Here goes
We have a 2002 PT Cruiser that is basically a piece of junk. It's leaking coolant, oil.. Check engine light is on, emergency break light is always on, it shudders, etc. We've taken it to a mechanic who says he can't find the problem, etc, etc.
We have emissions testing in August which we know it will not pass.
We are having a baby in December.. which will pop us up to three kids. While I know it's def. doable in the PT I'd prefer to have something with more room.
We still owe approx 6k on the PT Cruiser, which we have available to pay the car off.
BUT, we just thought of another idea. We would like to purchase a used, more reliable, preferably larger with better gas mileage (I'm getting like 17 now) for around 12k. We have 2k to put down, knocking it down to 10k. We think we should be able to get at least 2k on the PT.
Should we pay off the PT, go straight into the next car loan.. droping it down to approx 8k?
OR
should we keep the 6k... roll over the loan into a loan with a better interest rate (PT is at 14 percent, but we were able to get 2.99 recently when we purchased my husbands car), then just use the 6k to pay double on the new car loan? So the purchase price of the new car would be 12k - 2k we have available + 4k on the car loan = 14k which we believe we will get anywhere from 2.99 to .99 interest rate depending on what car we go with..
So basically the way I'm seeing it, we would have a car loan of around 14500 (with taxes and all that), and the payment would be approx 260 a month. We could use the 6k to pay on the loan PLUS the 150 we were planning on spending in the first scenerio..so we would be able to pay it off relatively quick.
Am I missing something?
We have a 2002 PT Cruiser that is basically a piece of junk. It's leaking coolant, oil.. Check engine light is on, emergency break light is always on, it shudders, etc. We've taken it to a mechanic who says he can't find the problem, etc, etc.
We have emissions testing in August which we know it will not pass.
We are having a baby in December.. which will pop us up to three kids. While I know it's def. doable in the PT I'd prefer to have something with more room.
We still owe approx 6k on the PT Cruiser, which we have available to pay the car off.
BUT, we just thought of another idea. We would like to purchase a used, more reliable, preferably larger with better gas mileage (I'm getting like 17 now) for around 12k. We have 2k to put down, knocking it down to 10k. We think we should be able to get at least 2k on the PT.
Should we pay off the PT, go straight into the next car loan.. droping it down to approx 8k?
OR
should we keep the 6k... roll over the loan into a loan with a better interest rate (PT is at 14 percent, but we were able to get 2.99 recently when we purchased my husbands car), then just use the 6k to pay double on the new car loan? So the purchase price of the new car would be 12k - 2k we have available + 4k on the car loan = 14k which we believe we will get anywhere from 2.99 to .99 interest rate depending on what car we go with..
So basically the way I'm seeing it, we would have a car loan of around 14500 (with taxes and all that), and the payment would be approx 260 a month. We could use the 6k to pay on the loan PLUS the 150 we were planning on spending in the first scenerio..so we would be able to pay it off relatively quick.
Am I missing something?