This is insane.
they say that there is no early pay penalty so im going to try to kills this loan by the end of this year.
It is 16.5k loan. 36 months for 550 or around there. I forgot what they said.
rent is free for me, i have a used car that will sell for 5k, i have about 3g's in the bank. i should just kill this loan asap huh.
the reason why i want to get the car now is because the guy is selling his 2004 tsx for pretty cheap. For about 16.5k. Which I think is a pretty nice deal. Im going to do an inspection tommorow but another plan was maybe getting a credit union loan and kill off my 16.5k loan immiedately. My credit score is 685. Know a place with better rate hopefully?
2007-08-12 15:19:57 · 3 answers · asked by mrxalex319 2 in Business & Finance ➔ Credit
You could shop around and try to find a better intrest rate - but if you already have this loan settled i wouldnt worry much about it. yeah-the intrest rate is a little high. Actually, i have heard of others with much worse intrest rates, so dont feel too bad about it.
Sounds like you have the ability to pay it off pretty quick, i would just go with that route. Just keep the loan through Capital One, try to pay it off early. You will improve your credit rating and also the next time you go to get a car loan (or loan for another large ticket item) you will probably be able to get a much better intrest rate.
2007-08-12 15:53:49 · answer #1 · answered by Anonymous · 0⤊ 0⤋
1
2016-09-27 21:04:49 · answer #2 · answered by ? 3 · 0⤊ 0⤋
There's nothing wrong with borrowing money, if you can put it to work at a higher rate than you are charged.
Cars being a "consumer good", that isn't the case here.
1% would be too much. Even at that rate, the car will be worth less when you pay it off than it is today.
Never borrow money for anything that you don't expect to be worth more when paid for than when bought, unless it will produce income until then.
2007-08-12 15:27:40 · answer #3 · answered by open4one 7 · 0⤊ 0⤋