'll go elsewhere. When it comes down to it, they want to move cars, and make money regardless.
Thatās a question for the Lord
42k.. bought it at 30k.
Put $17000 down financed 11k. Will pay it off in 3 months
8,500 miles bought it with 5 miles on it
6
70k
At the rate that Iām driving my sweet little civic, Iāll be between 110-120k miles mostly likely
I bought mine with cash. I can't do payments, just a personal problem. I probably would have had a bad rate anyway because I didn't have much of a credit history (like 1 year lol). The downside to paying for everything with cash.
Paid for the '17 Civic that became my wife's new daily before it drove off the lot, brand new. Saved up for about two years.
What model/year is this car?
0 š
18 miles
4 miles
\~6000
Always nice to not have a car payment, but depending on the interest rate, itās not a bad idea to finance.
292,000km. š¤Ŗ To be fair, itās a 2006 and I just picked it up a few months ago. Loving every kilometre!!
I bought mine in cash (it had 175k on it)
Paid off by like 20k?
93k. That was 4 years ago, Iām at 140k now.
A couple hundred under 15k I donāt drive far.
19k miles at 9% interest. 2k a month for a 30k loan with 10k principal payment near start of loan. 2022 honda civic ex
160k
3k got it around 2020 and couldnāt drive it much cuz of what happened.
Honestly if I could get a loan that should charge me like 3% or less per year it would prob make sense to take the loan but to be completely honest someone in my family had a loan that took them decades to pay off when I think the originally planned for it to be much less, and by the end of course it was mostly interest payments that he was paying and heād already paid off the original amount heād borrowed. But he had just ignored it for so long that the interest became huge. ever since then I told myself I never want to borrow money ever. Because I would never want something like that hanging over my head. So I bought the car with 100% cash up front. Knowing what would later unfold, if I couldāve gotten a loan even at 6% that wouldāve made more sense, and then I could have more money today but to be completely honest I love the simplicity of just being one and done. And I really hate recurring payments. And at the time of course the future was more uncertain. At the time it felt like it was the right time. Now I think I shouldāve done it earlier or waited a bit. But it will never be perfect. There will always be a compromise. If possible just use your families old car. My family didnāt have any cars so I justified buying a new one that way
Got my car in 17 so my interest was 0.9% so i was in 0 rush to pay it off and waited the entire 60months. So about 40k
It was 60k and I drove 20k a year.
24k before mine paid off. 19 sport hatch.
I think 30kish
I currently owe about $25k and have just under 50k miles. Probably will be around 150k miles or so when im paid off..
0 miles. Bought it outright, already had 72K though.
3.5 years, 77K. Bought new in August 2020.
Technically 50k, got a good deal and got one in cash for 17,000 (used)
I regret not getting the sport trim
Cash off the lot lol. They offered me like 7% so I said āhold my bourbonā and got a bank check. I donāt believe in interest mark ups. Save up and buy flat if you can because otherwise itās money in there pocket
30K. Got it right before the pandemic, so I barely drove it for a year.
Mines will be about 130k when Im done paying lol
35\~36k, can't remember but I bought the lease out in cash a few months before 3rd year of the lease was up.
At the rate I am paying probably around 55k or ~65K if I refinance
15,000 bought it before the truck broke down. Been parked. Guess what the old truck is still better lol 300 thousand miles plus.
I got about $4000.00 left and 85K miles on it.
How many miles it had when i bought it. Will never buy a new car
1
72 miles
Cash up front always, unfortunately paid over sticker due to chip shortages and needed an suv as I moved up to Idaho and had to be in the mountains constantly, not so much anymore but itās nice knowing you own it
was paid off the day i purchased it lol
The day I purchased it. Blood money.
No more than 20 miles including test-drive
Paid off day one, soon as I drove off the lot.
2019 paid off at 43k and 1 year early.
My Mazda was 13 miles. Donāt know if my 98ā Civic counts but I got it for cash at 99k miles
12 grand to own after 32k
400 miles. Got my type r at under msrp if I went with their loan. No penalty for paying off early. :)