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15 August 2017, 03:36 PM | #31 |
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Headsup too that the retailer (customer lead referrer) usually gets a commission/kickback from the financier... so all things equal, they got more fat to offer a bigger DISCOUNT than if you're paying straight cash ;)
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15 August 2017, 03:41 PM | #32 |
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15 August 2017, 04:21 PM | #33 |
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15 August 2017, 07:25 PM | #34 | |
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Nope, I'd rather use credit. |
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15 August 2017, 07:33 PM | #35 | |
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In a lot of areas a good home is $500k, not $100k. Also, you probably aren't going to purchase until you're around 30 (32 is the average age of American first time home buyers). Assuming you put down 10%, you'd be looking at a 5 year, $450k loan (at 3.5%) to be an 'affordable' $8.2k per month. Even at 10 years, that's almost $4.5k per month. Kudos to however you did that, but it's not feasible for 99.99% of people. |
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15 August 2017, 07:44 PM | #36 | |
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Same thing with CC's. I charge everything possible on mine to get points and miles. It makes no sense to use cash or checks. Its not really "debt" until you start paying interest and revolve a balance. |
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15 August 2017, 08:27 PM | #37 | |
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15 August 2017, 08:43 PM | #38 |
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0% interest makes sense to me and I've used this type of offer a couple of times in the past. Once on a lawnmower when I was just starting out in life with my first home and once on a BMW when I needed a new car.
If you're disciplined and know you can pay it off in time there is no risk to doing this. For me, there was a "psychic" benefit to paying for something in future earnings rather than taking cash out of the bank. Sure, I realize that what I'm paying on the loan represented money not going into my savings, but I liked keeping my savings safe and working for me. And, as someone suggested, these interest free offers tend to come at the expense of a potential discount upfront. The buyer has to do the math and make an informed decision. However, with all that said, the most economical way to purchase is likely to be from a trusted seller. One final thought regarding credit scores. If you have a score over 700 there is probably nothing you can't get the best rate on. 800+ scores don't usually carry any more weight than 700 scores. I've never been late on a payment in my life and I haven't paid a penny in interest in decades and my highest score ever is barely 800. |
15 August 2017, 08:45 PM | #39 | |
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Besides, might as well get points or mikes from the purchase.
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15 August 2017, 08:51 PM | #40 |
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My fav ad has 5yr 0% through Wells Fargo. But I hate Wells Fargo. And they send you a maxed out cc. Not a fan, but generally if I can use someone else's money, especially on a depreciating asset, at a low/no rate, then I'd rather put my money in the market.
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15 August 2017, 08:57 PM | #41 |
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I believe it is more complicated than just accepting the interest free 30 months. I would need a reasonable discount on the watch and the financing. I have used interest free before, usually in conjunction with a significant down payment. I think you have to look at it from all angles. I understand others that say never buy luxury items on credit but for me it is more complicated than a hard and fast rule. It is about finding a balance on what you want to achieve, buy, and utilizing all avenues available. The ability to appropriately use credit is part of an overall financial plan that does include, for me, the purchase of some luxury items.
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15 August 2017, 09:04 PM | #42 |
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Exactly, so 0% interest easily becomes 10% depending on the model
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15 August 2017, 09:05 PM | #43 |
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I wonder if they are willing to negotiate on price with a zero % finance option ... My guess is no.
I prefer to pay upfront as opposed to finance, I've always found you get a better deal if you are prepared to pay on the spot. One less hassle for the retailer. |
15 August 2017, 09:09 PM | #44 |
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Depends on the item and how bad they want to make the sale
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15 August 2017, 09:11 PM | #45 | |
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Future value of money. You could spend 9k today or less than 9k in the future. I see your point though. |
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15 August 2017, 09:29 PM | #46 |
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While I am a big believer in using other peoples money, this is likely not a very good option. You would likely not get a very good price on the watch and the pitfalls on missing a payment are severe.
In addition I would not shop at that store, ever.
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15 August 2017, 11:13 PM | #47 | |
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15 August 2017, 11:48 PM | #48 | |
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16 August 2017, 01:14 AM | #49 | |
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Then get in the AD and slap it down for the best deal! |
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16 August 2017, 01:28 AM | #50 |
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16 August 2017, 01:30 AM | #51 | |
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16 August 2017, 01:37 AM | #52 | |
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Some debt may be smart, some not. Devil is in the details. |
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16 August 2017, 01:43 AM | #53 | |
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As long as you have plenty of liquidity available to cover it, personally i don't consider it debt. But, were getting into semantics here. |
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16 August 2017, 01:49 AM | #54 |
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16 August 2017, 01:53 AM | #55 | |
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Credit and financing isn't bad if you can use it to benefit yourself. If you are not disciplined enough to do that then its a slippery slope to problems. |
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16 August 2017, 01:55 AM | #56 |
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I am generally very frugal but If you want it and can pay without putting yourself into a bind go ahead.
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16 August 2017, 02:14 AM | #57 | |
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People are so quick to lump credit use and debt as evil. If everyone lived like Suzy Orman preaches, our entire economy would crash |
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16 August 2017, 02:22 AM | #58 | |
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16 August 2017, 02:28 AM | #59 |
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No interest for 30 months. I see you've been talking to Mrs Magwitch.
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16 August 2017, 03:19 AM | #60 | |
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Debt is bad, unless you use it to buy my products. |
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