So this just happened.
-pictures of Honda S2000-
"Going out to check this baby out today. If everything goes well, I'll be driving it home.
Side note, does anybody know somewhere hiring part-time?"
My reply was "Need a part time job, better go buy an S2k"
Not only was my heavy sarcasm ignored, others in the group encouraged the original poster to finance the car as opposed to buying it out-right with cash that he had saved up, saying "if you can get a low apr, it will build your credit really well. Something like .9%"
Several points to be made here.
- I have never even heard of a car being financed with an APR any less than the high 1s/low 2s. Is this guy full of it, or am I just ignorant?
- I had an excellent credit score when I financed a car in my pre-mustachian days, and I still only barely managed less than a 3% APR. The poster is in his early 20s. I don't know anybody in the 22-23 age range with a credit score high enough to land less than 1% on a loan, do you?
- They completely leave out the fact that even though there might not be late fees (depending on who you borrow through), missing even one payment will slash your credit score. I was blissfully unaware of this in my free-spending days. Fortunately, I learned (the hard way) before too much damage was done to my score.
It seemed that any time I tried to chime in suggesting not to borrow money, there were 5 more people encouraging the poster to borrow like there's no tomorrow. Are people REALLY so short-sighted that they won't listen to somebody that has made the mistake they are currently contemplating?