Financing

CaledoniaBrian said:
I'm with you on that one Somebuddy.... Remember in the early 80's when the rates hit up in the 20% range. Now I know why the old farts at the time were so happy about it. All I remember was almost loosing my house,
Click to expand...

I got three months behind in the mortgage, finally a LOT of overtime saved the day.Different times for sure.
 
And if no one has mentioned it, if you can cash-flow weekly payments instead of monthly it adds up bigtime in the end, same total amount you pay per month but you'll finish years earlier.

I actually have no regrets getting the car when I was this age, 47 or whatever. I would not have been mature enough to handle 505 or 850 crank horsepower when I was in my 20's. Heck the 135 HP stock, 170 hp modded 280ZX was enough to get me in hot water often enough.

Plus had I bought the Z06 when I had originally thought about it it would have been yet another asset I would have had to give my ex 1/2 of when she left me!

The longer you wait to get it, the more you'll appreciate it in the end..........and having that baby parked in the driveway of your PAID OFF HOUSE will be a huge day..........better than seeing your mortgage payment house and monthly payment car........

Cheers,

Garry
 
I appreciate the words lol but I've already ordered the car guys. There is no deciding whether its a smart buy or not. That's not the question. I was curious what interest rates you guys were getting for those who financed. I'm not in the oil patch and I have a very stable and good job which wouldn't really be affected by any economy hit. Only thing that would affect me if the economy would be if housing prices fell dramatically. But that would only affect me if I was trying to sell my house and move. (Which I wouldn't do while having car payments)

As for the anniversary payments, yes I will be doing those. Also my mortgage is being paid accelerated weekly so I can pay it off as fast as possible. I respect your guy's opinions and yes I can definitely be paying off my mortgage faster if I didn't buy the car, but I'd rather have the car. I am still paying my mortgage off faster than anyone I know so I'd rather spend my money enjoying myself. If I didn't buy the C7 I'd still be spending $45-50K on a new car regardless.

So again, question is what kind of interest rates you guys are getting if you are financing. I get plenty of life advice from my parents lol. (Not trying to be rude)
 
Sounds like you are taking our ramblings well. If the truth be known, I think most of us would loved to have been able to buy a car like this when we were younger. In fact, most of us did have a hot car or bike; just not brand new corvettes. Different times, and so on.
As for interest rates. I seldom borrow. But if I do, I use a line of credit set at prime rate. Not much help to you I'm afraid, but that is how I roll.
 
Same-same as CB. The last money I borrowed was to buy the farmland back in oh say 1986, that was 6% as I recall. Then my house in I think 2005?? Maybe 4%??

Otherwise I live in a cash world, if I can't pay cash for it, I don't need it. Sorry I can't help you with more current interest rates though - NOT!

To be sure, if you're that solid with your job then go for it. I worked (besides the farm) for a non-profile NGO for like 20 years and so we were mainly dependent on provincial and federal government funding which either was yearly or in three year blocks. So being able to say I had a secure job didn't exist. Thus in the interest of not getting caught with my tail hanging in the breeze, it was always pay off debt and then enjoy myself.

BTW, did I ever tell you about the time I was in a jewelry store and I witnessed a girl brow-beat her bf into agreeing to sell his Corvette to get her a bigger diamond engagement ring?? True story. And while I wasn't a big car guy then (say 1988 vintage) I remember being shocked that he agreed to do so!

Sounds like we're just a bunch of well-heeled old farts. Maybe you should try posting this question onto a Mustang, Camero or Challenger forum!!!!!!!!!!!!!!!!!!

Picked out your year and color yet?????

Cheers,

Garry, from west of Peace River, same latitude, just opposite side of the province. Get ready as well, it was -35 here this morning so I imagine it is working its way to your place as I type!
 
A lot of good advise from us ole crocks but in all fairness to blue bomber we should steer this thread to his question. There's gotta be alot of guys financing especially with favorable interest rates if you plan to pay for it quick not to much is going to interest. Then its a matter of is it worth it or not to the individual. So what are the rates out there?
 
Oddly I've heard of people talking about good rates from The Great Canadian Superstore, go for groceries, get cash for a new ride!

Mom went through the Servus CU for her last mortgage too.

Maybe both worth checking out?
 
I'm in the same boat as the OP but I haven't yet checked to see what rates will be given, so I'm actually learning from the OP's post and can't really answer his question. I remember the Canada build site showed 4.99% interest to finance a C7, without a lease option showing, and the last time I checked it was only showing a lease option at 7.99% (lol!) with no finance option showing.

Yeah we know interest rates used to be really high way back in the day, but so was inflation.

Personally I'm of the opinion that if you're still relatively early in your career or have the likelihood of improved future earnings, there's nothing wrong with financing a toy, as long as your debt servicing ratio is still decent.
 
With the way they are printing trillions of dollars worth of new money, there WILL be inflation and high. Hitler printed all kinds of money and killed the value of the mark. The sad joke was that you needed a wheelbarrow of money to buy your weekly groceries. I'm glad we have no debt. I can see very tough times ahead. Back in the '70s, people had no idea what was coming. We sold our in town house and started building with what money we had plus a small personal loan. The 1981-'82 crash had no effect on us. In 2006 we moved all our investments into GICs and lost nothing during that crash. The signs were there. Canadian consumer debt is at an all time high and that is one BIG worrisome sign. My Dad used to say, "When everyone is running in one direction, walk in the other." It has worked for us. In all honesty, we were more fortunate than smart.
 
Last edited:
Sounds like you have good parents BB! :rofl:

Just shows that everyone has your best interest at heart. I myself have no useful information as I am a looooooooooooooong way off of being able to finance anything and I have student debt to repay before getting anything newish. Sometimes I hate that I invested in my future....well, most times, but in another 7 years, I hope I will feel the opposite!

Let us know when the new car shows up! Any chance of going through the Bank of Mom&Dad? They sometimes have great interest rates! :D
 
Few random questions so I won't make direct quotes,

but I've been waiting on the car since Oct 24th, Order still hasn't started building.
2014 Z51 3LT M7
Torch Red/Adrenaline Red/Black rims
Visible CF roof, red calipers, CF dash, suede upper interior, magnetic ride, stingray floor mats and door sills.

Can't seem to find better than 4.99%, but am waiting on my T4 slip from last year to go shopping around at more places.

I put $30K down on it so its not like I'm financing 100%.

Bank of Mom & Dad unfortunately is closed. Dad is in an interesting and not very stable job situation at the moment and so they don't want to be loaning me out $45K.

I'm well aware you guys are giving great advice as far as buying everything cash, (and I do buy everything else cash) but this is my one treat to myself. I am in a comfortable enough position in my job, location, lifestyle where I am not concerned about this purchase. Since when is ever spending $76K on a car a smart decision anyways? :P

P.S. You guys are not being too helpful with numbers here! Haha.
 
can you try a mortgage broker ? they quite often deal with loans other than mortgages. problem here is alot of us are old geezers wishing rates would go up. :D
 
We've only bought three new cars in our lives. Three year old and low mileage was what we looked for. Still have our '97 no winters Olds LSS. The Jimmy was on for $18K in 2005 and was significantly cheaper than a three year old Buick Regal. Take off $2500 of GM TD Visa points and it was pretty cheap. Buying new cars is one of the best ways to stay broke even with decent rates. They depreciate like a rock dropped in a deep well. I don't think the Mafia or loan sharks would treat you much worse. With the previous owners, our Corvette depreciated nearly $3.50 per mile driven. Something to think about. Of course, if you have very deep pockets, it doesn't matter.
 
Well hopefully some people will spend some money once in a while to keep the economy rolling. I've never seen a U-Haul behind a hearse. With an aging population in the northern hemisphere I fear that we'll all hang on to our money so tight that nobody will be in business anymore but the nursing homes and funeral parlors. I'm not saying be an idiot with money, just don't forget to enjoy yourself while you're here and be happy for people that are happy.
 
Case75 said:
Well hopefully some people will spend some money once in a while to keep the economy rolling. I've never seen a U-Haul behind a hearse. With an aging population in the northern hemisphere I fear that we'll all hang on to our money so tight that nobody will be in business anymore but the nursing homes and funeral parlors. I'm not saying be an idiot with money, just don't forget to enjoy yourself while you're here and be happy for people that are happy.
Click to expand...

Very true Greg, our economy relies so much on the auto industry and its health.
New vehicle purchases have been very high lately and that's good for us all.

LOL, "a hearse behind a U-Haul"... :rofl:

I think the moral of the story is: Enjoy yourself today, but don't forget about tomorrow.:D

C.
 

Similar threads

Users who are viewing this thread

Total: 1 (members: 0, guests: 1)
Back
Top