Financial advice

[OxmanWI]

I’m kind of stuck with a decision, but I don't know what to do so I was hoping to get some advice from some of you guys.

I’m not rich and I don’t have a lot of money, right now I’m on a short military deployment and will be coming home in a couple months. With the money I make here and the possible sale of my Thunderbird and parts I can be debt free and still have a good chunk of change left over. I love my car and want to keep it, but the chance to be debt free is also within my grasp. The girlfriend and I want to get married and get a house here in a couple years so I really would like to pay off my debt before that. I really don’t know what to do, I’m kind of in a jam. Any advice is much appreciated.

God Bless,

Josh

[Nick]

Pay off your debt. NO questions. You won't believe the kind of relief you will feel.

[Holeshot]

X 2 Debt free rocks. The only positive debt is home owner debt. Get secure and get toys later.

[PureSound15]

I agree with the above. There is something awesome about not having to worry about paying any bills other than living expenses every month. Not to mention the ease you'll have getting a home loan with a low debt to income ratio.

[awsomeears]

Toys are just toys man, sell the beast and buy it back years down the road. Just make sure to sell it to a decent person and always keep there #

You would be shocked how many people sell there car only to buy it back years down the road :thumbsup

[Rocket Power]

Keep the car and have your girlfriend pay your stuff off:goof
Sorry just wanted to be different

[wrath]

How much can you possibly owe on the Thunderbird? They haven't been made since what, 2005? Or are you talking about the 96? How much can you get for the 96?

What are you going to do when you sell it? By something else and finance that? Are you going to buy something else later that is similar to it?

Pay off anything high interest (more than 7%) and just carry the rest. You need to have at least six months squirreled away in case you get injured or lose your job. It doesn't matter if you're debt free if you don't have a safety net. It's always cheaper to borrow money from yourself (say you only get 2% on a money market account) than need to borrow $2,000/month at 18% on a creditcard while you look for a job.

So, in my opinion, pay off all the high interest stuff and hang on to the rest for now. And if you're just going to sell the car (at likely a huge loss) and buy something else similar again later then it makes no sense to sell it.

[OxmanWI]

How much can you possibly owe on the Thunderbird? They haven't been made since what, 2005? Or are you talking about the 96? How much can you get for the 96?

What are you going to do when you sell it? By something else and finance that? Are you going to buy something else later that is similar to it?

Pay off anything high interest (more than 7%) and just carry the rest. You need to have at least six months squirreled away in case you get injured or lose your job. It doesn't matter if you're debt free if you don't have a safety net. It's always cheaper to borrow money from yourself (say you only get 2% on a money market account) than need to borrow $2,000/month at 18% on a creditcard while you look for a job.

So, in my opinion, pay off all the high interest stuff and hang on to the rest for now. And if you're just going to sell the car (at likely a huge loss) and buy something else similar again later then it makes no sense to sell it.

I owe nothing on the 96 T-bird, I have an auto loan for my Cobalt and a consolidation loan. I could get $5000 for the car, worst case $4500. I could get somewhere around $8000 for the car and parts.

I plan on just having my Cobalt, right now it's my daily driver.

[pOrk]

Pay everything off man, its great living debt free and it will make getting a home loan much easier :)

[Cryptic]

Every good tool & car needs a garage. Go for the home first. Make sure you have lots and lots of garage space :thumbsup