View Poll Results: Should I pay off car or continue to purchase mods?
Voters: 78. You may not vote on this poll
Pay Off Car or Continue modding car?
#1
Pay Off Car or Continue modding car?
So fellow fit freaks, im torn between a decision i have to make. Should i pay off the car or make min payments and purchase mods as i go along?
Last edited by lilaznphatboy; 02-26-2010 at 07:39 AM.
#4
but at least having the payments for another year or so should help my credit? i really don't know if making the payments is going to make my credit better or paying off the car
#5
Pay it off, debt freedom is a wonderful thing. I have an 805 credit rating for paying things off early,Including some cars. Agrees with Baked Cookies as well.
PaFitter
PaFitter
Last edited by PaFitter; 02-26-2010 at 08:30 AM.
#16
yea
definitely going for the pay it off method. when my wife and i buy the next car it's going to be cash money just b/c we won't have payments and our honda's will probably last until the wheels fall off, get put back on, and fall off again.
like most everyone else said...debt freedom is a beautiful thing
definitely going for the pay it off method. when my wife and i buy the next car it's going to be cash money just b/c we won't have payments and our honda's will probably last until the wheels fall off, get put back on, and fall off again.
like most everyone else said...debt freedom is a beautiful thing
#17
Pay it off.
Then take 1/2 of your monthly payment amount and direct it monthly to some sort of savings for emergencies or for your next car and do your best not to dip into that account. Depending on how long until your next car purchase, you might be able to pay cash next time.
If you wanna keep working on your credit, make future mod purchases on a credit card and pay off that balance every month without fail. But make sure you don't have/get a card that charges you even if you pay your balance in full. Some of the vultures (I mean credit card companies) are starting to do this as a way to make money off of their most responsible customers who pay on time.
Then take 1/2 of your monthly payment amount and direct it monthly to some sort of savings for emergencies or for your next car and do your best not to dip into that account. Depending on how long until your next car purchase, you might be able to pay cash next time.
If you wanna keep working on your credit, make future mod purchases on a credit card and pay off that balance every month without fail. But make sure you don't have/get a card that charges you even if you pay your balance in full. Some of the vultures (I mean credit card companies) are starting to do this as a way to make money off of their most responsible customers who pay on time.
Last edited by txmatt; 02-26-2010 at 04:22 PM.
#18
pay off. I have debt... and it sucks.
You'll have time later in life to purchase mods or other upgrades. If you want to build your credit, setup recurring automatic payoffs on your credit card for things like your cable TV bill, Cell phone bill etc...
~SB
You'll have time later in life to purchase mods or other upgrades. If you want to build your credit, setup recurring automatic payoffs on your credit card for things like your cable TV bill, Cell phone bill etc...
~SB
#19
You can't really advise a payoff without knowing your financial situation. If you can pay the car off and still have an eight month security savings in case you lose your job, etc, then perhaps it's a consideration. How old are you? Do you live at home? Pay rent? Own a home? Have other debt? It's never a good idea to become cash poor, regardless, imo. Generally speaking, I have found that I'm only debt free for a VERY short time before other debt comes on in. That's what happens when have a house. I'd like to say I own a home, but the bank really owns it for the next 20 or so years. What's your car loan terms, and for how long? You could pay it off double time, thereby establishing good credit by paying back better than promised- and saving a ton of interest in the process. But to ask if you should pay the car off or buy goodies for it isn't really enough info for anyone to tell you much. Not to put anyone here down at all, but asking forum members such a thing should be taken with a huge grain of salt, no matter how heavily the opinions sway. Ideally, you should be talking to someone in your life that knows the particulars of your financial situation, such as a trusted accountant.
So....it depends!
Dan
So....it depends!
Dan