I’ve come across about $3,000 and want to put it in the best place for my finances. I’ve been working on my credit and reducing debt and need help deciding the best place to put it. All these options involve my lemon of a car. Had it less then a year and it has broken down on me twice and been in the shop 4 times with major issues. I’m currently over head in my loan because of the warranty I purchased and taxes/ registration ( had no down payment) which also made my apt atrocious.
Option 1: planning on selling my motorcycle in the spring when I can get more money for it( I live where it snows and be season is coming to an end shortly). I can buy out of my loan here and not pay interest and sell the moto out right in the spring and use the cash then to pay out my car loan down as much as possible for a possible trade in. Hopefully I’ll be able to break at least even with the motorcycle cash and the next 6 months of payments.
Option 2: I pay $3k into my loan i can sell it and break even.
Option 3: refinance for a lower payment on my POS car and use as a down payment
Option 4: take it save it and add to it to get a down payment on a lease on a new car or buy a better used vehicle in a couple of months.
PLEASE HELP. I’ve made such great strides reducing my debt and boosting my credit but my car is literally a thorn in my side and it just keeps sucking away my money. I just don’t want to get screwed into a high payment or another lemon.
Submitted August 23, 2018 at 11:42PM by daphnejsmith1617 https://ift.tt/2LoYYJP
