Need advice on how to handle auto loan that is getting ready to mature...

[Kree]

A thought:  Interest rates are rising steadily.  We could see 6% by the end of next year.  It might make more sense to get the loan earlier, with lower scores, and pay a higher % than market. You could still end up paying less than with a higher score next year.  Your particular situation with the rent to own, adds to this.

That being said, I would personally recommend not purchasing a home until more financially stable. And % forecasts are not accurate, you could get 4% next year. ON the other hand, prices have been rising too.

 EDIT: Corrected typo for interest prediction.

[Anonymous]

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@Kreewrote:

A thought:  Interest rates are rising steadily.  We could see 8% by the end of next year.  It might make more sense to get the loan earlier, with lower scores, and pay a higher % than market. You could still end up paying less than with a higher score next year.  Your particular situation with the rent to own, adds to this.

That being said, I would personally recommend not purchasing a home until more financially stable. And % forecasts are not accurate, you could get 4% next year. ON the other hand, prices have been rising too.

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Ok there is absolutely no possible way 'rates reach 8% by next year'. This is complete fabrication. The fed projects a maximum of 3 QUARTER POINT increases at most this year, and thats if the economy keeps booming. Even if you assume 4 rate increases next year, which you really cant, itd be well below 8%

[Kree]

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@Anonymouswrote:

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@Kree

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Ok there is absolutely no possible way 'rates reach 8% by next year'. This is complete fabrication. The fed projects a maximum of 3 QUARTER POINT increases at most this year, and thats if the economy keeps booming. Even if you assume 4 rate increases next year, which you really cant, itd be well below 8%

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You are correct. I meant to type 6%.