Originally Posted by Cody M
You obviously didn't read his question very well. He was asking if there where any companies out there that could help with paying for his car. If he had cash on hand then he wouldn't be asking this question. I agree with you that you shouldn't take out a loan to fix a car but that wasn't his question so I gave him idea's off the top of my head. Just cause I'm 20 years old doesn't mean I know nothing about money. I work just like you do and I'm in the process of saving up money for a house. Yeah I may not have many bills at my age but I know the value of the dollar.
I think this is the problem you have here. There are a lot of old timers opinions (as they called themselves in the previous post). The old timers believe in cash and no credit. I get that! I am the last one to use credit because I can't stand credit cards. I have no credit debt and prefer to keep it that way. You still have people in this world (like my grandfather) that refused to get credit cards. The old timer mentality is if you don't have the money then you shouldn't spend it. That theory works great until you try to rent a car. You can hand them a ton of cash but they still won't lend you a car without a major credit card.
In my opinion there are 2 loans that are OK. A mortgage and car loan. You may run out and pay cash for a used car.... but do you really keep 30k hanging around for a new car purchase? I don't! Every penny I have is invested with very little liquid laying around. Why would anyone keep 30K in a savings or checking account anyway?!!!! What will you get for it? .00019 percent interest rate
