Fleainat

Haha, a couple of you hit it right on the dot. I did the PwC (public accounting) route for 2 years, passed the CPA, and was out; I learned a lot, but since the Big 4, I've never looked back.

If I pay only half of the $10k balance, that will still be 10 more months of payments. I'm still leaning toward just paying it completely off, and then having that extra $520/month, which should bring up my savings quite quickly. I still will have emergency cash elsewhere, which I use to pay my property taxes (these can be paid via credit card if I decided to use that cash)...

My true feeling is to elimate debt asap because interest is the devil. I don't think I'll ever finance a car again...

moo_juice

Your in the tech industry, I dont think that it is quite uncommon for people with a just a BA to make upwards of 80k+ with just a few years of experience.

The other guy was saying he needed to pass his CPA to make 100k+, so I just assumed he is an accountant. In which industry it is pretty much necessary to have in order to break into the 100k+ pay scale.

But yea screw working for a CPA firm all together already, the hours are pretty dam ridiculous.

IS-SV

I see what you mean. btw-put some more MRR-GT1 pics on that other thread when you have a chance, much appreciated.

juicius

Keep the cash. 6.95% would be a high interest rate on a 30 year mortgage, but for $10,000 loan over two years or less, it doesn't amount to that much. If you pay off now, you'll have additional $10,000 locked in a constantly depreciating item that has high price volatility with downward trend. You may never recover the $10,000 if you all of sudden need the money because this is a terrible time to sell an used car, especially if the seller is distressed.

I'd just dump the cash into a 12 month CD, and renew every year if you don't need to tap it.

jhunter

Dude, pay off the car. Once you've got that $520 per month back in your pocket, you'll chafe at the thought of making car payments again. You'll find yourself waiting til you can afford a car before you go looking....at least I did. You probably won't get treated so well by salespeople if they find out you are paying cash for a car, but they don't need to know that up front. I'm telling you it is the most gratifying feeling in the world to avoid paying extra if you can possibly avoid it. Medical school debt, car loans, car leases, and business school taught me that. Yes, you might struggle a little on the front end with little cash reserve, but after the first month, you'll start building it up again...

Cali2is

Get rid of the debt and pay off the car loan.

speed_Demo

Nice to know we have some CPA in here, at least i know where to go ask questions.

Well you balling man, so pay off your loan on the car.
BTW, can i get a job? jk ehehe

Fleainat

Haha some of you are funny. I'm leaning 99% paying off the car because I think it will be a great feeling to not have that payment anymore. I just have to wait for my tax refunds to hit my account, but since CA is bankrupt, that might take a while, so we'll see... Thanks you for the advice!

Buds

See its this kind of pessimism that's bringing this country down.

Many stocks are incredibly cheap right now. The market has bottomed out and we have been stuck in the 8000 range on the Dow for quite some time now. If I had the extra cash at the moment, I'd be buying up stocks left and right.

Oh and I'd pay the car off... The less debt you have, the better off you'll be

truoutkast

If my job is stable and continues to get paycheck every two weeks, and I can survive with the money I'm making and have backups.

I would pay it all off and build up that savings again because paying for interest for me is considered a waste of money in a way. But again, with the economy like this, it can be scary to pay off the car with that much cash and not knowing what tomorrow brings.

damnboy

It's hard to get more than 6.95% return now.
I'll say pay your car loan off and and start saving.
You're doing well for a 25 yr old.. so good luck!

montgb

iTrader: (7)

Second that. This is a good time to invest if you have the means.

ilocke

iTrader: (11)

Pay off the car. It will be a great feeling to not have the loan.

fredw1

I'd either pay off the car and get a 6.95% return or buy stocks and hope for at least that. I agree with others that now is a good time to buy stocks, and there are many out there that are underpriced for quality companies.

Many foolish people cashed out of the market when their IRAs and other investments tanked. Those people "locked in" their losses. Those who kept investments will likely see trun arounds and get rewarded, although it may take a few years. Those do their research and who buy cheap now will be rewarded.

kayotik

iTrader: (6)

i'd keep the cash. Paying off is great, but unless you have a cushion of money elsewhere, you're still better off keeping cash reserves. You just never know what's going to happen.