I'm looking to do the classic buy-a-used-Corolla move, and I've found one locally that will cost about $7000. I've got about 16,000 in the bank and will be able to save perhaps 5,000 more in the next couple of months between things like bonuses and income from a seasonal side gig (I also have a steady full-time job). My rent is higher than I'd like right now, so I'm trying to keep all other monthly expenses low. (Moving's not an option til mid-summer.) Not having a car payment will allow me to save on a monthly basis, which I won't be able to do much of with my current rather tight budget. However, I also want to balance that with keeping a good safety net in place -- again, with a tight monthly budget, I don't want to get trapped if there's an emergency. My credit's about 790, and I have a pristine recent payment history on a car co-owned with an ex.
So: in this situation, should I just write a check for the car, thus eliminating a monthly loan payment? Or should I keep the safety net as big as possible?
Submitted December 18, 2020 at 01:34AM by OrangeOk796 https://ift.tt/3r9OFiA
