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Thread 28599668

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Anonymous No.28599668 >>28599669 >>28599693 >>28599718 >>28600447 >>28601018 >>28601174 >>28601535
>why does so little of my money go to paying off the car?

I know I am young and have limited credit history but after making payments on a newish car for a yeah I've barely put a dent into what I owe
Anonymous No.28599669 >>28599670
>>28599668 (OP)
you know you can pay more than the minimum right?

If you pay the minimum you are mostly paying the interest
Anonymous No.28599670 >>28599675 >>28599679 >>28600390 >>28600806 >>28601018 >>28601539 >>28601676 >>28603836
>>28599669
I have no credit and my loan is terrible. I've payed 3k in and only 1k went to what I owe on the car
Anonymous No.28599674
What car, how much do you owe on it, what's the monthly payments, apr, length of the loan?
Anonymous No.28599675 >>28603874
>>28599670
you're fucked buddy, why would you trap yourself like that? i can't believe people are STILL falling for this shit in the year TWENTY TWENTY FIVE man you have to be RETARDED. enjoy your debt
Anonymous No.28599679
>>28599670
either start paying more or sell it/trade it in for something you can actually afford
Anonymous No.28599693
>>28599668 (OP)
Interest on cars is front loaded. You are paying the majority of the interest at the beginning of the loan.
Anonymous No.28599718 >>28600310 >>28600867
>>28599668 (OP)
Just wait until you buy a house kek
Anonymous No.28599724 >>28599803
>young
Why didn't you just buy something cheap and used then?
Anonymous No.28599803 >>28601018
>>28599724
cuz all the cool kids on tiktok have new bmws unc
Anonymous No.28600310
>>28599718
The system was rigged long before cars and house loans existed
Anonymous No.28600390
>>28599670
Loans are amortized so the interest is front loaded. Your later payments will pay more principle.
Anonymous No.28600447
>>28599668 (OP)
Loans are set up to be predatory, they want to keep you paying for as long a period of time as possible so they can collect more interest. Sometimes even collecting more interest than the car was purchased for. Always use a loan calculator to see how much you'll be paying totals over time. Best thing to do is only buy cars you can afford in cash. If that's a 5k shitbox, you need to get a better job so you can afford to slap down the money for a 25k car like I just did. That's a cheap car, not even bragging, but I don't buy shit I can't afford. Retards doing so have driven up the cost of cars immensely.
Anonymous No.28600806 >>28600877
>>28599670
What's your term and rate?
Anonymous No.28600865
Anon, look up amortization. But essentially you're paying the interest prior to actually paying off the principal. Think of it like this, the loaning institution is taking the risk of loaning the money, so they want tor recoup that risk first. Each payment you'll be paying more towards principal vs. interest. That's why paying additional principal is so crucial at the beginning of a loan.
Anonymous No.28600867 >>28601329 >>28601516 >>28601546 >>28601562
>>28599718
>"Buy" a house in 2025
>Lose 50% of your monthly income for the next 25 years
>Saving for a fun car is now much more difficult
>Possibly die before you ever truly own that house and never get the money for a nice car
Fuck the house, go for the cars and enjoy life. It's basically renting until you're 50 anyways except you have to fix everything.
Anonymous No.28600877 >>28601147
>>28600806
96 months @ 32.5%
Anonymous No.28601018
>>28599668 (OP)
>>28599670
When we, not you, WE, win, we're not cancelling your debts. You will instead owe them to US, the people you raised prices on indirectly via your artificial increase in demand your loan produced. This is the solution to student debt btw; fuck the colleges, fuck the government, fuck the fed and banks, and fuck you. Reparations are owed to US, the responsible spenders.
>>28599803
>unc
Where in the fuck did this slang come from? It just materialized out of thin air less than two weeks ago and now all the wiggers are using it
Anonymous No.28601147
>>28600877
kek if thats true OP is giga fucked
>example

>loan over 50k over 96 months
>90k in interest on top of that
>$1466 monthly payment

That is 140k for a 50k car.
Anonymous No.28601174
>>28599668 (OP)

Google "amortization table"

Gott dayum AmeriNigs rly do b dum as shit

Borrowing $ without even knowing how it werks

Us supeeryor Chinks lern math so we don't get Heeb'd like yall retards
Anonymous No.28601329
>>28600867
based Economic advice on auto
Anonymous No.28601516 >>28601536
>>28600867
What's funny is it you get a better job, you won't have to pay 50% of your income on the mortgage.
Anonymous No.28601535
>>28599668 (OP)
Make payments directly to principal. If you have a non-scam lender that should be easy. If you have a scam lender then refi with a non-scam lender
Anonymous No.28601536
>>28601516
most people aren't upwardly mobile and will make the same amount of money (inflation adjusted) until they retire. so really the argument here is that in 20 years inflation will be ~45% while your mortgage (not counting taxes, insurance, etc.) will be fixed.
Anonymous No.28601539
>>28599670
you got tricked by a trickster. sell your dumb car and get a cheap corolla
Anonymous No.28601546 >>28601566
>>28600867
>It's basically renting until you're 50 anyways
Yeah except for the part where when you're 50 you now fully own an asset worth over a million dollars, and never have to pay rent again.

>Lose 50% of your monthly income for the next 25 years
As opposed to losing 25% on rent and having absolutely nothing to show for it?
Anonymous No.28601562
>>28600867
>It's basically renting until you're 50 anyways except you have to fix everything.
Simpleminded ignorant logic. Sure, you have to pay a lot upfront, and pay for everything that breaks, but unlike renting, all of the money you spend on your house is money that comes back to you eventually. How so? Plot twist of the century: you can sell your house in the future, even if you still owe money on it, all that happens is that the bank of your buyer talks to the bank that owns your mortage, they pay each other the difference, and you get what's left over.

And so long as you don't live in some future disaster area (like the entire state of Florida for instance) you will make money as well since home and land appreciate in value. Home ownership is a way to take your biggest expense as a human being in the US, your rent, and making it work for you. There's a reason why home ownership has traditionally been a ticket into middle class living regardless of background. I can sell the house in 10 years, put a down payment on another one with the proceeds, AND buy the fun car you're talking about without breaking a sweat, Unless the "fun" car you're talking about is some meme supercar nonsense like a Lotus, in which case you're far stupider than just defending paying rent to a landlord makes you out to be.
Anonymous No.28601566 >>28601582
>>28601546
>you now fully own an asset worth over a million dollars,
Boomer logic. The house can be worth whatever the fuck number you want to make up, that money effectively doesn't exist unless you sell it and buy something cheaper, because you're always gonna need a place to live.
Anonymous No.28601582 >>28603826
>>28601566
Yeah, so sell it and buy somewhere cheaper
Anonymous No.28601628 >>28601664
Houses are for living in, not speculation
Anonymous No.28601664
>>28601628
cool it with anti-semitism
Anonymous No.28601676
>>28599670
brother, if they EVER give you APR over 7% then the smartest thing you can do is walk away. Don't let the sleezy used car salesman talk you into 23% just because he's giving you a "great deal"
the great deal is not paying high interest. This is even more true if your loan is through the dealer. you're just giving them free money. Before you know it you end up paying $40k for a car that isn't even worth $20k
Anonymous No.28603826
>>28601582
Then you spent a bunch of money on a house you could’ve just saved if you lived somewhere cheaper to begin with.
>verification PRNDPM
Anonymous No.28603836
>>28599670
Uh how much is your loan percentage? Paying down 3k and only going down 1k is not normal
Anonymous No.28603874
>>28599675
people have been falling for debt for as long as jews have been selling it. entire empires have collpased from debt. people are just fucking stupid