Hello /r/Frugal,
I just started working and finally making some money. My parents helped me out during school and were paying for my car, but now that I am working, I will be taking responsibility of paying for the car. The car loan was put under my name because I have good credit (FICO score 777). So now this is what I am looking at for my car loan...
Car Details:
- 2013 Honda Civic
- Only 42k miles
- Great condition
Loan
- **Payoff Amount:**$7950
- Annual Percentage Rate: 4.94%
- Monthly Payment: $252
- Loan Provider: Honda Financial Services
Is there anything I should be doing going forward here? Can I get a better interest rate somewhere else if I refinance? Should I consider paying off the amount completely (I have extra $$$ that I can put down to significantly reduce the loan amount, maybe about $5k.)
Or should I even consider selling the car and getting another cheaper car used?
This is just a new situation for me and I am not sure how I can get the best bang for my buck here. Any advice would be greatly appreciated! Thank you, everyone, in advance.
February 08, 2019 at 09:49PM
