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Pay off student loan before getting car loan?

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Anonymous
Not applicable

Pay off student loan before getting car loan?

I posted this in the student loan section but it may be better to post here,

 

“I owe $3,200 of a total of $3,500 loan. I waited till my 6mos was over to start paying. I currently pay $100 a month. Minimum payment is $50.

i want to get a car loan at the end of the year. Should I continue to pay the $100 or should I just pay it off then get a car loan? Or does it really even matter?”

Message 1 of 3
2 REPLIES 2
Diva365
Established Member

Re: Pay off student loan before getting car loan?

If you don't really "need" a new car then you should pay off your student loan first. Use the money that you would use for car payments and apply it towards the loan. 

Message 2 of 3
marty56
Super Contributor

Re: Pay off student loan before getting car loan?

Sudent loan debt is the worst type of debt to have in a non FICO way so I would PIF as soon as you could.  Then buy the car you want worry free.

1/25/2021: FICO 850 EQ 848 TU 847 EX
Message 3 of 3
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