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But lets look at reality again. Honestly, how many people get a 2.5% rate for the entire length of the car loan? Maybe you do but keep in mind, the car dealers have to make something. So they jack those cars way up and then offer 0% or 2.5% to make you think you are getting a deal.
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Well, we were talking about Ima's situation specifically
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Give me a $4,000 car from the newspaper that I pay from checking over a $18,000 car costing 2.5% anyday.
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Of course! But you're changing assumptions on us. We were saying all else equal.
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Besides, why stop at a car? Why not get a CC and pay for all of your food too. That way, you can put your grocery money in savings at 4.25% and pay off your CC each month. Let your grocery money sit for 28 days drawing interest....lol
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I actually just started doing that this month. I purchase 98% of everything on our one credit card. I take our avg monthly expenses on the first of the month and it's
automatically withdrawn from checking into ING. A few days before the checking account
automatically pays the CC balance in full, ING
automatically puts the same amount back (it's a subaccount in ING I call float).
It took me 10 minutes to setup and makes us $60 per year in interest. And that's a low amount only because our monthly expenses are rock-bottom low so the float amount is low
(And of course I'm not considering the % cashback reward that I was told not to mention earlier!)
10 minutes, $60. That's $360 per hour.
To each his own.
Every person's situation needs to be evaluated as its own situation!