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Say.... Hypothetically......
You have 10,000 Dollars in the bank.
You have an old car that works, but has 165000 miles, is starting to rust, will need new brakes and tires by the end of the summer.
You have found a car for about 15k that you love (not 4wd but a good gas saver)
You have just under 20,000 in student loan debt.
Live with your parents until August.
Would you...
A) Take a loan out for the full 15k and make payments, but knowing things will be a lot tighter when you move out in August, my bank has an extra 1% off loans right now so the loan APR would be 3.5% all said and done.
B) Drive the car you have for as long as you possibly can, saving up more money, knowing that there will always be cars for sale when you need one.
C) Take the 10,000 in savings and throw it ALL at your student loans completely depleting any safety net you have should something bad happen (I do NOT HAVE any health insurance........hypotheically :lol: ) and running your current car til death
D) Get the newer car, put 4k down on it so you would still have 6k as a safety net, taking a loan for about 11k thus increasing my total debt to 31,000.
E) Buy a 600-800 bicycle and move close to where I work when I do move riding my bike as much as possible and keeping the car for necessities only
F) Use the 10k in savings to purchase vehicle taking loan for about 5k and increasing total debt to 25k
there are just too many options, right now I pull in about 1900 a month (net) and pay out about 500 in bills, but remember in August I will definitely have a rent payment added to that, which I am "planning" for by saving 1000 bucks a month...
Just looking for honest advice or tips to kill my debt and hopefully not have to take out more then I need to right now.
You have 10,000 Dollars in the bank.
You have an old car that works, but has 165000 miles, is starting to rust, will need new brakes and tires by the end of the summer.
You have found a car for about 15k that you love (not 4wd but a good gas saver)
You have just under 20,000 in student loan debt.
Live with your parents until August.
Would you...
A) Take a loan out for the full 15k and make payments, but knowing things will be a lot tighter when you move out in August, my bank has an extra 1% off loans right now so the loan APR would be 3.5% all said and done.
B) Drive the car you have for as long as you possibly can, saving up more money, knowing that there will always be cars for sale when you need one.
C) Take the 10,000 in savings and throw it ALL at your student loans completely depleting any safety net you have should something bad happen (I do NOT HAVE any health insurance........hypotheically :lol: ) and running your current car til death
D) Get the newer car, put 4k down on it so you would still have 6k as a safety net, taking a loan for about 11k thus increasing my total debt to 31,000.
E) Buy a 600-800 bicycle and move close to where I work when I do move riding my bike as much as possible and keeping the car for necessities only
F) Use the 10k in savings to purchase vehicle taking loan for about 5k and increasing total debt to 25k
there are just too many options, right now I pull in about 1900 a month (net) and pay out about 500 in bills, but remember in August I will definitely have a rent payment added to that, which I am "planning" for by saving 1000 bucks a month...
Just looking for honest advice or tips to kill my debt and hopefully not have to take out more then I need to right now.