| Re: No more car payments... woohoo! |
Subject: Re: No more car payments... woohoo! by CentralCoaster on 2009/1/15 0:42:50 If you can get a lower rate on any type of debt it's almost always worth it. But I think it's ridiculous that people will use their house as an ATM machine and refinance just so they can cash out and drain all the equity to buy cars and other depreciating assets. Especially if it involves increasing the term of the loan. Sounds like backwards financial planning. Then you're paying 90% interest on a home loan forever, but you're actually paying for a bunch of other debts that you consolodated into it. Better off just not financing a car in the first place, unless its at 0 percent! |
