 Do you reconcile your bank statements regularly? |
Or do you not bother?
Additional Details
Just spent all night doing mine for the last 4 months - crikey! I spend a lot!... |
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| Well , hey I have to be independant and can't ask for any. I just need some ideas. I am too young to have a job.My daddy wont let me babysit , the usual ''What if something bad were to ... |
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 What should my saving priority be at this stage of my life? |
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 Need to work at home help me? |
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 Hey Guys, I just had a quick question. If I buy 10 Xbox 360's and sell them on ebay, is that illegal? |
Additional Details
Yeah I get what you guys are saying. But lets say for example...... a Nintento Wiii. Now if I buy 10 for full price (when they come out ) and sell them on ebay for ... |
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 Bank account and credit card at 17? |
| My friend is 17 years old and he just got a job at Baskin Robins. He got his first paycheck and cashed it at a check cashing place. Can he take his next paycheck to the bank and get a account. He ... |
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 Return policy? |
| if you buy something at a radio shack (or any store), do you have to return it to the same store?... |
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 HOW do you CONTROL your spending? |
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 Is It Better To Owe A Little Bit Of Money Or A LOT Of Money...? |
Which is better?
Additional Details
A lot of you seem to have misunderstood the question. I heard somewhere that if you have a small amount of debt, then you're in trouble. However, ... |
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Dave | Why can you finance a $40,000.00 car for 5 years and have to finance a $40,000.00 house for 20 or 30 years? |
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ilse72
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Finance time on a car is limited due to the depreciation on the car. The value of the car drops steadily once it is driven off the lot. Doesn't make sense to pay longer than 5 years on a car when, in 5 years, it isn't worth but a fraction of what you paid for it.
A house, on the other hand, appreciates so the longer you have it, the more money it is worth making the longer payback period worthwhile. |
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Frank Castle
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You cannot buy a house with $40,000.00 unless is a house seized by the United States Of America. |
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Kokopelli
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You have the question backwards. It should be:
"If you can finance a house for 20 or 30 years why can you only finance a car for 5 years?"
First of all, cars tend to be a depreciating expense, whereas a house is an appreciating asset. These are two different animals.
You would not have to finance the house for 20 or 30 years if you did not want to. You can always prepay the loan, and there are programs available to finance a house for 10 or 15 years (a house is usually much more expensive than a car). |
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Junkie
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Solution is, make a contract where there is no penalty for early payment on loan and pay up in 5 years.
You will save almost the same amount of money. |
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CheetosRock
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home/property values continue to increase over time and it is a different type of loan altogether and quite a long process to buy a home. With a car its nearly instant and done straight through a bank or auto finance company.
Id be scared of a $40,000 house, havent seen those kind of prices since the 1970's, the average where I am are $300,000 |
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psychgrad
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For one, you are not likely to find a house for $40,000. You have a longer repayment period of mortgages because the loans are for larger amounts. |
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john_killebrew
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no you don't have longer car notes because after 5 years of driving the car isn't worth enough to secure a loan. |
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merdenoms
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It has to do to the depreciation value. Land will never depreciate unlike a car. |
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chaloobe
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A lot depends on your credit too. If you can truely afford a $40,000 car, you should have good credit. People buying the less expensive homes are more likely to have worse credit. |
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PsychoMarge
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Because a car devaluates very quickly. If you default on the loan prior to the end, they want the worth to be able to cover the remainder of the mortgage. Real estate, on the other hand, increases in value over time. Thus, it's much safer to offer a loan over a much longer length of time and get much more interest in the process. This is also why home loans are generally at a much more attractive percentage rate. Lastly, most home loans are for a much higher amount than the typical auto loan. $40K would buy you a nice doghouse in most major cities. |
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Hippie Chick
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Actually, most places will go 7 years on a new car now...and as the prices continue to rise, they will have to continue to do longer terms on financing. |
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wizkid46307
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A house will last for 30 years. A car won't. |
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CINDI LOU
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YOU DON'T "HAVE" TO FINANCE A HOUSE FOR 20-30 YRS YOU CAN PAY CASH OUTRIGHT IF YOU WANT TO. THE REASON YOU CAN'T GET A LOAN FOR A CAR FOR 20-30 YEARS IS BECAUSE THE DEPRECIATION OF THE CAR MAKES IT LESS THAN APPEALING TO THE BANKERS (IN FACT THEY'D BE LAUGHED RIGHT OUT OF THE JOB IF THEY TRIED TO DO IT)THE CAR WOULD BE LONG GONE BEFORE THE LOAN WAS EVER PAID OFF & SO WOULD YOUR INCENTIVE TO PAY OFF THE LOAN. FOR THE RECORD I'D LIKE TO KNOW WHERE YOU'RE FINDING $40,000 HOMES THESE DAYS? |
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