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-   -   Dumbest thing you ever took out a loan for. (http://www.thefinanceforums.com/showthread.php?t=614)

Mark A 07-01-2007 10:37 AM

Dumbest thing you ever took out a loan for.
 
So, let's hear the what why and when of this story from everyone.

For me it was a computer, souped up to the nines with every bell and or whistle I could add.

Why?: My other computer couldn't play the new video game I had bought.

When?: Last September

Now, to make this perfectly clear, at the time I was told that my employer would reimburse me for a computer, however I had not achieved the full-time status necessary for that yet, so I wound up paying out of pocket.

The good news: There wasn't any interest on the loan for 2 years, so I was able to pay it off on my own about 1 month after my wedding in January.

The lesson that I learned: Don't buy what you can't afford. If I would've saved my money I would have paid less because there would be no interest charge on my purchase.

tater03 07-01-2007 08:06 PM

Re: Dumbest thing you ever took out a loan for.
 
I took out a loan for living room furniture when I was just starting out. Dumb, dumb, dumb is all I can say on this.

katharina 07-02-2007 06:31 PM

Re: Dumbest thing you ever took out a loan for.
 
Quote:

Originally Posted by tater03 (Post 3202)
I took out a loan for living room furniture when I was just starting out. Dumb, dumb, dumb is all I can say on this.

We did this, too... never occurred to me at the time that it may have been a wiser choice to buy used stuff and go for the new in a few years. In retrospect, it wasn't as bad as many other things would have been, though... like we didn't buy new cars, kitchen appliances, and so on. So maybe it was a nice balance after all. I really hate loans now. :)

Mynion 07-03-2007 10:48 AM

Re: Dumbest thing you ever took out a loan for.
 
When we bought our first home, the basement was not finished. We didn't really need the space so we left it alone. Then when our first child was born, we really, really needed the extra space. So, although we had to stretch our budget, we got a home equity loan to have the basement finished. We chose a good company, and the work was great, but the loan we got was terrible.

It was an adjustable rate loan, with automatic increases regardless of prime rate, so although we've been in a low-interest environment, the rate has continued to increase. Fortunately, we refinanced out of it to a fixed loan, but not after taking on considerable interest and penalties. This is what can happen when emotion overrides logic. Had I simply done the math/economics I never would've done it!

Good advisors are as much psychologists as anything else, and can many times help save you from yourself. Unfortunately, in this case, I talked to a good salesperson and not a good advisor.

BillR 07-05-2007 01:32 AM

Re: Dumbest thing you ever took out a loan for.
 
I took out a loan for furniture at 20% interest.

If I could go back I'd just sit on the floor - I do that now anyway.

Fred333 10-10-2007 11:27 AM

Re: Dumbest thing you ever took out a loan for.
 
I took it out for my ex-wifes car. Like I said ex-wife. Still paying on it while she drives it around.

GarySpicuzza 10-31-2007 05:30 PM

Re: Dumbest thing you ever took out a loan for.
 
Fred333 wrote:
Quote:

I took it out for my ex-wifes car. Like I said ex-wife. Still paying on it while she drives it around.
That's funny! :) ...and sad...:(

I can't recall who said it but some celebrity was asked if he'd ever remarry? He said, "Why bother, just go find a woman you don't like and buy her a house!":eek:

Hermes 11-02-2007 06:04 AM

Re: Dumbest thing you ever took out a loan for.
 
LMAO...very funny but at the same time...very true:).

happyguy 11-21-2007 06:42 PM

Re: Dumbest thing you ever took out a loan for.
 
I took out a loan in order to buy my firts computer. I wanted to use the computer to generate a part time income. Fortunately for me, I was able to repay the money without stress. The lesson I learnt is that it is good for you to take out a lona only and if ony you are sure it will generate enough money for you to pay back. :)

finsub 12-02-2007 05:07 AM

Re: Dumbest thing you ever took out a loan for.
 
the dumbest loan I've taken is to cover another loan taken in the past - this is not recommended at all! check your loan rates and quotes - it is the most important thing, no?

ao1058 12-18-2007 11:00 PM

Re: Dumbest thing you ever took out a loan for.
 
sub-prime loan







just kidding.

layla17 12-20-2007 11:50 AM

Re: Dumbest thing you ever took out a loan for.
 
I would have to say my worst idea for a loan was when I bought a brand new car a few years back. I still have the car and I'm almost done paying it off, but it's been a huge financial burden.

Sanabanana 01-10-2008 01:11 AM

Re: Dumbest thing you ever took out a loan for.
 
I have never taken loan. lol

cabbage753 02-14-2008 12:42 AM

Re: Dumbest thing you ever took out a loan for.
 
i have only ever had good dealing as i have used the same finance company for all my needs and they are small enough to know who i am and big enough to be competitive. contact leigh at renown financial services

ericajones80 02-15-2008 03:29 PM

Re: Dumbest thing you ever took out a loan for.
 
took out a loan to pay off gov't fines...ugh


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