The title is probably not very clear.
After totaling a truck that was used as collateral for a personal loan, we still owe ~$3700 to the bank. We are repairing my old car with 280,000 miles as a stop-gap vehicle for now. We are also expecting baby #2, so we need to upgrade vehicles within the next year. I drive about 650 miles a month to drop older kid off for visitations, so that's something to consider.
Would it be a better to put our tax refund fully into paying off the personal loan, then getting a loan for a newer vehicle? Or would it make more sense to use the refund for a private sale, used vehicle (how I've always bought them in the past) and keep making regular payments on the loan?
Right now I am borrowing a vehicle when I need to work (about once a week)and my husband has a company truck that we use on weekends and for the drop-offs(with the boss's approval, of course).
Eta- We also have cc debt to the tune of 8 grand, and 7 grand in student loans. Annual income this year is $60,000
Submitted November 21, 2017 at 09:04AM by myMILisacrapburger http://ift.tt/2Ba4Q5D
