Quote:
Originally Posted by bYuPride
I have been paying about $500 for my car for the last year and a half or so. My payment is $219. I owe about 5k left and the interest rate is 4.99%. I'm sick of always feeling low on funds, but I'm glad my car is getting paid off faster. I can probably afford to pay 700-800 on the car but then I'd really have to live frugally. What should I do?
A. pay the $219/mo and live the rock star lifestyle but pay off the car over 2 years.
B. continue to pay $500/mo and live okay and pay it off in 10 months.
C. pay $800/mo and pay it off in 6-7 months and get the nuse from around my neck and breathe easy for a while.
what are your thoughts?!
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THere are a lot of factors you don't explain, but I might be tempted to pay $219 a month and put the other $281 in a mutual fund, especially if you are young.
Btw, please tell me where one can live the rock star lifestyle for only $281 a month!