Credit Cards, financial things, etc.

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Originally Posted by burgundy

you hope, sure. but what if the car breaks down? or it gets totaled? now you are paying for something you don't own.

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Protip: You don't technically "own" your car until it is paid off with full interest to the lender. They put a tricky thing called a "lien" on your title.

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Originally Posted by stormy

Spoken like a true car hating New Yorker. A car isn't an investment, but it is a necesity for people outside of NYC, and as long as it fits into someone's budget financing a car is not a big deal. It also helps establish more credit. Rates are generally pretty low if your credit is not already fucked up, and automakers often offer special rates below market, even 0%.

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it is not a necessity to spend more than a couple grand on a car. i spent my entire driving life owning old cars that got the job done and cost me nothing to not much.

the credit establishing bit is really a nonfactor. you do not need an auto loan to establish credit, and you can do almost as well having open lines of credit that you don't run balances on.

also, a vehicle that you are financing is going to require more and more expensive insurance. which adds up especially if you live somewhere insurance is pricy.

I can live in a straw shack too, but why would I want to if I don't have to?

Or, why do you live in New York when you can live in Iowa and have a lower cost of living?

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Originally Posted by burgundy

it is not a necessity to spend more than a couple grand on a car. i spent my entire driving life owning old cars that got the job done and cost me nothing to not much.

the credit establishing bit is really a nonfactor. you do not need an auto loan to establish credit, and you can do almost as well having open lines of credit that you don't run balances on.

also, a vehicle that you are financing is going to require more and more expensive insurance. which adds up especially if you live somewhere insurance is pricy.

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You live in NY, you don't even need a car.

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Originally Posted by stormy

I can live in a straw shack too, but why would I want to if I don't have to?

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financial apples and oranges, this is what people don't understand.

hey, go into debt for a car if you really want, but don't pretend it's any smarter than going into debt for a big hdtv, a shitload of wii games or a bunch of strippers. interest rate differences notwithstanding.

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Originally Posted by Bailey

You live in NY, you don't even need a car.

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yes, but i have, in my life, owned cars, and these periods coincidentally occurred when i did not live in nyc.

Which was what. 8% of your life? Why leave NY? You have nothing to gain.

Well when that Super Tsunami wipes out the entire east coast...

Burg did get me thinking though, I should probably put a lot of my extra income into paying off my car as fast as possible, instead of focusing on my student loan. The $225 a month from the student loan is going to take a lot longer to pay off, so if I could pay off most of my car while I still live at home (Because I'll save what $600+ a month in food and living expenses) I can have a lot less to worry about when I move out.

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Originally Posted by Bailey

Which was what. 8% of your life? Why leave NY? You have nothing to gain.

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i fail to understand your point. i have lived more years of my life outside of nyc than in it.

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Originally Posted by Type Ryan

Here's a protip: Save as much as you can. Just a little peek at what lies ahead for us younger folks.


Take it for what it's worth.

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Not to derail the thread, but national controlled healthcare could solve a number of issues related to medicine production. Just a possibility.

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Originally Posted by Thief Silver

Well when that Super Tsunami wipes out the entire east coast...

Burg did get me thinking though, I should probably put a lot of my extra income into paying off my car as fast as possible, instead of focusing on my student loan. The $225 a month from the student loan is going to take a lot longer to pay off, so if I could pay off most of my car while I still live at home (Because I'll save what $600+ a month in food and living expenses) I can have a lot less to worry about when I move out.

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you should obviously pay off whichever balance has a higher interest rate first. period.

and if your bank loan has a higher rate than your student loan, see if you can defer/forbear your student loan. then shoot as much money as possible at the higher interest loan.

this is essentially how i got out from under a mountain of debt: by forbearing low (federal) and medium (commercial) interest student loans, and moving some high interest debt to zero apr promotional accounts, i was able to clear out the high interest credit card dent. then i refinanced the low interest federal loan, got another forbearance, and in that time i blew out the commercial student loan.