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BeLiZe Gyal | Should I get a new car or pay more on my student loans? My car now is a 2000 Toyota and my loans are 8,000.... |
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lizzgeorge
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If your student loans have rates below 6%, then it's OK to just pay the minimum and not pay it off sooner than you have to--you can earn higher interest in a savings account plus the interest on student loans is tax deductible so you're really paying even less in interest than you think.
I'm assuming the car is paid off since it's 7 years old. Do you have enough money to buy a new car in cash (by the way, I hope you are buying used)? If not, then you have to recognize how that monthly payment is going to affect your cash flow each month. Even if you can afford it, you're spending money you could be saving or using to pay off debt.
Recommendations:
If you do have enough to buy a car outright AND your student loans charge less than 6%, then go for the car and be happy.
If you have enough to buy a car outright but your loans are charging much higher than 6%, pay the loans first and finance part of the car--but only when and if you can get a low fixed rate loan (ie when you have good credit and a downpayment).
If you don't have enough to buy a car outright but your loans are charging low interest, then you'll have to decide if the additional monthly payment is affordable or not for you. (hint, if you can't afford to save and have a car payment, then the car payment is NOT affordable).
If you don't have enough to buy a car outright AND your loans are charging high interest, then you must wait on the car and pay the loans down first. |
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Monstblitz
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Does your car still run ok? Toyotas last forever. If you have enough money to buy a car outright, then don't worry about your student loans. If you will need to finance the vehicle, do not buy it if your current car still runs fine.
Remember this - It's never a good idea to finance a depreciating asset. Pay your car off, take the payment you were paying on the car and put it into a savings account, and don't buy a new car until you need one and can pay for it outright. Succesful people don't finance vehicles. |
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surlygurl
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If your car runs fine put the money on the loan. It is so much better to be out of debt, and you don't NEED the newest possible car. |
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cwag
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Good question. Where are you in the job market? Are you out of college with degree in hand? What other obligations do you have? Wife , Family? Am I correct in assuming your degree is not in finance or accounting? It really doesn't make any difference. Where do you want to be in x number of years? Do you want certain things that require an inventment of dollars? Are you used to saving for things you want? Perhaps it is hard to have a firm grip on your goals but plenty of desires and ambitions. If no one said this yet; this is normal and as it should be. All this being said it is better to have no debt or as little as possible. If your car runs OK with no major problems and most Toyotas do for a long time keep it. Reduce your debt as fast as possible and enjoy the fact there may be other wonderful opportunities you may not have thought of which an unpaid student loan might hinder. Good luck |
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Jo Blo
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pay the loan |
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nycmiss79
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pay your loans off first. If you pay it off you may get a better % rate for your car loan |
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Hans
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always pay your loans first. it is cooler to has an old car but has no debts than has the latest car but has tons of debts. |
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sevenofus
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If the car doesn't need to be replaced now, then paying on your student loans would be the best choice. That way you can get that loan paid off or at least paid down before your current car has to be replaced. |
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Ashley D
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You can refinance your vehicle, or let them take the vehicle, and just apply for a another loan for a new car. I had really bad credit, and I applied for a car loan through this company and go approved really quickly and surprisingly easily. Heres a link to they're website. http://goshorter.com/465/ I've had no problems, and I have nothing but good things to say about them. I highly reccomend them! |
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Charisma
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You've read it. Pay your loans. Keep the car, if it takes you from point A to Point B. Why would you want to get into more debt for vanity's sake? |
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hi k
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Pay student loan |
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The Bankman.
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Change the car. Your loans are not payable until / unless you earn £15k per annum, and then on a sliding scale - the more you earn, the more you pay. There is no real reason you should pay back more than you have to with the rate being charged so low.
That is of course assuming you need to change the car, and that you are not planning a mortgage in the near future, as the bakns will take student debt into account. |
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Terrence B Knows
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only a fool would sell you a car with debt like that.
so is this really a question? |
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