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Whether or not to get rid of my car.
I recently got a new job; however, I’m making approximately $400 less, a month. I have a car payment of $343 and would much rather rid myself of the car payment then have to move my 7–year–old son and myself into a small apartment. Currently, I rent an awesome home and am tied into a lease anyway.
My dilemma is that I really do like my 2002 Chrysler and I’m very afraid if I sell it, which just thinking about going thru that hassle is enough of a deterrent, that what I’ll be able to afford to buy, might be something that isn’t as dependable. I have roughly $1500-$2000k that I can allot towards a used vehicle, such as a Honda perhaps. I thought maybe it might be best to dump the $1500-2000 onto the pb of my loan (I owe $9,800) and maybe with income tax pay it down even more.
I’m a single parent and need reliable transportation…something that’ll get me from point A to point B ok.
My credit sucks as I’ve consider refinancing; however I don’t know that I’d even qualify.
For some reason, I’m just extremely indecisive about what is best to do for me and my family. Any advise would be most welcomed.
Thank you.
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I'd go talk to a dealer, discuss options, and see what you could get for trade-in on the Chrysler. $343 a month is a pretty heavy car payment if you ask me... I bought a little focus that was very dependable for $200 a month, for only three years. I mean, if you've only got a year of payments left on the Chrysler, than by all means keep it, but any more than that I think you should look at other options.
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Why don't you try public transportation? so it may not be the cleanest place but heck its only going to cost you less than $100 a month and that will give you time to save up for a nicer car. or even try leasing a car. Usually over time its not the best idea but in the long run it would be better to driver a better safer car and end up paying a little more
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a car can be the worst financial decision some people make. but what you have to realize is it can also be the best. automotive financing is a good way to build credit and to have a car you would otherwise not be able to afford. if you back out on the car now two things will happen. you will dig yourself into a deeper hole as the dealership you give it to will have to pay off the rest of the car, then you will have to find a way to get financing on another, much shittier ride.
your safest bet is to first, hold onto the car you have. second use the money you have in savings towards the car loan. and third do your best to make your payments on it after that point until it's paid off. getting out of the loan now would kill your credit, and get you into a car that wont be as good. and if you sold it to someone willing to pay off the rest of it the liklihood is no one would want to buy it. you would have to sell it without you owning the title to the vehicle, which means it will not sell. hold onto it, things will get rough, but you'll pull through, and when you do lo and behold you'll still have the car you love, a better credit rating, and still be okay for the most part. good luck
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