Pay off loan or supercharge

[Todd15Fastback]

Yeah bro, it is always rented. I use a property management company to handle all of the aspects of leasing. They only charge 8% since I have multiple units threw them. I actually bought this triplex rented lol. I plan to buy at least 1 per year now.

That is awesome!! Kudos to you!!

I would love to get into this stuff one day.

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[Barrel]

1.79% interest...I bought the blower. But I also have the means to pay off the loan any time I want. I just like tying up other people's money if I can.

 

[15RRGT]

I'm one who will say do what makes you happy. You want a blower and have the cash available to buy it outright while making your normal car installment on a low interest note? Then buy the blower and rock on!

Then again I'm a lucky one who got the 15 with a Roush blower installed at the dealer when ford was doing 0 for 72 last month so what the hell do I know lol.

 

[ALLKHEINZ]

fuk that get a blower...live once and you cant take it with you.... if you couldnt afford the payments you wouldnt have financed it to begin with...if you got cash and the payments are comfortable then have at it mod wise.

 

[Khyber]

as much as I want one too and trust me I want a screaming whipple so bad... tbh it's not about the power to me, it's about the sound!

anyways. I still owe like less than 36k on my car and to drop 8-10grand on a blower just doesn't make much sense to me unless I was getting paid to have a blower on it. I also don't race either.

but as much as I want to tell you to buy the blower, invest the money into something that will have a return then buy a blower or pay down the car a little or trade your car in and get a gt350!

let's be honest though, none of us want to do the responsible thing when it comes to super chargers and this car!

don't forget you can use bill me later through paypal interest free and pay it off in 6 months so you don't have to dump that large amount of money all at once.

 

[jared89]

i only owe like $8k on my car and found a great deal on a prochrager. easy decision, and i can pay off the car any time i feel like it,my payment are only like $150/mouth. only you know what you can afford to do.

 

[Mike A.]

You are young, you have time on your side for saving and letting the money build. I wouldn't pay off the car either, you have the banks money for cheap...

Think about income tax, depending on how you received the money you may have to pay income tax on it.

You know what $10k would grow to by the time you are 60 at a avg rate of 10% a year? About $210k.....that's something to think about too.

But a whipple sure would be fun!

 

[DrDing.Muscle]

Like others have said, if your interest rate is low I say do not pay off the loan. It is a depreciating asset and I hate throwing a bunch of liquid funds into a depreciating asset.

 

[Zemedici]

If you guys think that buying a new car is a wise financial decision, you're mistaken. New car purchases should be made as 'fun buys', not an investment. That being said, I'd rather have the title to my car than a supercharged one I'm making payments on.

 

[DrDing.Muscle]

If you guys think that buying a new car is a wise financial decision, you're mistaken. New car purchases should be made as 'fun buys', not an investment. That being said, I'd rather have the title to my car than a supercharged one I'm making payments on.

A fun buy would be one with a supercharger, not one you have the title too.

 

[Zemedici]

A fun buy would be one with a supercharger, not one you have the title too.

yeah but then you have 2 'fun buys' and the bank still owns your car.

Wonder how the bank feels about you supercharging their car.....

 

[Khyber]

yeah but then you have 2 'fun buys' and the bank still owns your car.

Wonder how the bank feels about you supercharging their car.....

they'll feel great if it gets repo'd with a $10k supercharger on it. lol then they easily make the lost money back!

 

[Texican1911]

Lot has to do with your debt to income ratio.

You really do not see an interest rate benefit once your credit surpasses a 740 FICO.

A big difference between a 600 score person and a 750 score person could be as little as the 750 score person just has zero late payments, whereas the 600 score person had a few, but both use credit the same.

Care to explain more of the bold sentence?

Sure. 740FICO = A+ credit. A+ gets the best rates and you can't get better than the best. Unless you believe the Equifax commercial and expect I'm going to give you my house plant because you knew your score (we tell you your score up front anyhow).

Combining the first comment and the other paragraph, you can also have 0 negatively reported accounts (late, written off, bankrupt, etc) and still have the same issue based solely on utilization. Ideally you want to be between 35 and 50% of the credit you have being used. If you're at 95%, bye bye score!

 

[Whipple SC]

How many of you with superchargers have a loan on your car? I recently came into some cash and I think I should pay it to my loan instead of adding a power adder to a car that is technically not my own.
Thanks

All you need right here :cheers:

 

[CM581978]

Don't fall into debt over this car shit. It's a vicious cycle once you break stuff or see something someone else has.

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