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Alice T | Should I Pay Off My Auto Loan or Credit Card Debt First? |
I have $4000 cash right now that I want to pay off some of my debts but I am not sure if I should pay off my car loan or credit card debt first.
The balance for the credit card is $6000 ( 8.99% APR for $4000, and 0% APR for $2000) However, for any amount that I pay toward to the account will pay for the 0% APR balance first)
My Auto Loan's balance is $2800. (APR: 3.99%) Because I haven't paid the auto loan off, I have to get a full coverage insurance, which is $178.00 a month. If I paid off the loan, I don't have to a get full coverage, and I can save about $90.00/month.
Which option is better for the long term? and which option would help me increase my credit score?
I appreciate your advice.
Thanks! |
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stan c
|
If the car is 10 years or older, pay it off because there is no actual value if anything happens to the car. If under 10 years you should keep full coverage. As for the credit card, pay about 6% or more of the original balance each month so in 2 years, that will be paid off if you do not use the card. |
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wmichgrad
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Pay off the car and apply the rest toward the credit card. Then roll your car payment and your insurance savings into paying off the credit card. |
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KKup
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Pay off the credit card
Here is why:
1. Credit cards aren't amortized debt, so if you don't pay them down, they last forever and will never pay off.
2. The car is collateralized debt, so it is better to your credit score. It is an installment loan, it isn't open ended. It has a really low balance and a low APR.
3. Most debt reduction plans will tell you to pay off the highest APR debt first. This is so true and is true in this case because that debt is the worst debt of all, credit card debt.
Pay it off, then pay off the $2000 from it, all the while, pay your car payments, then pay extra money on the car when the credit is paid off... |
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Amparo C
 |
It should really save you hassle to just get a car loan quote online to see what the going rates are. You might be really suprised. Also if your credit is not the best, a lot of them are more willing to work with people.
What I most often tell folks is that an online quote at http://auto.lowratetoday.com is the way to go. |
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Strictly Business
 |
You need to pay off the credit card debt- you will be paying more in the long run on the credit card then with the auto loan~
To increase your credit score pay off the credit card~ and make the payments on the car~ always keep the credit card debt DOWN- IE- when you make purchases be sure that in 1-2 statements you can have the card paid off- anything higher than 50% of the limit causes red flags to credit companies- I have been through credit managing courses and THIS IS WHAT they stressed~
Good luck |
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Laurence S
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Why don't you consolidate your debts through a debt consolidation program. Where you can consolidate your different types of debts into one single payment. Thus you would be paying some amount to both of your debts.
For more details on debt consolidation you can refer to this source: http://ezconsolidation.com |
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♪♫♪
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pay off the car.... |
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ginsf
|
without knowing how long you have paid your auto loan or the amount you borrowed I would think that you have probably paid most of the interest on that loan. Despite being able to cancel full coverage I would ask if you really want to, I guess that would depend on the value of the car.
I would consider your spending habits before deciding what to pay off first. If you pay off the credit card with the $4000 balance you will only be doing yourself a favor if you do not use it after you pay it off. Best to close the account. If you think you are likely to spend on the account then pay off the car and use the money from your car and insurance savings to pay balance of credit card.
If your goal is to become debt free it really doesn't matter what your credit score is. A credit score is simply an "I love debt" score. If your goal is to just establish a higher credit score I would recommend paying credit card to 50% or less of the total revoling debt and keeping it there. An account with no balance and no payments does not improve your score.
I think you like listening to Dave Ramsey, look for his radio show or his tv show. His plan can show how to get out of debt and how to build wealth with your currant income. (no fancy money making schemes just good financial advice)
http://www.daveramsey.com/radio/home/ |
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bubbagirl
 |
First, Pay off the loan with the highest interest rate. |
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pwa9690
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That is a tough one.
I would pay off the auto loan and then put the rest of the money toward the credit card. That 0% stuff is somewhat offsetting the 8.99%. If you drop the insurance on the car than you would have $268 extra per month to pay on the credit card. It would be best to commit the $268 a month until the debit is paid on the credit card, then you will be sitting good. Just be sure to not default or pay any of the payments late or the credit card company will really jack up all the intrest rates and charge a lot of fees! |
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Sharon T
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I'd be inclined to pay off the car, which would get rid of that payment. The balance I'd pay against the credit card, making no new charges. Then I'd hit that card hard each month until it was all paid off.
Getting your cards paid in full will help you financially. Don't let credit score drive your decisions. If you make prudent decisions, a good credit score will follow. Keep the credit card open with no balance (once it is paid off), assuming it has no annual fee. If it does have an annual fee, contact the company and ask to have it changed to one without a fee. That will keep your history intact. Use the card occasionally but pay it off in full each month. |
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