I recently bought a car for $31,000. Rate 7% with a 72 month payment around $500 a month.
I work 2 jobs, but losing 1. I still be able to afford the payment but i need to change how my money moves. I want to go back to school for at least 1 more yr to finish my degree.
Would it be wise*sake of saving money and lower payment* To trade in this vehicle for a cheaper car.
Dealers offer my vehicle $20,000. That's $11,000 i still gotta owe and without a car.
But what if i decide to trade it in for a car that is worth $15,000.
$15,000
- trade in of $20,000
= -$5,000 plus payoff = total to $6,000 to finance. With 7% rate for 24months that is $260/month.
instead of paying $500/month 72 month i would be paying $260/month for 24 month.
Would this be a good finance move. I rather not worry about a long payment
I work 2 jobs, but losing 1. I still be able to afford the payment but i need to change how my money moves. I want to go back to school for at least 1 more yr to finish my degree.
Would it be wise*sake of saving money and lower payment* To trade in this vehicle for a cheaper car.
Dealers offer my vehicle $20,000. That's $11,000 i still gotta owe and without a car.
But what if i decide to trade it in for a car that is worth $15,000.
$15,000
- trade in of $20,000
= -$5,000 plus payoff = total to $6,000 to finance. With 7% rate for 24months that is $260/month.
instead of paying $500/month 72 month i would be paying $260/month for 24 month.
Would this be a good finance move. I rather not worry about a long payment