Pay off Car or Move Out? Advice for a 20 something

[Detroit Wave]

stack ya bread dummy

you didnt mention any rent being paid to whoever you live with now so ride that shyt till the wheels fall off

dont pay the car off, keep making your payments so it looks good when they run ya credit history for the home loan.

 

[-DMP-]

Why use 9k when you don’t have too.


He should pay the car off over time, keep his savings and move out

Any other advice is not good advice

if he was choosing between an investment that could make more than the savings of paying off his car, then I would say invest and not pay the car off.

Not really knowing the interest in his car, it’s hard for me to not say pay off the car first.

but I will say I kept my car note for as long as I could and did other stuff with the money only because my interest was 1% or so.

ymmv.

 

[Raiders]

Lock that 10k in an emergency savings, start saving for another 10k to pay off your car, if things get really bad then dip, but really bad isn’t not being able to have freaks over.

I know living at home sucks but you are in a great position to position yourself for life if you can be patient. Plus whatever you would be spend on rent you can always get a room or two a month for the freaks.

If you did pay your car off and stay at home the money that you no long have to pay for your car will allow you to save the next 10k quicker as well.

Me that has lived some says stay at home, and have some grown and real discussions with your parents they seem to have done a good job with you. They should be open to hearing you out on how you are feeling and how you can improve the living situation, be ready to hear about ways you can improve as well, but you should be mindful of these things anyway.

 

[CrimsonTider]

Sell the car. You can't afford it.

 

[Tflasha]

Stay at home til you're 30

 

[Sad Bunny]

I will become debt-free first because if you’re not paying rent right now that is a luxury many people this world Do not have

 

[Bossyyyyy]

if he was choosing between an investment that could make more than the savings of paying off his car, then I would say invest and not pay the car off.

Not really knowing the interest in his car, it’s hard for me to not say pay off the car first.

but I will say I kept my car note for as long as I could and did other stuff with the money only because my interest was 1% or so.

ymmv.

My interest rate is 3.99%

 

[Bossyyyyy]

Stay at home til you're 30

 

[Mindfield333]

What kind of warranty do you have on it?what kind of insurance coverage? Is it a foreign or domestic? How long you plan to keep it? Because to deplete your savings for it you must trust it. And that money could be spent else where. You agreed to make payments for however long so you don’t get accolades for paying it off way earlier.

^^^ I’m just saying that you should keep these things in mind ^^^

 

[Bossyyyyy]

Unless you're the kind of genius that needs to taste the poison to know it's a bad idea, man up and appreciate what you have at home. At this point it's more than likely you have no clue how deep "hell" can go. Humble yourself so you don't have to find out the hard way.


The only caveat possible to that is if you're in an abusive environment.

thanks man

 

[Bossyyyyy]

What kind of warranty do you have on it?what kind of insurance coverage? Is it a foreign or domestic? How long you plan to keep it? Because to deplete your savings for it you must trust it. And that money could be spent else where. You agreed to make payments for however long so you don’t get accolades for paying it off way earlier.

^^^ I’m just saying that you should keep these things in mind ^^^

Stuff like this is really good. Thank you. It’s questions like these that I don’t always know to consider. It’s a Lexus and I plan on keeping it until the wheels literally fall off. I bought it w the intent that I would be able to trust it, and so far it hasn’t given me too many problems outside of buying premium gas smh


Side note: for ppl that graduated, took a break from school then went back to school, how did you handle your undergraduate loans? I know I want to go back to school, and will be, so the idea of trying to pay them now seems kinda pointless

 

[AStrangeName]

Pay off the car first, you'll think yourself for that later

 

[Bossyyyyy]

I will become debt-free first because if you’re not paying rent right now that is a luxury many people this world Do not have

Debt free would also include paying student loans. That’s an entire other beast

 

[-DMP-]

Debt free would also include paying student loans. That’s an entire other beast

Damn bro you got loans too. How much?

 

[ShackZilla89]

Stay home, pay off car and stack. Start a low risk biz or side hustle on the side and stack even more...don't move out unless you have to or you're ready.