Direct interest rate?

[DanaHesson]

just curious

 

[thelionqueen]

Depends on your credit. 9-14%

 

[Cyberc1978]

Depends on your credit. 9-14%

smells like loan sharks

 

[Darklord77]

8 years ago the rate was 10%.

 

[Dean]

smells like loan sharks

There's no good way to finance. High interest rates or put one's home at risk are the main options.

 

[JayBaileys]

It may not be the best option but I borrowed from my 401k. Took 3 years to pay it back but I didn't pay their insane interest rate.

 

[rg35]

It may not be the best option but I borrowed from my 401k. Took 3 years to pay it back but I didn't pay their insane interest rate.

I think that depends on if the gains on your retirement portfolio over that time would have been less than the interest you would have paid over the same time. Given the stock market performance since early 2009, you may have just been better off w/ the financing assuming you could have afforded the payments.

 

[JayBaileys]

Yea I don't know, 4.25 % interest on 20k. Probably didn't make too big of a deal but its done and paid for at this point.

 

[thelionqueen]

There is no prepayment penalty. I did it on my first 2 purchase and paid both back within a year with bonuses/tax returns. Good option for many

 

[bumbershoot]

smells like loan sharks

Yeah, ok.

Chase gave my stbx a 25% rate on a used car. THAT is approaching loan shark level. Not 9-14.

And Dvc gave him 10% 2 years after the chase loan, so it felt like a great rate to us.

Not everyone has the history to get 3% loans, even when you have the income.

 

[Ben E N]

I would check to see if you can get good credit rates with your local credit union. They tend to be more reasonable than big banks.

 

[Dean]

Lightstream is often the best option if one is bent on doing so. Current rates are 5.99% to 14.24% depending on the size of the loan, length and credit. IMO anyone who can afford DVC and it's important to them can buy with cash within 2 years anyway.

 

[thelionqueen]

Lightstream is often the best option if one is bent on doing so. Current rates are 5.99% to 14.24% depending on the size of the loan, length and credit. IMO anyone who can afford DVC and it's important to them can buy with cash within 2 years anyway.

True but the same can be done financing for as little time as possible. Many, myself included, couldn’t pay cash without losing out on good contracts while saving. Just my .02

 

[Dean]

True but the same can be done financing for as little time as possible. Many, myself included, couldn’t pay cash without losing out on good contracts while saving. Just my .02

Sure but IMO, it represents risk. There's always another contract. I used to give exceptions like if you had money coming in, price increases and the like but what I've come to realize is that things happen and if you increase your risk and things happen, the impact is multiplied. The other issue is the most people who intend to pay it off quickly, don't. I'm sure some will post they did but that's irrelevant since most don't statistically. But obviously the risk is variable depending on the personal situation. If one has no other debt and just chose to finance is far different that one who has multiple other debts and payments. Just yesterday I became aware of someone who came back from vacation and their first day back at work they were terminated effective immediately.