Car loan

You should've used some of your savings for a down payment, if you didn't.

Keep some in the bank for sure, you don't know what kind of shit life will throw at you. At least a 5k buffer. I'd pay more than the 370 per month though if possible. No idea how much you're making per month but the sooner you get it paid off the better.

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>>17110729
>
>>17110739
Taking home around 1300 every two weeks after taxes. Living expenses are miniscule. I probably keep around 800 free after expenses. My reasoning for getting a long term loan was to pay more than the minimum but when not possible fall back to the min payment.

>>17110754
That better be a gt. 28k+ for a memeboost is highway robbery.

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>>17110764
GT Premium. 8k miles

>>17110721
>%3.2~
How did you fuck that up so badly? Percent symbol goes at the end, and the approximate at the beginning.

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>>17110783
Pls no bully dunce

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>>17110729
>dumb demon
You take that back!

Auto loans are simple interest. if you pay off the vehicle quick, you won't have to pay off the interest at the end. your best bet would be to push it out to MAX 60 months, anything after that and it will be an interest hike. if you are ok with a higher apr, push it out as far as you want to lower your payment.

just know, you will have to pay full coverage insurance for as long as you have a lien on the vehicle.

>>17110963
So what, should I pay 9 grand to bring the term down?

>>17110976
depends, what's your end goal? and what is your DTI? and your FICO?

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>>17110985
>what's your end goal?
Well the loan's already been taken out. Someone just told me that 7 years was too long for an auto loan and like you said I should've gone for 60 months. I guess I just wanna pay it off fast so in a couple years I don't end up owing on the car more than it's worth.
FICO is above 750.
>DTI
>Taking home around 1300 every two weeks after taxes. Living expenses are miniscule. I probably keep around 800 free after expenses

>>17110721
>Got a loan of 7 years
Fuck me. I hate doing even a 3 year loan, but a 7 year loan would drive me fucking crazy.

>>17111037
Honestly, if you're at a 3% interest rate, you could do a refi just to lower it a tad so you pay a little less, but with modern auto loans you can repay it as quick as you want without penalty.

You are smart to push they loan out, that way if shtf the minimum payment is still low

>>17110721
>loan of 7 years

> Buy car
> American build quality ensures car will die within 5 years
> Loan for 7 years
> Car dies
> Still owe money on it
> Have to get into worse car and pay for both while fixing the one you're driving
> Spiral of poverty begins

>>17112203
I don't think you understand how auto loans work. No one actually goes the length of the term, it's just that long so that if things go wrong you can still make a monthly payment

>>17112217
This. My $10,000 loan was for 60 months and I paid it off in the first year, barely accumulated any interest. I don't know why people get so autistic and think they're financial geniuses because they took a couple accounting classes at community college.

>>17110721
>7 years

You dumb motherfucker.

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>>17110721
>getting a loan
>paying for something you actually afford
O Y V E Y

>>17112217
>>17112456
While it won't work in OP's case, there are other reasons for a car loan.

> 0.9% on new Flex
> Have full amount in savings
> Put ~50K into high yield CD (2.3% currently, so maybe not that high)
> Make 1.4%.
It's like free money.

>>17112681
thanks for this post, millionaire financial adviser

>>17112752
Pretty much this. My dollar is worth more today than it will be tomorrow and if I can get a low enough interest rate there's no reason not to

>>17110721
>My savings at the time are at around 15k

My god. Please use that for a future down payment on a house. It would be incredibly stupid to waste that on a car.

>>17113066

What if you have no girlfriend or friends and its pointless to buy a house

>>17113292
>not being 35 years old and giggling as you echo sounds off the walls of your completely unnecessary McMansion that has no furniture

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>>17113346
That sounds sad and not comfy at all desu.

>>17113375
All keks aside, you don't have to buy a giant house. Just get a cozy townhome on the cheap or something. Better than paying rent for the rest of your life.

>>17110721
I did something similar w/ my GT. I set it up where ~300 of each bi-weekly check goes to my account, and ~250 goes on the car, with the other 50 for insurance.

You wanna have the savings for a house. I'd put that in some kind of bond to beat inflation, and then the stock market after it crashes/corrects.

Hey guys quick question what is apr and all that stuff I'm trying to finance I think? I just want to get a car and pay it off why is everything so difficult.

>>17114910
Apr is the interest accrued. Borrowing money isn't free.

Paying it off as fast as possible is technically the best route. You'd pay the least interest that way.

Realistically, paying it down enough to keep what you owe below the depreciation line is the best thing to do, so you can always sell or trade your car off without worry.