The House, The Car, The Cat...
Apr. 9th, 2016 08:34 pm![[personal profile]](https://www.dreamwidth.org/img/silk/identity/user.png){kind=small}
kybearfuzzIt's certainly been a busy Saturday.
Last night, I went to dinner with a friend who has recently started a new career at a bank. He deals with mutual funds, retirement accounts, etc., as well as basic banking processes. I asked for his opinion on whether to pay off the mortgage or buy a new car. His response was basically to pay off the house, as I wasn't paying hardly any interest at this point, then get a home equity loan to buy the car. The interest from it would be tax deductible and likely last longer.
So this morning, I showered and dressed and headed to my bank. The Assistant VP gave me an estimated pay off amount. However, when it came to the interest rate on the proposed loan to buy the car, the rate was 3.24 to 6%, a variable rate. I thought that was too freakin' high considering. Of course, it would be toward the lower end if I opened a home equity line of credit for half the value of my home. Ugh...
I left and went to lunch, determined that I should at least test drive some cars. My Toyota Corolla is still doing well and it's been a good car, but I'm craving something different. It's nine years old and has over 164,000 miles on it.
So I drove up to Carmax in Northern Cincinnati and met a very handsome, young salesperson named Jeff. Jeff is probably in his late 20's, has wavy brown hair and beard, lean otterish build, and the most amazing deep blue eyes I've ever seen on a man. Seriously, he is a good looking feller. So Jeff talked me into letting them give me an estimate on my car and then we test drove a couple cars on the lot. I drove a Nissan Rogue (with some nice bells and whistles) and a Nissan Ultima (which was unimpressive). I looked at a Camry and was very interested in a Ford Escape (until I saw the Consumer Reports ratings -- yikes). Overall, I just wasn't ready to buy, but I have a few more that I'd like to drive, like a Kia Soul because I'm curious and it's fairly well-rated.
So, I'm back home and a bit tired. While I haven't made any big decisions, it's been a good information-gathering day. Ideally, I'd like to see about being in a new car by next week. Since my bank won't give me a decent loan rate, I'm not sure if the house will get paid off at this time, as I may buy the car outright to avoid the loan.
As for the cat, I think the name "Milo" is going to stick. At this point though, he's still hunkered down in the storage space. I moved some boxes so I could get a better look at him, but still have yet to crawl in after him. I'm trying to be patient. I think he is exploring a bit at night, though he seems to be walking gingerly (no pun intended) so I can't hear him.
Last night, I went to dinner with a friend who has recently started a new career at a bank. He deals with mutual funds, retirement accounts, etc., as well as basic banking processes. I asked for his opinion on whether to pay off the mortgage or buy a new car. His response was basically to pay off the house, as I wasn't paying hardly any interest at this point, then get a home equity loan to buy the car. The interest from it would be tax deductible and likely last longer.
So this morning, I showered and dressed and headed to my bank. The Assistant VP gave me an estimated pay off amount. However, when it came to the interest rate on the proposed loan to buy the car, the rate was 3.24 to 6%, a variable rate. I thought that was too freakin' high considering. Of course, it would be toward the lower end if I opened a home equity line of credit for half the value of my home. Ugh...
I left and went to lunch, determined that I should at least test drive some cars. My Toyota Corolla is still doing well and it's been a good car, but I'm craving something different. It's nine years old and has over 164,000 miles on it.
So I drove up to Carmax in Northern Cincinnati and met a very handsome, young salesperson named Jeff. Jeff is probably in his late 20's, has wavy brown hair and beard, lean otterish build, and the most amazing deep blue eyes I've ever seen on a man. Seriously, he is a good looking feller. So Jeff talked me into letting them give me an estimate on my car and then we test drove a couple cars on the lot. I drove a Nissan Rogue (with some nice bells and whistles) and a Nissan Ultima (which was unimpressive). I looked at a Camry and was very interested in a Ford Escape (until I saw the Consumer Reports ratings -- yikes). Overall, I just wasn't ready to buy, but I have a few more that I'd like to drive, like a Kia Soul because I'm curious and it's fairly well-rated.
So, I'm back home and a bit tired. While I haven't made any big decisions, it's been a good information-gathering day. Ideally, I'd like to see about being in a new car by next week. Since my bank won't give me a decent loan rate, I'm not sure if the house will get paid off at this time, as I may buy the car outright to avoid the loan.
As for the cat, I think the name "Milo" is going to stick. At this point though, he's still hunkered down in the storage space. I moved some boxes so I could get a better look at him, but still have yet to crawl in after him. I'm trying to be patient. I think he is exploring a bit at night, though he seems to be walking gingerly (no pun intended) so I can't hear him.
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no subject
Date: 2016-04-10 01:22 am (UTC)I noticed while I was looking at my latest Civic that Honda was advertising financing around 1-2%. I don't know what they're comparable to what your banks, but it might be worth an ask to find out what your dealership is offering directly.
no subject
Date: 2016-04-10 01:58 am (UTC)no subject
Date: 2016-04-10 08:14 am (UTC)no subject
Date: 2016-04-10 05:16 pm (UTC)no subject
Date: 2016-04-10 07:06 pm (UTC)One suggestion which might not have occurred to you is the certified pre-owned. It's a great middle ground between used and new. A used car with a new car warranty. A bit more expensive than the same car as a used vehicle at places like CarMax. But you get a heck of a lot more. Taken this route myself and was thrilled with the result.
no subject
Date: 2016-04-11 12:28 am (UTC)That's what I get for not reading my Friends entries for the entire
time I was with Rod- *sigh.*
no subject
Date: 2016-04-12 06:05 pm (UTC)