FMOOD 0157: Loan or Cash? - a podcast by Tom Merlino | Tom is inviting you to follow him on his journey to get out of debt and get into prosperity.
from 2017-05-22T06:00
You've got a somewhat significant purchase coming up, and you might be wondering if you should take out a small loan or save up and pay cash. You might be tempted by a same-as-cash offer or introductory APR offer.
While you may be able to pay it off in time, you'll want to be aware of the fine print to find out what happens if you don't pay off the amount in time. In a lot of these scenarios, you'll usually have to pay interest going back to the first date of the loan.
While you always have the same-as-cash option, I think that saving up cash for the purchase is the way to go. Once it has been paid for, it's a done deal. You don't have the headaches associated with having to figure out how to pay it off, and you can truly enjoy your purchase immediately.
What's more, you'll likely appreciate what you're purchasing more since you'll have to work hard to save up the cash. You'll also naturally want to find ways to reduce the overall cost of the purchase, so you may end up not only saving interest but also reducing the purchase price itself.
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