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The bank loan was paid off today! Yippee! It is pure coincidence that payoff day was the anniversary of the Mustang!
For those of you that might be interested, I found a great way to take out a loan for cars (either new or used), but it is not for everyone. If you are fiscally well off, you will have a bunch of liquid cash in a savings account at your bank for emergencies, along with mutual funds and uncashed winning lottery tickets). I took out a loan against my savings account at 5.5%. The loan amount in savings cannot be touched, but it accrues interest at 3.5% or so. The resulting loan is 2.0%. As your monthly payments decrease the loan value, the money gets freed up again in your savings account. If you run into a real problem and need access to the savings, you can convert the loan into a used car loan at a higher rate of interest.
I've done this three times now, and it is really slick! What is neat about this method is that I receive the title right away, as the car is not collatoral for the loan. Highly recommended for those that have a fair amount of funds.
http://clubs.hemmings.com/baymustang/platesmall.jpgLet me check your shorts! My multimeter is just a-waiting! Formerly known as Midlife in the old VMF.
King of the Old Farts *struts*
For those of you that might be interested, I found a great way to take out a loan for cars (either new or used), but it is not for everyone. If you are fiscally well off, you will have a bunch of liquid cash in a savings account at your bank for emergencies, along with mutual funds and uncashed winning lottery tickets). I took out a loan against my savings account at 5.5%. The loan amount in savings cannot be touched, but it accrues interest at 3.5% or so. The resulting loan is 2.0%. As your monthly payments decrease the loan value, the money gets freed up again in your savings account. If you run into a real problem and need access to the savings, you can convert the loan into a used car loan at a higher rate of interest.
I've done this three times now, and it is really slick! What is neat about this method is that I receive the title right away, as the car is not collatoral for the loan. Highly recommended for those that have a fair amount of funds.
http://clubs.hemmings.com/baymustang/platesmall.jpgLet me check your shorts! My multimeter is just a-waiting! Formerly known as Midlife in the old VMF.
King of the Old Farts *struts*