Need financial advice...

Bizall · 08-30-2011, 04:40 PM

Need some financial advice fellas. Given the information below, which order do I pay them off in? Strictly financial minded only, not paying the lower amount just to stay motivated or whatever. Which order will save me more in the end?

Credit Card #1 $4,300 @ 6.0%
Credit Card #2 $8,800 @ 6.0%
Car 22 months left(62 month total)$11,400 @ 3.5%

KGB7 · 08-30-2011, 04:43 PM

You pay them all before due date. You do not want to miss a payment.

onesuperboi · 08-30-2011, 04:45 PM

The credit cards before the car.

JuuS · 08-30-2011, 04:49 PM

Sell your car. Use the equity to get those 2 monkeys off your back. With the rest of the money (probably none left!), put a down payment on a 2012 135i and go for a shorter term.

Blake · 08-30-2011, 04:56 PM

CC's first. Always good to carry low revolving account balances. Plus, the longer you pay your car off, the better it's gonna build your creditworthiness.

BayMoWe335 · 08-30-2011, 07:05 PM

Why do you drive an 08 135i with that much credit card debt? Wow...

donovan · 08-30-2011, 10:24 PM

Possibly a few mistakes? I cant wait to sell my m3 and pay off the wifes 350z. ZEROO CAR PAYYMENNTSS and might get a porsche next year or charged e46..

Anyway...CC before car. You are in Germany spend that COLA and utilities wisely..

Brey335i · 08-30-2011, 10:59 PM

Pay what's due...

silvergray545 · 08-30-2011, 11:02 PM

Credit cards first. They have a higher interest rate. You want those off your back.

Oregano123 · 08-30-2011, 11:07 PM

Quote:

Originally Posted by BayMoWe335

Why do you drive an 08 135i with that much credit card debt? Wow...

Bizall · 08-31-2011, 02:34 PM

Quote:

Originally Posted by BayMoWe335

Why do you drive an 08 135i with that much credit card debt? Wow...

I just sold the 135i today actually. With insurance and car note, I'm saving $875 a month. I have another vehicle that is paid off that I drive now.

Quote:

Originally Posted by donovan

Possibly a few mistakes? I cant wait to sell my m3 and pay off the wifes 350z. ZEROO CAR PAYYMENNTSS and might get a porsche next year or charged e46..

Yep, wife had a good paying job when I got the 135i and had the other car, but she ended up quiting and was hard to get another job of the same $. Lesson learned.

Anyway...CC before car. You are in Germany spend that COLA and utilities wisely..

Yep, it definitely helps. Getting back on the right track...lots of lessons learned.

Quote:

Originally Posted by bmwhype

See above...thanks! Haha.

08-30-2011, 04:40 PM	#1
Bizall Captain 123 Rep 905 Posts Drives: 2019 Honda Accord Touring 2.0 Join Date: Feb 2008 Location: Northern Virginia iTrader: (0)	Need financial advice... Need some financial advice fellas. Given the information below, which order do I pay them off in? Strictly financial minded only, not paying the lower amount just to stay motivated or whatever. Which order will save me more in the end? Credit Card #1 $4,300 @ 6.0% Credit Card #2 $8,800 @ 6.0% Car 22 months left(62 month total)$11,400 @ 3.5%
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08-30-2011, 04:43 PM	#2
KGB7 Crazy Russian Bastard 30 Rep 819 Posts Drives: 01 740i sport Join Date: Apr 2011 Location: Siberian Prison iTrader: (0)	You pay them all before due date. You do not want to miss a payment. __________________ B M W
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08-30-2011, 04:45 PM	#3
onesuperboi Major 52 Rep 1,357 Posts Drives: '08 e92 335i COBB 4.01 Stage 1 Join Date: Aug 2008 Location: Bay Area, CA (Alameda) iTrader: (6)	The credit cards before the car.
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08-30-2011, 04:49 PM	#4
JuuS Private 0 Rep 93 Posts Drives: 2009 135i Join Date: Mar 2010 Location: Vancouver, BC iTrader: (0)	Sell your car. Use the equity to get those 2 monkeys off your back. With the rest of the money (probably none left!), put a down payment on a 2012 135i and go for a shorter term.
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08-30-2011, 04:56 PM	#5
Blake Banned 757 Rep 4,649 Posts Drives: Chevy Aveo Join Date: May 2008 Location: Parent's Basement iTrader: (7)	CC's first. Always good to carry low revolving account balances. Plus, the longer you pay your car off, the better it's gonna build your creditworthiness.
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08-30-2011, 07:05 PM	#6
BayMoWe335 Colonel 1177 Rep 2,132 Posts Drives: 2010 E92 335i 6MT Join Date: Aug 2009 Location: US iTrader: (0)	Why do you drive an 08 135i with that much credit card debt? Wow...
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08-30-2011, 10:24 PM	#7
donovan Brigadier General 371 Rep 4,167 Posts Drives: R8 - Ford Raptor Join Date: Aug 2008 Location: National iTrader: (17)	Possibly a few mistakes? I cant wait to sell my m3 and pay off the wifes 350z. ZEROO CAR PAYYMENNTSS and might get a porsche next year or charged e46.. Anyway...CC before car. You are in Germany spend that COLA and utilities wisely.. __________________ Audi R8 v10 Ford Raptor m3e46freak@yahoo.comfor all euro parts!! ebay/craigslist verified/ m3post/e46fanantics/m3forum/zpost/bimmerforum
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08-30-2011, 10:59 PM	#8
Brey335i Banned 112 Rep 4,771 Posts Drives: e46 ///M3 Join Date: Oct 2009 Location: Austin, TX iTrader: (11)	Pay what's due...
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08-30-2011, 11:02 PM	#9
silvergray545 Skittles, OT OG 2337 Rep 649 Posts Drives: Lots of M cars Join Date: Aug 2008 Location: Cleveland, OH iTrader: (1) Garage List 2016 BMW M3 ZCP [0.00] 2000 BMW M Roadster [0.00] 2004 BMW M3 [0.00] 2014 VW GLI [0.00]	Credit cards first. They have a higher interest rate. You want those off your back.
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