I don’t need it no I have 2 cars already and a motorcycle. I was more the less gonna use it to help my credit

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Yes idk what else to do beside a car payment. I can get 9% but on 36 months. So then I’d pay around 630$ a month.

Why not?

It sounds like a very good idea to lower the % you're paying.

This will also lower your revolving credit balance so the personal loan + 0 balance credit cards should boost your score and potentially open up lower % opportunities.

Especially true if you can get a loan _without_ origination fees.

20% down rule, 36 month financing, 8% gross to payments, I’m coming up with a maximum value of about $11,059. It doesn’t have to actually fit in that box, but the maximum value is what I think is reasonable. You can finance for longer, or have less down payment, but you shouldn’t spend $20,000 in your situation.

I would also research rates with credit unions. In my market you can get 4.5% for a car under 10 years old. If the car is old the rate is about 7.5%.

You could let it roll at 13%, but I would get a second job and work like crazy for 12-18 months to rapidly pay that down. It’ll still establish your credit and you won’t pay as much of a penalty from interest. Another thing is you could refinance to a better rate as your credit builds. Your credit will drop, but should be higher than when you started by month 12 with perfect payment timeliness and everything else being equal.

Yes you can afford it, Yes it is high interest and you'll pay thousands extra, you should not ask yourself if you can spare 475,- a month, you should ask yourself the question if this car is worth the total investment.

My credit is 688 because I do have a credit card keep it under 20% usage and always pay it off. I also had tool payments from being a mechanic which helped. My current car I got a 14%. I don’t have any expenses in utilities besides electric due to having a well. Which is around 150$. I don’t have a car payment anymore due to double payments but that was 480$ a month in double payments. My rent is 200 due to my mother living with me and splitting the rent ( she is not moving out because she couldn’t afford it ). Car insurance is 200$. Phone is 40$. Credit card is whatever I spend on it. 75$ on internet then just small things.

Maybe you can find someone to "pass" the inspection for $500.

agree, 13% is ridiculous, even at these current interest rates. OP needs more info, like credit score.

I do work for the federal government, yes. I'm trying to leave, though. It's a long and boring story, but the short version is the pay is poor, the attrition rate is high, and I don't feel like I'm making a difference. I looked at the loan -> PSLF plan, but I don't want to stay another 10 years, and its not guaranteed anyway. I've watched a lot of my friends and colleagues struggle with unclear guidance and changing rules. I'm trying to get out to make more money, do more substantial work, and gov isn't the place for that.

Think of the money as yielding 20% as you won't be carrying a high interest debt. Emergency funds are a buffer to protect other investments that are less liquid from having to be sold and/or to help prevent going into debt

Often that’s the starting price for auction. If you win the bidding you need to be prepared to pay the price the same day.

Do you NEED it right now, or can you wait like 10 months and just pay cash, and Dave yourself a boatload on interest?

I'm taking this program: MS in Energy Policy and Climate Degree Details and Courses. The potential to make a lot to make a lot of money is there - I hang out with some girls who now work the gamut of climate policy, and all make 6 figures. I make about 65k, but my take home is about half that. And my rent is about 1500 / month (I live in DC.) So its been a challenge.

I haven't filled out a FAFSA, but I know that graduate student loans have higher interest rates than undergrad, (like 8% verses 4-6 subsidized) and I just finished off paying my undergrad ones last year. I also know that grad student loans are harder to discharge, even with all the talk of student loan cancellation with the Biden admin.

What would you advise?

Just curious what do you make? By mid-high do you mean 150-180k or 500-800k? Cause technically 999k is still 6 figures.

> in this calendar year

For 2022 contributions, only until tax day 2023, which is April 18 this year.

Get a secured credit card at a credit union to build your credit. Having a car payment is a ball and chain after you get over the glamor phase of having a new car

Certainly it's based on worst case scenarios. Though even if you cut in half it's still a chunk of change worth considering. Keep in mind 11.5k miles at the median gas price ($3.50/g) by itself is ~$1350 with a car doing 30MPG. 11.5k miles is also a couple of oil changes, potential increase in insurance costs, and you're going to see a lot of general failures of parts after a few years.

Hmmm that’s not a great score but not terrible either 13 still seems high I’d def shop around see if you can at least get to high single digit. For the credit part are you using a credit card on the norm to boost it?

Dang $250. Even my first car back in 2004 was slightly over $250/mo.

Now if someone is putting down a large down payment or stretching out the term then the monthly payment amount is meaningless.

I get the idea and see why many people don't value a car anymore than getting from point A to point B but man $250/mo in 2023 is crazy low.

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As others have mentions; that interest rate.

If it's credit related then I would opt for something cheaper. Esp if I'm paying > 10% interest. I would get that car, pay off ASAP and allow my credit to build and then buy a nicer car at a cheaper interest rate.

$500 too much is completely based on you. Is $500 a month too much for me? Yes and I bring home $7k/month with only $3k being expensive but that's cause I'm cheap AF. Is it too much for you is a you question.

That’s through my credit union. I have a 688. It’s just been at a stand still for the last 6 months.

$800 a month is extremely low. Can you give a quick breakdown of those expense amounts (rent, utilities, insurance, etc)

Is your credit score like in the 500-600s? Take out a credit card and start using it and paying it.

The 13% interest is killer. You’d be paying a lot extra by the end of the loan. Is it possible to look for a cheaper car or use a large down payment?

Because they require more down payment…and it’s fast moving. You can’t ask the bank to fix anything, it’s sold as is…you can inspect it, but really nothing you can use to lower the price. I also heard that it’s hard to get lending for these type of homes, but I could be wrong (once I heard you had to buy the property outright).