Buy a new car or pay off student loans?
So I graduated college in December, and it's time to pay up those loans. But as much as I would love to not see the monthly bill for my loan coming to me anymore, I would really like to by a new car (Honda Civic Si). I have $25k save up in the bank, just enough to pay off that loan or to buy the car cash and have a bit left over… What would you recommend?
Pay your loan off. If I had that much I would pay my loan off along with other debt. It would be wise to stay free from debt.
Pay the loan back, its better for you in the long run.
Besides why would you want to spend all or most of your 25K savings on a car?
Dude you can buy a cheap second hand car for £700. Take it to a garage and get it fixed up for under a £1000. Its as good as new.
Just pay of the loan, it saves you the headache of having to worry about it in the future.
Without a car it sucks because you can't get around easily and you have to depend on your feet, the bus, or people. Owing your loan will have you stressed. You can use one part of the money to get a car out of a dealer and another part to pay off some of the loan and then continue paying. You just got to know how to handle your debts. I suggest doing an automated monthly payment to both places so you don't forget.
I think you have to pay for your loan i think its better
Get rid of as much debt as you can, so I say pay off the loans. You will be better off in the long run.
Honestly you will probably need both so what you need to do is find out which will have a higher interest rate. Either pay off the student loan and finance the car so you can build up your credit or buy the car and make the payments in the loan of the interest is lower. Either way you will be building up your credit. I do suggest you maybe go with a cheaper model car though and pay a bigger chunk o the loan off. That's just my suggestion
Loan. If you have to ask, you can't be that smart.
I'd probably pay off the loan because it feels so good to get that monkey off your back but if you think getting the car is the better option and you'll be able to pay off the loan eventually than go for it, it's your life and you have to have some fun.
Pay the loan back and then get a car. Always pay your bills and keep your credit perfect. So many things are based on your credit scores.
Put your education first
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