04-11-2011, 06:49 PM
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#10 (permalink)
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A True Z Fanatic
Join Date: Jun 2010
Location: SWMO
Posts: 4,454
Drives: 2019 CX5 GT Reserve
Rep Power: 7627
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Quote:
Originally Posted by dAvenue
Not everyone falls in the same boat of needing to earn good credit. For those of us with excellent credit, it makes more financial sense to pay in cash and not throw money away on interest.
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For those of you in that boat, just get a 0% interest loan. That way you don't lose money to inflation while you save--the bank loses it while you pay.
Also, I love using credit. I have made $120 in the last 8 months or so just buying gas/groceries on my credit-card. It's a crappy reward setup, but meh. It's still $120 for free.
Quote:
Originally Posted by shadow2k
Not about earning credit. It's about earning money.
How do you think banks make money? They borrow it from you and pay you whatever..1-4% interest, depending on whether it's in your checking, savings, CD, etc... Then they loan it back out at a higher rate, or actually buy investments with larger returns.
I'd rather have 35k invested and making me money than a title to a depreciating asset.
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That too. Invest that money while the bank carries the balance on your car. It's like you having 200% the money you really do.
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