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Car Purchase - Credit


Buy a car on credit? There are strange points of view. Some people actually argue that if you absolutely can't afford something, you should buy it on credit. Of course that's nonsense. As if something was given to you and you never had to pay the money back. So if you can't afford something from your monthly budget, then certainly not on credit.

However, rejecting a loan in principle would also be wrong. Imagine companies that receive a large order and need to buy machines for it. Here, a loan usefully bridges the gap between immediate expenses and later expected income.

And for private individuals? There are people who basically buy their cars new. They know that such a car loses a lot of value in the first few years, but they compensate by driving the respective car for a long time. In this way, they save repair costs for many years and decide later before each repair whether it is still worthwhile.

If, for example, during the construction of the house, the old vehicle does not answer the request to hold out until the house is finished, it can make sense to alleviate the current bottleneck with a loan. Imagine you buy a used car and then, in addition to the psychological stress of building a house, you have problems with defects and repairs. Quite apart from the fact that you need the car every day.

However, many people forget to ask the right questions to the lender. No, percentages are not a good way of understanding. They always have something relative. That reminds me of the phrase 'up to 30% discount'. What does that actually mean? Am I among the lucky ones to be granted this discount? Or does the shop perhaps only have a part that is absolutely uninteresting to me on which this discount is granted?

So, I can't buy anything for the reference to e.g. '2 percent'. Besides, it's the other way around. A borrower will be able to afford less for the foreseeable future. Of course, he would have been better off saving and then afforded what he wanted. This is how the lender makes a profit. And it is precisely this share that I would calculate down to the last penny.

There are e.g. people (like me too) who very rarely but definitely have the feeling that they have to reward themselves. But perhaps the money is lacking right now. So far there is nothing to complain about. If these people are honest with themselves, they will calculate before buying on credit how much more the object of desire costs. Then they can struggle with themselves if the wish is worth it.

This approach has another advantage: you can compare. Again, this is best done with real numbers. Because when it comes to percentages, there is the tragedy that 'per centum' means 'out of a hundred'. So there is always a reference to a real, existing sum. But to which one? The introduction of percentages was one of the first sins. Not only since then can you prove almost everything with statistics.

Especially when it comes to charges to be paid monthly, no path should be too long to make comparisons. Why not, for example, compare the offer from the car dealer against another? By the way, comparison portals may not always be helpful. After all, they have to finance themselves from something, right?

If you compare the total for all years with the purchase price for cash payments, the difference can be exactly the profit of the lender. You can still add a company, which then profits from your money, by using a comparison portal to determine the lender. No, there is no way around doing the calculations yourself.








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