NettetFinancing a car adds to the total cost of the car Once you've decided on a particular car you want to buy, you have 2 payment options: pay for the vehicle in full or finance the car over time with a loan or a lease. Most car purchases involve financing, but you should be aware that financing increases the total cost of the vehicle. NettetI feel that paying off the car which would free up another $300 a month in cash flow would be beneficial, because I'd still have about 20k in the bank, but having that 33k in the bank is a very good cushion that I don't want to part with.... You should have 6 months of expenses as a rule of thumb. At your expense level that seems like around 30k.
Refinancing Your Car - Money Expert
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How Much Car Can I Afford to Buy? - finmasters.com
NettetPriorUpper4712 • 1 yr. ago. In your situation I’m going to say financing a car is generally a bad idea, and purchasing a car for $30k when you’re 18 is a terrible idea. You need to consider the costs of insuring the $30k car along with other running and servicing costs. Nettet16. des. 2024 · The best option for financing a car depends on your individual needs, credit score, and financial situation. It’s often better to finance through a bank … NettetYou shouldn't take from your 401k to buy a vehicle. If anything, just finance and pay it off cash. Assuming you have most of your 401k in equities, you're talking 8-10% annual average returns vs a 6.5% interest rate (subtract 2% from each to adjust for inflation). Ergo, you are losing 2% annual value on the money, or around $3,000 over a 5 year ... hallmark harry potter christmas ornaments