Which one is the wiser choice? If you could be ahead of the game as far as payments and you needed the security of paying ahead of time.
2006-12-04 06:29:05 · 13 answers · asked by Anonymous in Business & Finance ➔ Credit
You're paying interest on the balance of your car loan and not on rent, so getting ahead on car payments would be far more advantageous.
2006-12-04 06:37:01 · answer #1 · answered by jeepdrivr 4 · 0⤊ 0⤋
I would go with car. Since you are renting, its kind of a waste of money to pay double rent when you own no part of it. Now if you had a mortgage payment I would double on that.
Both have interest but the car payment would be done first. Go with the car. Then maybe buy a house.
2006-12-04 06:37:53 · answer #2 · answered by Ember B 3 · 0⤊ 1⤋
I would say double up on your car payments. First of all you will be saving interest by paying off your car early and building credit.
Doubling up on rent does not really benefit you at all except that you would be ahead on your rent.
Pay off your car, build your credit, buy a house, double up on house payments to save interest and pay off your house faster.
If I had the money to do that, that's what I would do.
2006-12-04 06:33:31 · answer #3 · answered by Misty B 4 · 0⤊ 0⤋
Double up on your car payment because not only are you paying interest, but your credit report is affected as well. Unless you thnk you may be out of work soon, then double your rent to give you time to find a job before you lose your place.
2006-12-04 06:39:48 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Double up on car payments since you are charged interest rates, you could save over time. Your rent should be a fixed payment (so you're not gaining anything).
2006-12-04 15:05:30 · answer #5 · answered by Mariposa 7 · 0⤊ 0⤋
i would double up on car payments because the sooner the car is paid off the less interest you pay. Paying rent is not a loan so you don't have any finance charges to pay.
2006-12-07 17:56:48 · answer #6 · answered by luciousgreeneyedlady 5 · 0⤊ 0⤋
I would double up on the car payment. Then you pay it off faster and have no more car payments. Rent will always be there, so why put more money in your landlord's pocket?
2006-12-04 06:32:18 · answer #7 · answered by Tabitha 4 · 0⤊ 0⤋
Double up on your car payments because you are paying interest on that, just make sure you inform the finance company you want the extra money to go toward the principle. Also make sure there are no pre-payment penalties.
2006-12-04 06:32:19 · answer #8 · answered by smoothie 5 · 2⤊ 0⤋
Well it depends. On your car loan its interset is front end loaded. And I don't think it matters if you make double payments or not. A home mortgage does matter. You could knock off years of payments. If its just rent it probably doesn't matter.
2006-12-04 06:32:25 · answer #9 · answered by CoCo 2 · 0⤊ 0⤋
Double up on the car payments, it has interest accruing, rent does not.
2006-12-04 07:18:27 · answer #10 · answered by PALADIN 4 · 0⤊ 0⤋