should i pay off or should i keep it for 2 or 3yrs and UPGRADE
2006-12-31 02:27:07 · 17 answers · asked by Anonymous in Cars & Transportation ➔ Buying & Selling
At your young age, you are considered a high credit risk. Make sure you pay it consistently on time, and consider paying more than the monthly payment. Then in a year or so your credit should have improved and you can look into refinancing through E-Loan.com or LendingTree.com or trade it in (but the depreciation might not be worth it).
Also be VERY good with your other lines of credit. Do not open any more accounts and do not get your current cards anywhere near the maximum, or it will appear as though you have gotten yourself in too deep. Many kids your age amass mountains of debt and wind up in bankruptcy. Use your head and live within your means.
2006-12-31 02:29:53 · answer #1 · answered by HearKat 7 · 0⤊ 0⤋
I have a 2001 Jeep Grand Cherokee; however it is a 6 cylinder. I get about 19-21 in the city and 24-26 on the highway. I would imagine a V8 would get a little less than what I experience. I love my Grand Cherokee. It has been fun to drive and very reliable. If you are getting a good deal, I would say, "Go for it!"
2016-03-29 01:57:47 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Damn! Did they see you coming or what?! Personally, I'd check with my bank or credit union and see if you can do a re-fi at a lower interest rate. Unless your credit is absolutely terrible, new and late model car loans should be in the region of 6.5% - 10% for most folks.
Before you can realistically trade it in you'll need to wait until you are "right side up" on your loan, i.e. you owe less than it's worth. With most car loans you'll be upside down for the first few years and trading won't make economic sense. And the longer the loan term, the longer it will take to get right side up. With some loans over 5 years, you may not be in the black until the last few months of the loan.
2006-12-31 04:41:29 · answer #3 · answered by Bostonian In MO 7 · 0⤊ 0⤋
Dude, you got ripped off. Open a checking account at a credit union and then get a car loan through them. Interest will be a lot lower, saving you money on your payments.
As far as auto ownership goes, I'd recommend buy a 2-3 year old car and sell it at 5-6 years old. You have minimal maintainence cost and lose the least on deperciation.
Sometimes a lease makes sense if the mileage is ok with you depending on the deals they have.
2006-12-31 02:41:31 · answer #4 · answered by cabriojazz 2 · 0⤊ 0⤋
Wow... that is a really high percentage rate. I bought a used car and after 2 years, I refused to pay that high of an interest rate on an older model ~ so I traded it in for a newer model and got a much lower interest rate. It worked out very well.
2006-12-31 02:32:39 · answer #5 · answered by ♥michele♥ 7 · 0⤊ 0⤋
Thats a seriously high interest rate. And 6 years to pay on a 4 year old car? Who'd you borrow from? Tony Soprano?
2006-12-31 02:32:28 · answer #6 · answered by Anonymous · 0⤊ 0⤋
That is a really BAD interest rate. I would go to several of your local banks and get a new loan, and pay it off as soon as you can. most banks will charge anywhere from 7 to 9 interest. on a used car.
2006-12-31 02:32:17 · answer #7 · answered by Kismitt 6 · 0⤊ 0⤋
your interest is WAY too high. pay for a year or 2 & trade in with a lower interest rate. if you make your payments on time you'll develop good car credit... that's *the* thing you want.
2006-12-31 02:30:20 · answer #8 · answered by Sarah G 1 · 0⤊ 0⤋
pay it off. look at your loan papers, it should tell you how much you will pay for it in the end. And it is gonna be alot with that kind of interest rate. wow.
2006-12-31 02:31:19 · answer #9 · answered by btyboo 3 · 0⤊ 0⤋
wow im 20 years old and my interest on my car which is an 02 was only 6.4 percent. you need to refinance with someone else thats way too much.
2006-12-31 19:12:42 · answer #10 · answered by Anonymous · 0⤊ 0⤋