should i do smaller truck payments?

Big Perm said:
At $900 a month on a $29k loan, your pay-off should be no more than $22k, if not less.....let's say $22k x 60 months x 6.99% (prime on used :dontknow: )....anyway, that's about a $440 payment (for every $5k financed at prime on 60, it's about $100 in payment)

The advantage here is your payments are fixed, you never have a pre-payment penalty, and you're already in an equity position on your unit.....other loans, including credit cards and tools, often come at a much higher rate.....I actually think your idea of a refi is a good one....take the remaining $460 each month, pay-off your credit cards and other loans at a record pace.....once complete, you can double up on payments and make $900 a month....it might cost you a few bucks, but one slipped up late payment on a credit card (ie, they forget to ship a statement)....can cause interest to go through the roof and really hurt you.....

My advice....refi, get your revolving debt and personal loans paid, and then double back up on the truck....I say this with all due respect to those with differing opinions, but this is the safest, most cost effective route IMHO....

Good luck bro....
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Thanks BP, this is exactly what i was thinkin! i just need about a year or so to pay off the rest my crap. Once i finish those up, i would hop back on to paying the truck off doubled. However with the payment i have now, school payment and rent, there's very little to go around for everything else. (Cali' is expensive:( ) I will surely look into refinancing. However i noticed in my capital one owners manual that it states that my loan term can range from 30-72 months. to change the term to call the 800 num. I wonder if this can be done even after a year. imma call and find out tomarrow... As far as sidejobs go, i'm kind sick of workin on cars. I'm not sure I wanna come home to fix more BMW's. Hell i dont have much choice either. I'll get some business cards done and at least fix 2-3 cars a week and see how that goes. thanks for all the input guys:)
 
Nowwhat said:
I disagree a refinance will be at a higher interest rate...and just prolongs the pain...

Paying interest is what is killing you.. Try to stop buying anything on credit if possible...

A Family loan to clear you debts can be an option sometimes...paying your family 5% and using the $$ you borrow to pay off high interest CCs and the like will get you back above water
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Will you be my daddy?? :dontknow: :D :p :p Hahaha, couldn't resist. :D
 
Big Perm said:
At $900 a month on a $29k loan, your pay-off should be no more than $22k, if not less.....let's say $22k x 60 months x 6.99% (prime on used :dontknow: )....anyway, that's about a $440 payment (for every $5k financed at prime on 60, it's about $100 in payment)

The advantage here is your payments are fixed, you never have a pre-payment penalty, and you're already in an equity position on your unit.....other loans, including credit cards and tools, often come at a much higher rate.....I actually think your idea of a refi is a good one....take the remaining $460 each month, pay-off your credit cards and other loans at a record pace.....once complete, you can double up on payments and make $900 a month....it might cost you a few bucks, but one slipped up late payment on a credit card (ie, they forget to ship a statement)....can cause interest to go through the roof and really hurt you.....

My advice....refi, get your revolving debt and personal loans paid, and then double back up on the truck....I say this with all due respect to those with differing opinions, but this is the safest, most cost effective route IMHO....

Good luck bro....
Click to expand...
This is exactly what I would do. Good suggestions from a thinker
 
FerrariTruck said:
Thanks BP, this is exactly what i was thinkin! i just need about a year or so to pay off the rest my crap. Once i finish those up, i would hop back on to paying the truck off doubled. However with the payment i have now, school payment and rent, there's very little to go around for everything else. (Cali' is expensive:( ) I will surely look into refinancing. However i noticed in my capital one owners manual that it states that my loan term can range from 30-72 months. to change the term to call the 800 num. I wonder if this can be done even after a year. imma call and find out tomarrow... As far as sidejobs go, i'm kind sick of workin on cars. I'm not sure I wanna come home to fix more BMW's. Hell i dont have much choice either. I'll get some business cards done and at least fix 2-3 cars a week and see how that goes. thanks for all the input guys:)
Click to expand...
Good luck Ferrari! :rock: You are wise to ask and think it all through. For a young guy it sounds like you have it together. You will do what is right :D
 
FerrariTruck said:
Thanks BP, this is exactly what i was thinkin! i just need about a year or so to pay off the rest my crap. Once i finish those up, i would hop back on to paying the truck off doubled. However with the payment i have now, school payment and rent, there's very little to go around for everything else. (Cali' is expensive:( ) I will surely look into refinancing. However i noticed in my capital one owners manual that it states that my loan term can range from 30-72 months. to change the term to call the 800 num. I wonder if this can be done even after a year. imma call and find out tomarrow... As far as sidejobs go, i'm kind sick of workin on cars. I'm not sure I wanna come home to fix more BMW's. Hell i dont have much choice either. I'll get some business cards done and at least fix 2-3 cars a week and see how that goes. thanks for all the input guys:)
Click to expand...

Sounds like you have a plan now..........thats good. In your twenties a couple of years seems like a long time............its really not. You will have that loan paid off in no time. It goes by really quick. To save money, stay away from credit card debt, like Hamr said, only charge what you can actually pay off...... Start dating chicks that buy you dinner......listen to more Tom Lykis, that'll get you on track for sure!!! LOL

patrick
 
mauiSRT/10 said:
Sounds like you have a plan now..........thats good. In your twenties a couple of years seems like a long time............its really not. You will have that loan paid off in no time. It goes by really quick. To save money, stay away from credit card debt, like Hamr said, only charge what you can actually pay off...... Start dating chicks that buy you dinner......listen to more Tom Lykis, that'll get you on track for sure!!! LOL

patrick
Click to expand...

its about time we get some good advice around here... :rock: :p :D
 
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