So fellow fit freaks, im torn between a decision i have to make. Should i pay off the car or make min payments and purchase mods as i go along?

 

make your payments, stop modding and start saving.

 

Zero debt is the best thing you can do for yourself.

 

but at least having the payments for another year or so should help my credit? i really don't know if making the payments is going to make my credit better or paying off the car

 

Pay it off, debt freedom is a wonderful thing. I have an 805 credit rating for paying things off early,Including some cars. Agrees with Baked Cookies as well.


PaFitter

 

Another one for paying it off.

Less debt is the way to go.

 

Not having a monthly payment towards your car is alot better than running around on expensive lowered suspension and still have a monthly payment.

 

Pay that puppy off.

 

Definately pay it off.

 

Modding is a luxury while payments are mendatory.
Pay her off and you can mods after knowing she's all your.

 

If you have fairly new credit, I'd let the term go at least 12 months. If you've already made 12 payments, pay it off.

 

yah, pay it off first.

 

yeah you should pay it off first, then save up for another car or just keep modding the car , but knowing the car is paid off will let you have more money to spend on the car.

 

pay your car off!

mine was paid off the minute it was purchased

 

Lucky for me I already had a lot of money saved up when I bought my car. I've been paying off about $1000 every month. And upgrading the little stuff first!

 

yea

definitely going for the pay it off method. when my wife and i buy the next car it's going to be cash money just b/c we won't have payments and our honda's will probably last until the wheels fall off, get put back on, and fall off again.

like most everyone else said...debt freedom is a beautiful thing

 

Pay it off.

Then take 1/2 of your monthly payment amount and direct it monthly to some sort of savings for emergencies or for your next car and do your best not to dip into that account. Depending on how long until your next car purchase, you might be able to pay cash next time.

If you wanna keep working on your credit, make future mod purchases on a credit card and pay off that balance every month without fail. But make sure you don't have/get a card that charges you even if you pay your balance in full. Some of the vultures (I mean credit card companies) are starting to do this as a way to make money off of their most responsible customers who pay on time.

 

pay off. I have debt... and it sucks.

You'll have time later in life to purchase mods or other upgrades. If you want to build your credit, setup recurring automatic payoffs on your credit card for things like your cable TV bill, Cell phone bill etc...

~SB

 

You can't really advise a payoff without knowing your financial situation. If you can pay the car off and still have an eight month security savings in case you lose your job, etc, then perhaps it's a consideration. How old are you? Do you live at home? Pay rent? Own a home? Have other debt? It's never a good idea to become cash poor, regardless, imo. Generally speaking, I have found that I'm only debt free for a VERY short time before other debt comes on in. That's what happens when have a house. I'd like to say I own a home, but the bank really owns it for the next 20 or so years. What's your car loan terms, and for how long? You could pay it off double time, thereby establishing good credit by paying back better than promised- and saving a ton of interest in the process. But to ask if you should pay the car off or buy goodies for it isn't really enough info for anyone to tell you much. Not to put anyone here down at all, but asking forum members such a thing should be taken with a huge grain of salt, no matter how heavily the opinions sway. Ideally, you should be talking to someone in your life that knows the particulars of your financial situation, such as a trusted accountant.

So....it depends!

Dan

 

Make double payments.