Is A New Car Purchase Really That Bad?

When purchasing an automobile to transport yourself from Point A to Point B, one of the most controversial things to think about is whether you should a new or used car.

Typically, people would recommend you to go with the used car so you won’t get hit with the depreciation once you drive off the lot, a loan (if you pay with all cash), and increasing your lifestyle to suit that brand new car.

On the opposite spectrum, people would recommend a new car so you can have a peace of mind on the possible maintenance costs that come with a new car, a factory warranty, being the only owner of the car, and just in general, having something new.

To give you some preface, I’ve been on the market for an automobile for the last few months, given that my car was stolen a few months ago.

So for today’s article, I’ll be looking into and analyzing whether or not a new car purchase would be bad for a “financially literate” person with “trustworthy credit”.

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The 5 Credit Cards I Keep in My Wallet

Previously, I mentioned that I liked to open up new credit cards as a hobby to travel the world for free. As a matter of fact, I’ve opened more than 20 credit cards within the past few years, which is an insane amount. You might be thinking, “how the heck do you carry all those cards”!?

Well, the reality of the fact is that I don’t carry all 20+ on me at any time. At most, I only carry 5 cards at a time and maybe an extra 6th if I had a card I needed to perform manufactured spending on.

With that, let’s dive into my wallet and see what cards I have swimming around!

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The Power of 50,000 Miles

I’m a mile and points collector. I haven’t talked about it much, but I’ll be getting into it sooner or later this year.

I love to open up new credit cards for the sign-up bonuses and utilize them for free trips around the world, whether in economy, business, or first class. It’s an experience that I get to enjoy because of my churning and credit card hobby. However, this isn’t always the case and the points could always be used for something better.

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How I Purchased a New Car with No Down Payment and a 0% APR Loan

Back in March of 2015, I accepted an offer to a new job about a thousand of miles away from home. I had no car of my own, so I decided to purchased a 2015 Toyota Camry LE for its reliability and brand. The total cost of the car was $22,079.12 and I did not have to put down a down payment and was also approved for a 0% APR loan for 48 months.

Now how exactly was I able to purchase a new car with no money down and still get approved for a 0% APR loan for 48 months?

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The 5 Factors That Affect Your Credit Score

The credit score is a number derived from information about your credit history. Lenders, such as auto dealerships, credit card companies, mortgage bankers, and more use this number to determine how reliable you are and how risky the loan it will be to them.

It is important to have a good credit score as it will signify that you are financially responsible and that your life is on the right track. It can also drastically reduce the rate of interest for new loans or even allow you to be able to rent your perfect place, as some landlords may perform credit checks!

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