Leasing and school loan problem

pay off first whatever has the higher interest rate

 

Which I would imagine would be the car (unless you went for private school loans) personally I hate having debts, currently the only debt I have is my car at about 23k. Fortunately I make enough money already to pay for the car over the five year period I signed for and pay my tuition each year. To me my financial well being is part of my overall happiness-debt and financial troubles can really ruin things-even having a nice ride.

 

Personally I LOVE leasing cars as I usually get bored with cars quickly and I am young enough to have changing needs (expanding family and the like), but I have resigned myself to the fact that I will always have a car payment.

I echo what Ryalex said and pay the highest interest debt first, which would probably be the car loan.

 

My advice is to pay the debt off first as quickly as possible and all of it before you get into a car.

Once you get all that taken care off and get situated then look into a Mustang.

 

Exactly the advice he specifically said he was NOT looking for.

I'll echo Ryan's advice. If you're going to get into a car, focus your money on the loan that charges the highest interest rate. Paying off tuition debt at a relatively low interest rate while taking on a bigger car loan at a higher rate doesn't make much sense.

 

What's the interest rate on your lease going to be?

 

It would make more since than having two forms of debt.

 

Might want to research the owners of Ferraris.

Just don't forget the cost of insurance, which I'm sure won't be cheap for a 21-year-old leasing a new GT (No expert on how leasing works, but I am guessing the leaser will require full coverage?).

 

I think you're being BS'ed.

Not only is it likely are many (or most) of them leased, I've seen plenty of new Mustangs advertised by dealers in the paper. If you're a Costco member go see what their wholesale price is.

 

To be quite honest, a car is a depreciating asset, If you have 23K in loans and you already have a car that runs fine etc, pay off the school loan first. Unless you know your brining in enough to pay off both in a decent time (if your paying min. your not paying into the principal and your going to kill yourself) then fine, but if you gotta heckle one to get the other just wait.

 

Ok, sorry if i came off blunt but i wanted to see if you were in the financial position to afford both lol. I think a lease will be the best for you, depending on the miles, another option is buy the car finance out, and maybe consolidate bills?

 

I leased my wife's Lexus RX 330 because I wasn't sure if she would want a different car in 3 years. Turns out she loves the car and wanted to keep it so we paid it off this month. Another fact in leasing is that your payoff amount at the end of the lease is negotiable. Our payoff was supposed to be 21,300 but I was able to negotiate to 20,500. Got an extra 800 off, which i did not expect on a lexus. I had a good experience with leasing. First time that i have done it. It allows you options in 3 years. One thing I understand is that you need GOOD credit to lease.

Good luck.

Dan

 

You need DAMN good credit. lol finance is easy lease isn't so much

 

thats just some research, Just got a denali XL MSRP for 61500 talked him down to 48500 LOL so it can be done. What car you looking for? If its a BMW i know the owner of a dealership in MA.

 

Oh the irony...

 

Out of curiousity, is a year or two old Stang out of the question?

As far as I can tell the car hasn't changed enough to warrent buying a brand new one...but then what do I know about mustangs.

 

Really? I had a buddy least a brand new BMW (2006 back in july) and his credit was horrible.

 

ROFL!!!

 

I know what you mean by the $30,000 millionaire that you explained in the DFW thread.