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Figure people can discuss different ideas for financing their STI.

Don't know a whole lot about home equity loans.

Have heard you can get a home equity loan, and can write the interest off on your taxes. So get a loan and then buy a car with it, and it would be essentially interest free.
 

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Mad.Maxx.03 said:
Have heard you can get a home equity loan, and can write the interest off on your taxes. So get a loan and then buy a car with it, and it would be essentially interest free.
yep, this is a good way to go. i hope to put down about 8-10k and pull the rest from my equity. but you don't want to use up too much equity since, for most people, it is their emergency fund.

also, you do get to deduct the interest, but i don't think that's the same as it being interest free. e.g. the interest on my mortgage can be deducted, but in no way is my mortage then considered an interest free loan.
 

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I'm going to be trading in the Celica unless I sell it outright before...which will be around $14k to put down. Then finance it out for 60 months, make larger payments with our second salary and hopefully have it paid off in a year or so.
 

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CloNeGTS said:
Then finance it out for 60 months, make larger payments....
?? why finance to 60mos then make large payment to have it paid off in a year? don't most personal loans have early payoff penalties? what am i missing?
 

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Actually, I believe that most car loans DON'T have a pre-payment penalty...I made sure that my loan didn't have such a penalty when I purchased my WRX. However, I still don't understand financing to 60 months if you're gonna pay it off in a year...why not just finance to 12 months then? Usually you'll get a much lower interest rate for 12 months versus 60 months...
 

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Re: OH let me rephrase myself!!

I can sort of understand financing for 60 then paying it off. Its sort of a safety net so that if something comes up you don't have an $800/mo car payment. And, if you are paying it off in a year, the slightly lower interest rate is not a big deal anyway.
 

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Would a mile be ok> :) . This is the bad thing about being a student. If you have no credit, and your parents wont help you where do you turn to? Would my schools Credit Union be able to help me out on a 23000 dollar loan if I have a job for 6 months.

If you were in my shoes would you ask relatives to cosign for you?
 

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Why go outside for a loan? Will Subaru not finance it for you?

And honestly....if you are having trouble finding money.....you really shouldn't get yourself this deep in debt. Nothing good comes from getting in over your head like that, especially in financial times like these.

I'm graduating in May, and while I have job offers, I'm not going to accept the STi until I am actually seeing the checks getting put in the account ever month. You never know what can happen these days. And while not having a job is bad enough, not having a job and having defaulted on a car loan is much worse.
 

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Speaking of financing, I just saw a Subaru commercial yesterday for 0% on all their vehicles except the Forester which was .9%. Getting an STi at 0% or even .9% would be nice.
 

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The money is not an issue its just I dont have much credit. And anyways ill be financing it for around 60 months so after I get out of College it will nearlly be paid for so there is no debt for me to get into.
 

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HunterA said:
The money is not an issue its just I dont have much credit. And anyways ill be financing it for around 60 months so after I get out of College it will nearlly be paid for so there is no debt for me to get into.
Financing will be good for you then since it builds credit :)
 
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