I want to finance a car as I don’t want to buy a beater and can afford monthly payments.
I’m lucky in that I still live with my dad and pay a very low rent. I have about $2000 I can put down on a car. I only got a credit card about a month ago so I don’t think I have credit yet however I have been meticulous in my payments. I’m 18 years old if that helps.
I want to finance a car (total car cost around $7k - $8k) for a low-ish payment every month. I want to have the option to pay off more than the monthly payment without repercussions as a lot of the time I will probably be able to pay off large amounts every month (my total for bills will be around $800, this includes insurance and gas and I make around $1700 a month).
I would like a car sooner than later because I work far from my home (1 hr - 1 1/2 commute) and am also going to begin looking for a new job soon and want the option to work anywhere in the city as the transit system is pretty bad. I will not quit my current job until I have a new one lined up.
I plan on paying off as much as I can every month and getting the car paid off as quickly as possible. Is this a good plan? I have no experience in stuff like this and want to know if this plan is ok.
I live in Canada, Alberta for context.
Thank you!
Submitted April 01, 2019 at 01:38AM by wow_holy_crap https://ift.tt/2OCUSAS
