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FrugalRican
Posts: 2,876
Registered: ‎02-02-2012
Re: 8k used car loan, VERY high interest rate, really low debt to income ratio, VERY low score

You can pay off this car in 3 months, but you want to take a loan at 25%?

 

If it's about 10K and you can pay it off in 3 months... does this mean you take in an extra 3.3K per month?

If that is so, I'd just use the $3,000 or LESS to buy a beater car. Use that for a few months, save up for a better car and pay that off cash.

 

No way anyone should pay a car loan at 25% and then pay OTHER fees on top of that.

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