{ "media_type": "text", "post_content": "I need a new car and still waiting on the compensation damage (personal injury). Thinking about getting a lease to finance it and then pay it off once I receive the money. Any cons to this? I don’t want to put my savings into a car. Thank you!", "post_id": "5f0c783e1e2de10028d8a035", "reply_count": 20, "vote_count": 1, "bowl_id": "552d1d24dc1c586b09d2d051", "bowl_name": "Consulting" }

I need a new car and still waiting on the compensation damage (personal injury). Thinking about getting a lease to finance it and then pay it off once I receive the money. Any cons to this? I don’t want to put my savings into a car. Thank you!

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Origination fees. If you can afford it and expect to be paid back short term then I'd say put your savings into it (unless your saving are generating more profit)

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Oh I forgot about the origination fees!

Why not use savings? Unless it’ll put you below a certain amount you’d need for an emergency fund, it seems like that would be best.

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That’s what’s going to happen. I am trying to have at least 6 months of emergency funds

Make the payments until the economy is stabilized. Cash is king right now. Also consider used. Rental car companies sell low mileage rental vehicles with a warranty and no dickering at most brands. Would think they’d be trying to dump some about now. I got 1.9% interest from hertz about 4 years ago.

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Thanks so much D1, I am going to buy used (never got a new car as I was always paying cash...). But this time, I want to get a bigger car as I do have a kid now.

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Assuming you’re talking about a loan and not a lease, I don’t see major downsides as long as you have good credit and can get low interest rates. When I bought my car a few years ago I financed at 0.9% for a used car over 60 months, interest rates overall are now lower and sellers are trying very hard to get people to buy cars so you may find good incentives. If you find there aren’t good loan offers for the car you want to buy, you can see if any credit unions that you may be able to join can offer better rates

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6% wow!!! I’ll definitely look into other options as well. Thank you!! :)

* thanks all, I meant a loan not a lease! 😃🤦🏿‍♂️

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