Pay it off?

One of my coworkers from the bar where I used to work had a 2003 Volkswagen Passat. He bought it used for like $6,000 when he was in his late teens (he was born in 1991, so 2009-2011); His very first car. He financed without a cosigner and no credit history; Interest rate was something like 11%!

He paid off the car early and was actually penalized (given a "fee") for paying off the car in full!

 

11% Damn, i have a friend who is 10 years older and he just bought a mustang and his % was in the teens.... i couldnt believe it. I thought 5% was too high

 

My current Tacoma was a gift from my parents when I got my learner's permit. My dad put $2,000 down, got over two grand for his trade (a 1996 Nissan Pathfinder), and financed the rest at just 0.9% APR! This was in September 2009 in the middle of the recession! He paid of the truck early in late 2012 or early 2013. I have a clear title in my name, stashed in a fireproof safe!

 

@auskip07

Also, another friend of mine is paying 9% APR on a 2013 Mitsubishi Outlander that they bought used in 2018!

 

You're golden. Pay it off dude, or maybe throw 7-9k at it

 

Ya'll must have friends with good credit. 9%...11% interest rates.
Dude I work with bought a truck 5 years ago...get this...27%. He had just foreclosed on his house, decided to buy a new truck

 

I'm proud to say that my credit score is currently 782! The dude you work with doesn't sound like he uses his best judgment...

@shakerhood, we were just talking about high car payments last night!

 

Well, he's an idiot. So there's that.

 

Wow, that's nuts!

 

My aunt used to live in a trailer park; In about 2007, her neighbor took out a loan against his single-wide trailer to buy a Nintendo Wii!

 

I also heard about somebody financing a 1996 Oldsmobile Cutlass Ciera maybe a decade ago, and it got repossessed! The cost of the Olds was a whopping US$2,000!

 

A good income can paste over stupid for awhile. A high paying job can get you in real deep debt and boom recession comes. It's at that moment that Josh wishes he kept his 2018 Tacoma vs. springing for a new 2020 Tacoma and a Honda Talon to go with it.

 

Best advise I can give Ya "spend most the money on strippers and whiskey, just waste the rest."

 

Much easier to rub one out at home and drink beer as a hot pocket is in the nuker.

 

Absolutely agree with you there

 

I’d trade it in for two Raptors.

But that’s just me....

 

Ahhhh TW ... your one stop shop for block lifts and financial planning

 

I feel like that’s the best advice