Help me make sense of financing
Hi, I'm embarrassed to admit that I'm confused about best way to structure my financing deal, asking for the wisdom of who has done it before here (I am sure many have). I paid cash for my curre...
Forum Discussion
Jayco-noslide wrote:+1
1 poster stated "no financial person will ever recommend purchasing something you can't afford" I disagree. It depends on what "afford" means. To me it doesn't mean you can make the payments. it means that I can pay cash for it. In other words, pay for it the day I buy it and not delay paying for many years through monthly payments. Financial people not only state that it's OK to finance but actually a good thing. Wrong. Homes excluded. It was Dave Ramsey that got me started thinking about this.
I am OK making payments however there are plenty of predatory (and regular) lenders that will make loans the borrower cannot afford. Very few lenders do any digging to determine affordability. Maybe a home lender does some. Mostly people self qualify themselves for the loan and the lender does a quick scan for monster red flags.
Dave is a good guy with good advice.
