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pfxtc
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financial question
#17049736 - 10/17/12 05:08 PM (11 years, 3 months ago) |
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I have a 9000 car payment, and can afford to make 2-3 payments a month. Would it behoove of me to pay the car off first, or just pay it off normally and save the rest? I'm not sure if I'll have a job in a year or so so I'm kind of confused as to if I should save up incase shit happens, or if I should pay off the car so I don't have to worry about it. I already have about 5000 saved up "incase shit happens"
-------------------- koods said: Young male going by the name "Bassfreak" entered Worcester General complaining of a sharp pain in his buttock region after attending EDM event. Attending physician considered a possible diagnosis of acute rave anus, but upon further investigation it was determined there was nothing cute about patient's anus. Life-long trip report
Edited by pfxtc (10/17/12 05:12 PM)
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Ima Trooper
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Re: financial question [Re: pfxtc]
#17049747 - 10/17/12 05:10 PM (11 years, 3 months ago) |
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I would pay off the car, because if the job ends and the car get repossessed, you're going to have a much harder time finding another job.
-------------------- "Its moving of its own accord...and I like that in a shirt!" - Me, tripping. deCypher said: Schizophrenia beats dining alone, you know.
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memes
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pay off the car, because the money you would earn bby saving it is less than the money you get charged in interest.
AKA - the longer you're paying it off, the more it's costing you. however, in these uncertain economic times, a nest egg is an invaluable asset.
My suggestion: Make two payments a month, and save the theoretical third. but ACTUALLY SAVE THIS MONEY. Don't just spent more. If you're just going to spend it, make 2.5 payments and then treat yourself w/ the extra .5
Either way - pay your shit off.
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pfxtc
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Re: financial question [Re: memes]
#17049782 - 10/17/12 05:16 PM (11 years, 3 months ago) |
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Quote:
meams said: pay off the car, because the money you would earn bby saving it is less than the money you get charged in interest.
AKA - the longer you're paying it off, the more it's costing you. however, in these uncertain economic times, a nest egg is an invaluable asset.
My suggestion: Make two payments a month, and save the theoretical third. but ACTUALLY SAVE THIS MONEY. Don't just spent more. If you're just going to spend it, make 2.5 payments and then treat yourself w/ the extra .5
Either way - pay your shit off.
Sounds good. I think I'll do this. I'm a dumbass, my old car was paid off but I had it 5 years and like a dumbass went out and bought a new one for 20,000 (put 9600 down) so I'm reminded how dumb I am every month. But I like the car
-------------------- koods said: Young male going by the name "Bassfreak" entered Worcester General complaining of a sharp pain in his buttock region after attending EDM event. Attending physician considered a possible diagnosis of acute rave anus, but upon further investigation it was determined there was nothing cute about patient's anus. Life-long trip report
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qman
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Re: financial question [Re: pfxtc]
#17049809 - 10/17/12 05:21 PM (11 years, 3 months ago) |
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Depends on your rate of interest, if in the 3%-4% range, I would just make the regular payments, and keep your cash level as high as you can. Sometimes there is such a thing as "good" debt when the interest rate is low and you cash is also low.
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pfxtc
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Re: financial question [Re: qman]
#17049811 - 10/17/12 05:22 PM (11 years, 3 months ago) |
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my interest rate is 2.5% i think, or lower.
-------------------- koods said: Young male going by the name "Bassfreak" entered Worcester General complaining of a sharp pain in his buttock region after attending EDM event. Attending physician considered a possible diagnosis of acute rave anus, but upon further investigation it was determined there was nothing cute about patient's anus. Life-long trip report
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qman
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Re: financial question [Re: pfxtc]
#17049830 - 10/17/12 05:27 PM (11 years, 3 months ago) |
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Quote:
pfxtc said: my interest rate is 2.5% i think, or lower.
That's a great low rate, keep the cash and save it, and just make the regular payments would be my plan. You are buying a little time to see if your job situation is working. Do you really want a car, with no cash and no job, being cash poor or broke is not a fun feeling.
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pfxtc
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Re: financial question [Re: qman]
#17049881 - 10/17/12 05:34 PM (11 years, 3 months ago) |
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Quote:
qman said:
Quote:
pfxtc said: my interest rate is 2.5% i think, or lower.
That's a great low rate, keep the cash and save it, and just make the regular payments would be my plan. You are buying a little time to see if your job situation is working. Do you really want a car, with no cash and no job, being cash poor or broke is not a fun feeling.
i remember when I bought the car the guy at the dealer was like hey man its 6% you wont get any lower, really it wont even matter, and i laughed at him and took it to my bank and they gave me the lowest rate they offer.
i think you make the most sense, i was thinking if I cant work for like 3-6 months or whatever I can always pay the car off with my savings and live at the same time.
-------------------- koods said: Young male going by the name "Bassfreak" entered Worcester General complaining of a sharp pain in his buttock region after attending EDM event. Attending physician considered a possible diagnosis of acute rave anus, but upon further investigation it was determined there was nothing cute about patient's anus. Life-long trip report
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