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Old 08-09-2018, 03:49 PM   #41
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The cheapest loan rate I can get is a home equity line of credit from my bank. Helps if you have paid off the mortgage.
It's what I used to buy my RAV4. Headed for Safeway to get groceries and stopped by the Toyota dealer. Wrote a cheque. When I got home I told my wife I'd added a SUV to the grocery list.
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Old 08-09-2018, 03:55 PM   #42
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Problem with home equity is losing your home over a car payment whereas if you financed the car all you can lose is the car. I remember using AMEX to purchase 10K US Saving Bonds, cashed them in after 6 months and repeated. After 2 years had enough miles for round trip anywhere in the world. They stopped that program very soon after that.
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Old 08-09-2018, 04:13 PM   #43
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Quote:
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Problem with home equity is losing your home over a car payment

Yup, but you're supposed to make payments.
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Old 08-09-2018, 05:03 PM   #44
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And you can wait to long, have your health fail, and never get much of a chance to enjoy the trailer.

A good friend over 70 wanted to wait several more years to build their new retirement home and I read him the riot act. Loren
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Old 08-09-2018, 06:14 PM   #45
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Quote:
Originally Posted by cpaharley2008 View Post
Problem with home equity is losing your home over a car payment whereas if you financed the car all you can lose is the car. I remember using AMEX to purchase 10K US Saving Bonds, cashed them in after 6 months and repeated. After 2 years had enough miles for round trip anywhere in the world. They stopped that program very soon after that.
I agree with Jim . When we purchased our lake home in Wisconsin our Bank in Minnesota wanted us to put our primary residence in Minnesota up for collateral
I asked the bank what would happen in we got behind on our loan
They said we will go after your primary residence cause we are not going to waste our time and money foreclosing on out of state property
I couldn’t take that risk with 5 kids so I found a different bank that didn’t have that requirement
I would not place my home in possible jeopardy to finance an unnecessary luxury
My parents lived through the Great Depression and that has a great influence on my personal monetary policy
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Old 08-09-2018, 06:34 PM   #46
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We haven’t bought anything but a home in the past 25 years that I could not have paid for with savings. We do finance things on occasion due to having money tied up in CD’s or whatever but if push comes to shove, I’ll never lose anything to the bank for the rest of my days. And that is a good feeling. My parents were depression era folks also.
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Old 08-09-2018, 06:52 PM   #47
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Quote:
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...........
My parents lived through the Great Depression and that has a great influence on my personal monetary policy

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Old 08-09-2018, 06:53 PM   #48
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My dad is a minister and we never had any money, for what that's worth.
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Old 08-09-2018, 06:54 PM   #49
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Now that I'm retired, I no longer save and spend my pension every month, I no longer save money as my savings only earns low interest, so I spend it. My plan is when I pass thru the pearly gates, my check to pay the toll will bounce....
That is Phase I of the financial side of retirement. Phase II is to spend all the investment income, too. Phase III is to spend the principal. l suppose you could also borrow and default.
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