Does it make financial sense for me to buy a car now? related questions

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Does it make financial sense for me to buy a car now?0marinda2012-11-05 21:50:03
In may of 2010 I bought a Certified pre-owned 2007 BMW 328xi with 40k miles on it for $32k with no down payment. Right now I owe $6886 on it exactly. My interest rate is high at 8.9% because in the last year I had bought a house, and ran up some credit card debt during the move, so combined with the house, the car and the credit cards it looked liked like I was doing rough with money and spending all the credit I could. My payment was $553.48 per month. So, today I owe the 6.8k I mentioned and the car has 95k miles on it, 5,000 miles before the warranty is expired and I've had to have maintenance on it twice. Not routine maintenance. The oil valves were leaking once and the other time the battery cable to the fuse box had a faulty connection and melted the fuse box. The parts on these repairs were $4,000, and BMW charges around $125 an hour for labor. So, if this thing breaks down, I cant afford a major repair like that. The estimated trade in value is between $11k and $15k. I found an Audi A4, certified pre-owned with 16k miles and I've talked them down to $26,500. My bank allows bi-weekly payments on auto loans, and I was approved for the loan for 3.49%. That makes my payment $230 a month for 60 months and I have a 6 year, 100k mile warranty Option 1: Keep driving the BMW and have it paid off by the end of the year, saving $553 a month, but gambling on if it breaks down (and losing its worth, because I cant afford to repair it), but use that $553 to pay off debt and save some of it too Option 2: go with the Audi and free up less cash per month, but still some and be covered. thoughts?
Will Trading in My Gas Guzzler Make Financial Sense?1Remi2012-09-10 05:42:03
Well , I bought a truck from big couple of years ago when gas prices are low, but now I'm more aware of conservation I am guilty of getting 14 miles per gallon. My dilemma is that I have about $ 5,000 in negative equity , and I have paid my loan for about $ 10,000. If I buy a cheaper car , still going to end up with a loan amount that is equal to what we have today. Does it make sense to keep my truck and pay the loan, or should I bite the bullet and spend an additional $ 5 - $ 8k walk the loan and buy something is cheaper ? Thanks , James
Does it make sense to take out a student loan to help make larger down payment on a home?0ct2012-11-02 18:06:35
I am a full time teacher ($65,000 yr) and full time graduate student (on a full scholarship). I am looking to buy a house in the Boston area. I am being offered about $15,000 in student loans per year, at the current 6.8% fixed rate. Though I don't need these loans to live on, I'm wondering if I should take them to beef up my down payment (our savings is currently at about $30,000, we're looking at a house in the $450,000 ballpark). I will be combining income with my boyfriend, who makes $90,000 a year. Does it make sense to have more student loan debt but a bigger down payment? Some more details: I currently have about $8,000 in student loan debt from undergrad (variable rate, now about 2.5%, and about $7,500 from grad school last year (6.8%). Also, because I'm an urban special ed teacher I am eligible for $17,500 of my loans to be forgiven after 5 years (I'm in my 1st).
Does it make sense to take out a student loan to help make larger down payment on a home?0tiantae2012-11-06 00:09:02
My husband and I have a combined income of $ 160,000 a year and are planning to buy a house in the Boston area . Housing is very expensive here , and a two bedroom apartment goes for between $ 400 to 450.000 . We currently have about $ 30,000 to be used for the down payment. My dilemma is that my graduate school is offering me $ 20,000 in student loans over the next year and a half (I'm on a full scholarship ) at the rate of 6.8 % . I do not need them for their expenses , but does it make any sense for them to take to help with the costs of houses ( down payment, closing costs , or even furniture / decor ) . We will not have 20% less , but we are close to not having to pay PMI for long. MedlinePlus MedlinePlus Besides that I have $ 10,000 in student loans ( mostly variable rate , just consolidated at around 2.48% ) , we are completely debt free . We bought the car in cash , and not expect to have to replace in the short term ( a Honda 2005) . Our debt-to- income is very low and our credit is great . I am also eligible for $ 17,500 in loan forgiveness for a few years , as I am a special education teacher urban . It is also important to note that we work very safe and there are no plans to make major changes , such as Special Ed teacher for Boston Public Schools . MedlinePlus MedlinePlus What do you think ? We would like to buy soon , to take advantage of the market and the tax credit .
Does it make sense to take out a student loan to help make larger down payment on a home?2madea2012-10-27 08:02:03
My husband and I have a combined income of $ 160,000 a year and are planning to buy a house in the Boston area . Housing is very expensive here , and a two bedroom apartment goes for between $ 400 to 450.000 . We currently have about $ 30,000 to be used for the down payment. My dilemma is that my graduate school is offering me $ 20,000 in student loans over the next year and a half (I'm on a full scholarship ) at the rate of 6.8 % . I do not need them for their expenses , but does it make any sense for them to take to help with the costs of houses ( down payment, closing costs , or even furniture / decor ) . We will not have 20% less , but we are close to not having to pay PMI for long. MedlinePlus MedlinePlus Besides that I have $ 10,000 in student loans ( mostly variable rate , just consolidated at around 2.48% ) , we are completely debt free . We bought the car in cash , and not expect to have to replace in the short term ( a Honda 2005) . Our debt-to- income is very low and our credit is great . I am also eligible for $ 17,500 in loan forgiveness for a few years , as I am a special education teacher urban . It is also important to note that we work very safe and there are no plans to make major changes , such as Special Ed teacher for Boston Public Schools . MedlinePlus MedlinePlus What do you think ? We would like to buy soon , to take advantage of the market and the tax credit .
Something screwy going on! I am going to try and make this make sense, if I can?0clubpenguingangster2012-11-05 06:44:49
My email,one that I don't regualrly use, sent an email to my main email with something that should have been in the documents section of the computer. It also sent it too at least one of the contacts in my address book.(I did not sent this) I also go an email (to this email that I don't regualrly use)from the finance company that we have our car loan with saying that the email that I sent on friday(Ididn't send one) had the wrong address info and work info in it(it did as we have recently moved across the country) but I did not send that email to the loan company neither did anyone in my family. Can anyone tell me what in the world is going on???? Should I be worried? What should I do?
Does this make sense?24ever2012-10-24 13:48:02
A friend and I had this business idea . We have no money to get it going , and in our time , so I doubt exceed 50k in business loans (if that much ) .. I had been reading about the companies and the advantages of incorporation. So , is it possible incorportate our business , selling shares in the company to raise money ? I know this will give shareholders a partial participation , but do not want after the company grows , for someone to try and push me off the board , there is a way to secure a place for good for me and my family , and I it could sell shares at a lower price than everyone else?
Does it make sense to refinance my car?2 flowers if Xiangxi -2012-10-10 19:18:01
Well , I think I should do it .. I thought I could get the advice of the group ! MedlinePlus MedlinePlus I bought a new car in June 2008 , I financed for 6 years @ 7 % . Just made the payment 7. Total payment before this payment was: $ 30,486 ( ~ 5.5 years left ) MedlinePlus MedlinePlus I can refinance @ 6 % for 60 . MedlinePlus MedlinePlus It seems that I can save about $ 1,500 over the life of the loan ( and made ​​six months before) if i refinance. MedlinePlus Am I correct in this assumption ? MedlinePlus MedlinePlus Thank you all !
When do republicans ever make any sense?4mathurine2012-10-21 09:51:02
I was just thinking how I never seem to make any sense at all! .. Obama and Democrats argue spending too much on government handouts "" ... What happens when the Republicans chose to give $ 700 billion tax dollars to rescue banks? Not regarded as a "handout"? It was not his money, it was taxpayer money, so yes it was a handout! Moreover, giving an estimated $ 89 billion in tax cuts to big business to "create jobs" is also a government "handout" ... Creating jobs? Really? what jobs? You realize that this country has lost nearly 9 million jobs in the last 8 years right? So tax breaks for creating jobs because we are losing isimpossible twice what we are creating .... and $ 8 billion in tax breaks for the oil industry? Oil companies nearly doubled under Republican control prices, and we also saw 3 consecutive years of record profits ... So getting 3 consecutive years with record profits and get 8 billion in tax cuts as well? When you start your own business you take out a loan from a bankk, probably a bank that was rescued with YOUR tax dollars, and they'll charge a 9% interest. And if your small business goes bankrupt what are the chances that the government will bail? ZERO! But even the Republicans still blame "unions" and the Democrats for the economy .... Collapsed entirely under Republican control! And the unions? LOL! Look back 30 years ago when unions were more powerful .... What was the economy then? It was the best that ever was! ! And look at the official statistics that clearly show the decline of unions over the past 30 years ... Compare that with the decline of the economy over the last 30 years .... are exactly the same, so what can I say? DUH! !
Would it make sense for us to have a prenup?7edriona2012-10-01 07:11:03
I brought in an informal discussion , and my girlfriend of nine months was angry and offended . Here is some information about us ... MedlinePlus MedlinePlus I : 24. I work full time as an engineer . Rent an apartment. Salary of $ 60K . Owe $ 60K student loan . MedlinePlus MedlinePlus She : 23 years . A part-time graduate student marketing . Part-time waitress . Hopes of getting a full time job after graduation. Owes very little about student loans . Also rent an apartment MedlinePlus . MedlinePlus I brought a prenuptial agreement because I believe that alimony is completely ridiculous . I am planning a divorce even before getting married ? Of course not ... I see it as car insurance . Am I thinking about crashing my car ? Of course not ... But I'd rather have the insurance to be fucked . MedlinePlus MedlinePlus I'm not in stone in this ... And it's not because I feel like I'm above it or something. I'm just the type of person who likes to keep finances separate . Right now we live together , and both pay half the cost . MedlinePlus MedlinePlus I have not proposed yet or anything ... We've only been together nine months . But we both feel like this relationship will lead to marriage over time. MedlinePlus MedlinePlus Any opinions ?
Does a credit report make sense to anyone?3Katya2012-10-25 01:09:02
I read an article that states that if a credit card company lets ( for lack of activity, etc. ) that your credit score would be seriously affected . Does this even make sense to anyone? If I make $ 100,000 a year and am reduced cc , does that mean I will not get a loan for a $ 12,000 car ? Ridiculous . MedlinePlus Looks like today if fart sideways, your credit will be affected. Who controls it and why ? MedlinePlus Also, I applied for a new account online bank and will not let me because Equifax told the bank that the information they had on me does not match the information I have provided . I called Equifax . Could not get a human on the phone . To find out if the information is correct , I have to pay for a credit report from them . What a scam . We are all being scammed .
Does it make sense to pay off my student loan?0B.N.2012-11-04 15:03:42
Student loan is at a payoff balance of 15K. Have enough to pay it off and still have a good amount left over. At the same time, I am also thinking of moving in about 6 weeks and want to know if it makes sense to pay it off now and free up the $160 I'm paying a month. That same money is only earning about 1% interest right now and the interest rate on the loan is about 7%. Let me know what you think, thanks!

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