Did you ever pay your car with cash instead of applying for finance?

United States
May 6, 2009 3:17pm CST
I was so amazing how people done that. They must saving the money really hard, and they are living in frugal lifestyle. A friend of mine who just paid his new car with cash, instead of getting finance from the dealer, nor the bank. What an amazing act, I wonder when I can do that too. Without debt, without further obligation and interest. From my observation, some Mexicans really pay their cars with cash too. They never begging for Financial aid, and they just straight up with cash. Those dealer's agents love it, don't they? Did you ever pay your car with cash?
1 person likes this
12 responses
@mrsl2008 (635)
7 May 09
Hi, My husabnd & I always prefer to pay cash, as said by some of the others, you get a better deal & don't get stung on the interest. We recently bought a PT Cruiser, not brand new, and we paid cash for that, took it from the dealer that afternoon & got a great deal! Cash is best, don't get finance from the dealer. If you need finance, shop around to get a good deal, this way your never tied to that car if you need to get rid of it for some reason!! Have fun Mrsl x x
• United States
7 May 09
Hello msl2008, This is really good beneficial advice you have given. All of us should really stay away from financing, who wants to be in debt for the rest of their life.
@peavey (16866)
• United States
7 May 09
I paid cash for my last car and if it's at all possible, I will never again have car payments. It simply costs too much in interest and then you're required to carry full coverage insurance, too. 'Way too much money just to drive a car. I don't buy new cars because that's a waste of money, too, since they lose their value as soon as you drive them off the lot. You can do it, too, if you will make "payments" into a savings account until you have enough money. That will be faster than paying off a car on credit, because the interest earned is yours, not theirs.
• United States
7 May 09
Hello Peavey, You are thinking really smart, the interest is rediculious, you find youself paying more then what the car, is really worth when it is all over with, that is great that you stay far away from car payments.
@abkinsey (173)
• United States
17 May 09
No, I have never paid cash for a car. We have two car payments right now. Let me tell you, they are chains around us. Horrible! Never, ever again will we sign up for debt on a car that just depreciates over time. What kind of investment is that? Boy were we foolish. Never again!
@carolscash (9500)
• United States
7 May 09
I have paid cash for the last three cars that I have purchased. I never buy a new car,but I still buy nice cars. I currently own a Buick Roadmaster and it was like new when I bought it. I don't like to finance and so I always try to pay cash for all of the items that I buy. I think that the finance charges that companies are allowed to get by with are ridiculous and I just won't agree to pay them as long as I am able to pay cash. It does require a lot of savings and going without things that I might want for awhile,but it is worth it in the long run.
@jayrene (2713)
• Philippines
7 May 09
we paid cash for our car... but it was second hand and cost cheaper, so there's no really wow on it. and we bought it from the cousin of my husband's close friend, so he had a discount too. if we are going to buy another car, i would prefer to buy it cash, and it's not gonna be those brand new cars as i am not a fan of buying new cars, i would prefer good as new second hand cars.
@mommyboo (13198)
• United States
7 May 09
Yep! I only financed my very first car, and that was because I was a high school student with a part time job lol. It wasn't new, it was a used car anyway so it wasn't that expensive. I paid it off early. I purchased my second car with cash and my third car with cash, the car I have now was originally financed but paid off after a home refinance lol. I don't think I ever want a car loan again.
• United States
7 May 09
Hello clorissa, Me and my husband, always paid cash for our cars, because they were used cars, and they happen to run pretty well, we stay far away from financing, all that does is digs you in to finanical debt. Happy My Lotting!
• United States
7 May 09
No, I have never paid cash for a car. It would be nice if I could. That is the only way my father ever brought a car his whole life. He never financed a car always paid cash for it.
@lumenmom (1996)
• United States
7 May 09
I have bought all my cars except two with cash. They were all used, but the ones I financed cost me much more money than they cahs ones and the cars already overpriced. i try now to buy from private owners instead of dealers. I have had very good success from the private owners. Most are honest about the maintenance that's been done and what if anything is currently wrong with the car.
@breezie (1247)
• Canada
7 May 09
We have not ever bought a new car, but we did pay cash for our most recent vehicle purchase. It would be nice to have the cash to pay for everything right away, but not possible for us at this time.
• United States
6 May 09
We have payed cash for two of our cars. They were not brand new so they cost way less. It was nice to just pay for it and not deal with payments. Id like to get to the point that we can pay cash for everything but we are not close yet. We want to buy a new house this next year and we will have to finance that but as soon as our car we bought this year is payed off we shouldnt have to finance cars anymore. That is the plan anyhow.
@urbandekay (18312)
6 May 09
I have never bought a car or anything on finance; finance is for suckers. Better to pay cash, you get a better deal and don't waste money paying interest. The amount you save buying cash is so great it enabled me to by my home cash all the best urban