The only time a payment that high is okayish is when you're getting a bigger car like a truck or SUV that doesn't depreciate so quickly. That's mainly because these cars are worth $40k+.

To have that payment on a $20k car @ 13%? Nope. Not worth it.

Good interest rates for cars are usually under 5%. Seems like you need to improve your credit score more before you can look at cars like that.

I'd look for simple used cars that are around $10k or less if you really need a new car.

$36k is the payoff. That $30k Porsche may not have any accidents or damages, mine has one minor accident and one major underbody damage accident both from previous owner, but yea it doesn’t hurt to list it and see what people say.

For the minivan, although no one else in my family uses it (because they think it’s hideous) and I am the only one that uses it, its still my dads and I can’t really sell it. He would sell it to me for maybe $800 but I could probably only sell it for maybe $3-4k

How much do you have for a down payment?

That seems like an incredibly high interest rate to me. I just looked up my bank and they're offering me 6% for a used car purchase from a dealer.

I have grad school loans - I think I took out $30k for my whole masters program after most of my undergrad was paid too. I also worked and went to school. I now have about 10k left. (I’d qualify for Biden forgiveness if it passes the courts, if not I have the money set aside to pay it off.) I originally was on a public service forgiveness plan (8 years of payments) before I hopped to a private employer - but my salary doubled so it was worth it. I don’t regret the loan. I wish my 401k/Roth was higher now though - so dont cash that out.

For grad school loans, the interest is higher. But if they are public loans, you get the same forbearance, interest pause, and forgiveness plans as undergrad. They may be an option.

You’d probably want to cash out your stock before going that route though, unless you are making >8% interest on that - which no one is right now.

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The interest rate is really bad. Go to a credit union for financing.

Also, that payment is a bit steep for your income in my opinion. I think you'd be more comfortable with something in the $300s

With a 688 credit score you surely should be able to get a better rate than 13%.

How about putting a large down payment? Or looking for a cheaper car?

For the record, I make 300K, and I would never get a car loan at today’s rates. Right now it’s time to use a bicycle and wait for the repo rate to increase.

Request higher limits on your exisiting cards. Except maybe the Firestone card. This is better for your score than opening a new card in the short term.

Then, to be frank, you need to make and stick to a budget. Eliminate credit card debt and only put purchases on a card that you can pay off each month and then the APR won't matter.

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Yup I definitely feel like I’ve had this mistake engraved into my mind, for the past many months I’ve been thinking of ways of how to get out of this mess and I’ve also been paying off previous debts too, this is just the last one. Especially recently I’ve been obsessed with finances, budgeting, and running numbers and learning about anything money and tax related. Reading books on general finances, real estate methods, philosophy of money, etc has been my favorite pastime recently as well as podcasts and and finance YouTubers. I’m much more knowledgeable now than I was even just last year and don’t think I’ll ever forget this mistake/awakening.

Me personally 300 is my limit, plus car insurance. I would not wanna pay upwards of 800 a month on a car. Also 13% is pretty high interest, i would also look to refinance it with another bank or credit union.

We're looking now.. and I'm hoping I get lucky and get something around 4% with dealer financing.. but I'm obviously going to show up with my 6.75% pre-approval just in case. If someone offers me 0% or .9% we can just end the negotiations and sign. 😂

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I pay $550/m for one of my cars and $232/m for the other. But I take home around $10k/m after withholdings and benefits and such (around $14k gross). I wouldn’t do this as a 20 year old at your income. Get a decent used car for cheap.

None.

Focus on getting the cards you have paid off, when you're carrying balances with 30% interest, the last thing you need are more credit cards.

Once you've paid off every penny of credit card debt, then you can worry about more credit cards. And if you use them responsibly, the interest rate literally doesn't matter.

You really need to figure out if you are investing for your future or gambling.

I got SUPER lucky and locked in .9% on a custom order in January of last year. I was peeved when my partner signed on for a 5% loan a few months later…

So interest rate and length of time is way to high. This is not a good deal. Sometimes putting 1/4 down on a vehicle can lower your interest rate down dramatically. Also, it is possible to become upside down on a loan, so I would not take a auto loan out for more than 48 months.

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That is an extremely stupid idea. Get a credit card and use it for your expenses. Then pay it off in full every month, on time. That will build your credit without wasting $7-8k on interest payments.

Don't over emphasize your credit score, as it will naturally go up over time with consistent on time payments. Your score only matters when trying to make a big purchase like a house or car. And so you are doing this backwards.gwt your score up before you use it for a loan on a car, don't use the car to up your score.

Wym? If I sell FXAIX in a fidelity 401k, the money must go somewhere? Held in SPAXX or something but basically cash, no?

Yes it’s more of a collector car and holds valve really well. What I would pay In Interest would put the car around 28k the car currently is valued at 29k.