What to do with $3k
#16
12-29-2008, 07:24 AM
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#17
12-29-2008, 01:25 PM
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#18
12-29-2008, 02:03 PM
Actually, putting that $3,000 towards your loan wouldn't make any sense at this point, unless you're planning to buy a house. You bought your car used at a depreciated value and it will continue to depreciate at the same rate whether it's paid for or not. An 11k loan is a price many people can afford. That's about $280/month for a 4 year term or $230/month for a 5 year term. Save your cash for the rainy days or invest it in a CD.
You can always sell your car anytime by doing a loan pay off sale.
Just my 2 cents.
You can always sell your car anytime by doing a loan pay off sale.
Just my 2 cents.
please, remember you throw away money on interest. lots of it.
#19
12-29-2008, 03:16 PM
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#21
12-30-2008, 08:22 AM
Smart man. You won't regret paying off that loan quickly.
I bought my car 2 years ago slightly used ('06 2200 miles) at age 25. Put $20k down and paid off the rest in 9 months. I am the type of person that hates to be in debt and I didn't like seeing that car note taken out of my bank account every month so I was on an aggressive payment schedule to pay it off. You'll feel the same way.... good decision.
I bought my car 2 years ago slightly used ('06 2200 miles) at age 25. Put $20k down and paid off the rest in 9 months. I am the type of person that hates to be in debt and I didn't like seeing that car note taken out of my bank account every month so I was on an aggressive payment schedule to pay it off. You'll feel the same way.... good decision.
I definitely understand that paying off the loan is the the wisest thing to do financially. Being that I'm 23, I guess I get tempted to stray from the proper course, lol. I was kind of hoping for some "get wheels or mods" replies. However, the G35 community is a far cry from the Mustang / Honda communities I've been a part of in the past. They would have definitely told me to get spend the cash on mods. I guess maturity comes with driving such a classy car. Using the 3k towards the loan will put me in good position to pay off the loan in 1.5 years. Thanks for the advice, I'll have to resist the temptation to start modding.
#25
12-30-2008, 10:34 AM
#26
12-30-2008, 03:59 PM
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I work at USAA (bank/insurance company) that somehow also owns a diamond/gem lab, lol. We get a pretty nice discount on jewelry.
