My car is falling apart and I just need a holdover car for a few years until I'm ready to buy my "grownup car". I have 12k cash, homeowner, USAA (bank/ins) and a 759 credit score.
I have two scenarios that I could use some help on...
- I can pay cash for the car and have no payments but that would zap most of my money.
- I can pay $5-7k in cash and get a loan for the rest.
USAA signature rates are 7.24%. $5k stretched over 24mos would be $224.41 monthly with a total loan cost of $5,385.84. I can live with that no problem.
Which way should I go? Straight cash homie or cash and finance?
Thanks all.
EDIT: You guys/gals are great.
The best move seems to be straight cash (homie) so that's what I'll so. I can use the monthly loan payments to pay myself back and even add more to it when possible.
My head is clearer and I have direction.
THANK YOU ALL SOOOO MUCH!
Submitted January 28, 2021 at 12:30PM by SirArlo https://ift.tt/3qZxAXN
