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Decision about the Car

February 9th, 2011 at 02:49 pm

Well, my parents and I have been thinking about this alot and have decided to have the car fixed. It will have a new engine and a new transmission. Should go for another 100000 miles. We are taking out a loan big enough to pay off what I owe to the high interest finance company. Therefore, even though the loan is for more money, with the better interest rate, my payment won't go up any. Just have to pay for another 3 years. Bummer. Only had a little over a year left to pay for the car.

Posted in Misc Thoughts and Updates | 7 Comments »

7 Responses to “Decision about the Car”

  1. creditcardfree Says:
    February 9th, 2011 at 03:02 pm 1297263771
    1297263771

    Sounds like a decent plan in your situation. If things improve financially, you can always pay more on the debt to pay off sooner!

  2. Joan.of.the.Arch Says:
    February 9th, 2011 at 05:26 pm 1297272403
    1297272403

    It sounds like you don't have much choice. I've got my fingers crossed for you. Once again, thank goodness you have the support of your family. You are blessed that way.

  3. frugaltexan75 Says:
    February 9th, 2011 at 07:11 pm 1297278694
    1297278694

    Sounds like you made a good decision.

  4. Looking Forward Says:
    February 9th, 2011 at 11:01 pm 1297292490
    1297292490

    That seems like the best choice. And you might be able to throw extra money at the loan and get it paid off faster than you think. Big Grin
    Also, see if the car repair place will give you a cash discount. It doesn't hurt to ask. I've saved money that way.

  5. Joanne Says:
    February 10th, 2011 at 11:22 pm 1297380137
    1297380137

    Good luck with getting your car fixed. I am glad that your family can help you.

  6. Jerry Says:
    February 11th, 2011 at 09:51 pm 1297461075
    1297461075

    Ouch, that has to lead to a little bit of frustration, but you are probably making the correct choice if you can keep the car rolling along for that period of time. The good news is that you have the insurance of the payment staying the same, and with a new engine and tranny you could drive that thing for a while, if you keep the rest of it in order! Good luck to you... and hang in there!
    Jerry

  7. Jerry Says:
    February 11th, 2011 at 09:51 pm 1297461088
    1297461088

    Ouch, that has to lead to a little bit of frustration, but you are probably making the correct choice if you can keep the car rolling along for that period of time. The good news is that you have th

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