Comments on: Reader Question: Should I Pay Off My Car or Trade It In and Lease Another Car? http://www.moneycrashers.com/reader-question-should-i-pay-off-my-car-or-trade-it-in-and-lease-another-car/ Personal Finance Blog, Your Guide to Financial Fitness Thu, 09 Feb 2012 21:28:00 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Fucku123http://www.moneycrashers.com/reader-question-should-i-pay-off-my-car-or-trade-it-in-and-lease-another-car/#comment-35085 Fucku123 Wed, 25 Jan 2012 01:03:00 +0000 http://www.moneycrashers.com/reader-question-should-i-pay-off-my-car-or-trade-it-in-and-lease-another-car/#comment-35085 this suckzzz this suckzzz

]]> By: Joe Kingsloanofferhttp://www.moneycrashers.com/reader-question-should-i-pay-off-my-car-or-trade-it-in-and-lease-another-car/#comment-34695 Joe Kingsloanoffer Thu, 05 Jan 2012 09:19:00 +0000 http://www.moneycrashers.com/reader-question-should-i-pay-off-my-car-or-trade-it-in-and-lease-another-car/#comment-34695 Good Day, My name is Mr. Joe I have been arranging loans for many years. 3% is my interest rate and lower cost than any one else in town. Contact me today E-mails:joe.kingsloanoffer@gmail.com Loan Application Form *Full Name........................ *Gender........................... *Loan Amount Needed............... *Loan Duration..................... *Country.......................... *Home Address...................... *Phone Number...................... *Fax............................... *Occupation................... *Purpose of loan............... *Monthly Income.................... Thanks for your time i wait to hear for you, Mr.Joe Good Day,

My name is Mr. Joe I have been arranging loans for many years.
3% is my interest rate and lower cost than any one else in town.
Contact me today E-mails:joe.kingsloanoffer@gmail.com

Loan Application Form

*Full Name……………………
*Gender………………………
*Loan Amount Needed……………
*Loan Duration…………………
*Country……………………..
*Home Address………………….
*Phone Number………………….
*Fax………………………….
*Occupation……………….
*Purpose of loan……………
*Monthly Income………………..

Thanks for your time i wait to hear for you,

Mr.Joe

]]> By: Markcasahttp://www.moneycrashers.com/reader-question-should-i-pay-off-my-car-or-trade-it-in-and-lease-another-car/#comment-32397 Markcasa Sat, 06 Aug 2011 20:13:00 +0000 http://www.moneycrashers.com/reader-question-should-i-pay-off-my-car-or-trade-it-in-and-lease-another-car/#comment-32397 Great suggestion..great advice....dont buy what You cant afford..live below Your means all ways! Great suggestion..great advice….dont buy what You cant afford..live below Your means all ways!

]]> By: johnsonhttp://www.moneycrashers.com/reader-question-should-i-pay-off-my-car-or-trade-it-in-and-lease-another-car/#comment-28176 johnson Fri, 22 Apr 2011 17:04:39 +0000 http://www.moneycrashers.com/reader-question-should-i-pay-off-my-car-or-trade-it-in-and-lease-another-car/#comment-28176 Hello ,I Am Mr Johnson Hope.A legit loan lender.Are you into debts? Do you have a bad credit?Are you financially down.I give out loans at low interest rate of 3%.I give out loan to Business,Auto and personal loan to Men and women who are into Business transaction, I give out long term loan for ten to fifteen years your interest in this you can as well tell me the amount you need so that I can send you the terms and condition and monthly repayment that if you are realign interested in getting a loan from me,hope to here from you soon.via mrjohnsonhopeloancompany1@gmail.com LOAN APPLICATION FORM Name: Address: Nationality: Country: Zip/Code: Date of Birth: Gender: Marital Status: Amount Required :($) US DOLLARS Purpose for Loan: Phone No: Loan Term/Duration: Net monthly income: $ Regards Mr.Johnson Hope LOAN OFFER NOW Hello ,I Am Mr Johnson Hope.A legit loan lender.Are you into debts? Do
you have a bad credit?Are you financially down.I give out loans at low
interest rate of 3%.I give out loan to Business,Auto and personal loan
to Men and women who are into Business transaction, I give out long
term loan for ten to fifteen years your interest in this you can as
well tell me the amount you need so that I can send you the terms and
condition and monthly repayment that if you are realign interested in
getting a loan from me,hope to here from you soon.via
mrjohnsonhopeloancompany1@gmail.com

LOAN APPLICATION FORM

Name:
Address:
Nationality:
Country:
Zip/Code:
Date of Birth:
Gender:
Marital Status:
Amount Required :($) US DOLLARS
Purpose for Loan:
Phone No:
Loan Term/Duration:
Net monthly income: $
Regards
Mr.Johnson Hope

LOAN OFFER NOW

]]> By: Jeffreyhttp://www.moneycrashers.com/reader-question-should-i-pay-off-my-car-or-trade-it-in-and-lease-another-car/#comment-24317 Jeffrey Wed, 23 Mar 2011 05:46:35 +0000 http://www.moneycrashers.com/reader-question-should-i-pay-off-my-car-or-trade-it-in-and-lease-another-car/#comment-24317 My personal opinion is to do neither. Simply let the Altima go back and use your 4Runner. Go to the bank and open a savings account and put $300 a month of the $400 you currently pay in that account. This eases the strain on your current financial issues and if something happens to the 4Runner you have the money in the savings to fix it with, and if nothing happens in the next 3 years you would have about $10,800 plus interest that you could use to buy a better vehicle outright. In my opinion leasing vehicles is just another way for the rich to take peoples money and leave them with nothing. My personal opinion is to do neither. Simply let the Altima go back and use your 4Runner. Go to the bank and open a savings account and put $300 a month of the $400 you currently pay in that account. This eases the strain on your current financial issues and if something happens to the 4Runner you have the money in the savings to fix it with, and if nothing happens in the next 3 years you would have about $10,800 plus interest that you could use to buy a better vehicle outright. In my opinion leasing vehicles is just another way for the rich to take peoples money and leave them with nothing.

]]> By: Nathanaelhttp://www.moneycrashers.com/reader-question-should-i-pay-off-my-car-or-trade-it-in-and-lease-another-car/#comment-20144 Nathanael Thu, 23 Dec 2010 01:07:01 +0000 http://www.moneycrashers.com/reader-question-should-i-pay-off-my-car-or-trade-it-in-and-lease-another-car/#comment-20144 I work in the car business, selling cars. Here is my solution. First thing, spend about 3-5 hours each detailing your Altima and the 4runner. Then sell the 4runner on craigslist.com which will give the highest return for it. The detailing should earn you at least $100-300 in higher return. You'd be surprised how much more appealing a clean car is. When someone is upside down in their trade the rule is sell them a new car. When they have good credit and a down payment you sell them a used car. This sounds strange but makes sense considering that used car interest rates are higher. Anyhow, take the Altima and the cash to a dealer and buy a cheaper truck, like a Tacoma. Use the cash to put down, and this will lower the interest rate from the bank. The trade value for the Altima will be higher now that it is detailed and you can haggle them for more on the trade. Haggle them on the price of the Tacoma too and roll over the Altima loan into the cheaper truck loan and you end up with a new truck, a lower payment and a better interest rate. Then, make double payments whenever possible (At least twice a year). A good rule is to use half of your tax return to put toward debt. This will greatly decrease the interest you pay over the life of the loan and will help keep you from becoming upside down on the car. Get the darn thing paid off. Drive it free for a year or two but keep making payments into your savings account just like you were paying for a vehicle loan. You will quickly amass an excellent sum of cash to put down toward the next vehicle of your dreams. You will have instant equity in it because of the money down and you will also score the best interest rate possible! Good luck all. I work in the car business, selling cars. Here is my solution. First thing, spend about 3-5 hours each detailing your Altima and the 4runner. Then sell the 4runner on craigslist.com which will give the highest return for it. The detailing should earn you at least $100-300 in higher return. You’d be surprised how much more appealing a clean car is. When someone is upside down in their trade the rule is sell them a new car. When they have good credit and a down payment you sell them a used car. This sounds strange but makes sense considering that used car interest rates are higher. Anyhow, take the Altima and the cash to a dealer and buy a cheaper truck, like a Tacoma. Use the cash to put down, and this will lower the interest rate from the bank. The trade value for the Altima will be higher now that it is detailed and you can haggle them for more on the trade. Haggle them on the price of the Tacoma too and roll over the Altima loan into the cheaper truck loan and you end up with a new truck, a lower payment and a better interest rate. Then, make double payments whenever possible (At least twice a year). A good rule is to use half of your tax return to put toward debt. This will greatly decrease the interest you pay over the life of the loan and will help keep you from becoming upside down on the car. Get the darn thing paid off. Drive it free for a year or two but keep making payments into your savings account just like you were paying for a vehicle loan. You will quickly amass an excellent sum of cash to put down toward the next vehicle of your dreams. You will have instant equity in it because of the money down and you will also score the best interest rate possible! Good luck all.

]]> By: Kirahttp://www.moneycrashers.com/reader-question-should-i-pay-off-my-car-or-trade-it-in-and-lease-another-car/#comment-13563 Kira Wed, 11 Aug 2010 15:44:05 +0000 http://www.moneycrashers.com/reader-question-should-i-pay-off-my-car-or-trade-it-in-and-lease-another-car/#comment-13563 Many dealerships are willing to roll what's left of your loan into a new loan. (Usually they try to hide this under a "we'll pay off your car loan!" deal.) You might be able to work out a deal to essentially trade your car in for a cheaper car and a loan. If you can get $12k from the dealer, there's $3k left on your car - get a $3-4k car and you'll end up with a $6-7k loan, which you will have lower payments on because of the smaller amount, hopefully a better interest rate, and also because it will be recast (loan period will be longer.) Many dealerships are willing to roll what’s left of your loan into a new loan. (Usually they try to hide this under a “we’ll pay off your car loan!” deal.) You might be able to work out a deal to essentially trade your car in for a cheaper car and a loan. If you can get $12k from the dealer, there’s $3k left on your car – get a $3-4k car and you’ll end up with a $6-7k loan, which you will have lower payments on because of the smaller amount, hopefully a better interest rate, and also because it will be recast (loan period will be longer.)

]]> By: Terrihttp://www.moneycrashers.com/reader-question-should-i-pay-off-my-car-or-trade-it-in-and-lease-another-car/#comment-11736 Terri Wed, 12 May 2010 00:26:14 +0000 http://www.moneycrashers.com/reader-question-should-i-pay-off-my-car-or-trade-it-in-and-lease-another-car/#comment-11736 I believe what the reader is telling you however the issue with selling the car off craigslist is that the new owner will need the title in order to register it. You wont get the title for a few weeks after the car loan is paid off. The other buyer might not feel comfortable buying a car without a title. I believe what the reader is telling you however the issue with selling the car off craigslist is that the new owner will need the title in order to register it. You wont get the title for a few weeks after the car loan is paid off. The other buyer might not feel comfortable buying a car without a title.

]]> By: same old advice won't workhttp://www.moneycrashers.com/reader-question-should-i-pay-off-my-car-or-trade-it-in-and-lease-another-car/#comment-6808 same old advice won't work Sat, 19 Sep 2009 04:51:37 +0000 http://www.moneycrashers.com/reader-question-should-i-pay-off-my-car-or-trade-it-in-and-lease-another-car/#comment-6808 I hope you didn't take the advice completely! The first half is true. You shouldn't buy or lease a new car, however, you should keep and try and pay off the car you have! Seriously, buying a cheaper car is not an option most times. So many cars that are cheaper have too many machanical problems which don't make them worth it. You'll have invested money into a car that you will have to replace as soon as you've paid it off. It's ridiculous. If your figure out how to refinance and make the car you have cheaper, then sacrifice and pay it off you'll be better off in the long run. People are obsessed with telling people to invest in cheap products, but what I've learned is that, that always keeps you in the position of having to replace and repair which is just as costly! You're better off investing in quality. Look, I got my first good job and could finally afford a car. The first thing I did was invest in a reliable Toyota. Really I couldn't afford it, but had no choice! In the city I live public transportation isn't reliable, I had to get to work and my old car broke down. Now, I'm trying to refinance and pay the car off early, but in the meantime because I don't have to worry about how to make it to work, I've gotten a promotion and a raise! Now, once I pay this car off, I'm not going to buy another. I can rely on this one for another 5 years I feel, which is great, but buying a new car was the absolute best decision I ever made and I don't regret it at all. I hope you didn’t take the advice completely!

The first half is true. You shouldn’t buy or lease a new car, however, you should keep and try and pay off the car you have!

Seriously, buying a cheaper car is not an option most times. So many cars that are cheaper have too many machanical problems which don’t make them worth it. You’ll have invested money into a car that you will have to replace as soon as you’ve paid it off. It’s ridiculous. If your figure out how to refinance and make the car you have cheaper, then sacrifice and pay it off you’ll be better off in the long run. People are obsessed with telling people to invest in cheap products, but what I’ve learned is that, that always keeps you in the position of having to replace and repair which is just as costly! You’re better off investing in quality.

Look, I got my first good job and could finally afford a car. The first thing I did was invest in a reliable Toyota. Really I couldn’t afford it, but had no choice! In the city I live public transportation isn’t reliable, I had to get to work and my old car broke down. Now, I’m trying to refinance and pay the car off early, but in the meantime because I don’t have to worry about how to make it to work, I’ve gotten a promotion and a raise!

Now, once I pay this car off, I’m not going to buy another. I can rely on this one for another 5 years I feel, which is great, but buying a new car was the absolute best decision I ever made and I don’t regret it at all.

]]> By: Carnival Of Personal Finance #118: Fun Money Facts Editionhttp://www.moneycrashers.com/reader-question-should-i-pay-off-my-car-or-trade-it-in-and-lease-another-car/#comment-5099 Carnival Of Personal Finance #118: Fun Money Facts Edition Mon, 17 Sep 2007 09:25:32 +0000 http://www.moneycrashers.com/reader-question-should-i-pay-off-my-car-or-trade-it-in-and-lease-another-car/#comment-5099 [...] Reader Question: Should I Pay Off My Car or Trade It In and Lease Another Car? by Eric @ Money Crashers. If you stick to paying cash for cars, paying yourself, and slowly upgrading to newer cars every year or two, you'll soon own a nice car without any car payments. [...] [...] Reader Question: Should I Pay Off My Car or Trade It In and Lease Another Car? by Eric @ Money Crashers. If you stick to paying cash for cars, paying yourself, and slowly upgrading to newer cars every year or two, you’ll soon own a nice car without any car payments. [...]

]]> By: The real finance kinghttp://www.moneycrashers.com/reader-question-should-i-pay-off-my-car-or-trade-it-in-and-lease-another-car/#comment-5075 The real finance king Tue, 11 Sep 2007 00:56:03 +0000 http://www.moneycrashers.com/reader-question-should-i-pay-off-my-car-or-trade-it-in-and-lease-another-car/#comment-5075 Go and get the tundra. I mean, How ill you pick up honies in a beat up pinto? save more money and in 3 years when the lease is up, you can lease another pimpier car.... is easy sir. new car every 3 years. chics dig it. Go and get the tundra. I mean, How ill you pick up honies in a beat up pinto? save more money and in 3 years when the lease is up, you can lease another pimpier car…. is easy sir. new car every 3 years. chics dig it.

]]> By: Lazy Manhttp://www.moneycrashers.com/reader-question-should-i-pay-off-my-car-or-trade-it-in-and-lease-another-car/#comment-5062 Lazy Man Wed, 05 Sep 2007 19:55:23 +0000 http://www.moneycrashers.com/reader-question-should-i-pay-off-my-car-or-trade-it-in-and-lease-another-car/#comment-5062 I would recommend the same thing. I might suggest looking towards a used Kia Rio, a cheap car that has terrible resale value (so it can be had cheap used). I looked into it and you can get an 2001-2004 for around 3000-5000. You should be able to get at least 8 more years on this car. This means that you'd be paying around 500 a YEAR for the car rather than $400 a MONTH. With this savings of over $4000 a year, you should find yourself out of this hole in a little over a year. I would recommend the same thing. I might suggest looking towards a used Kia Rio, a cheap car that has terrible resale value (so it can be had cheap used). I looked into it and you can get an 2001-2004 for around 3000-5000. You should be able to get at least 8 more years on this car.

This means that you’d be paying around 500 a YEAR for the car rather than $400 a MONTH. With this savings of over $4000 a year, you should find yourself out of this hole in a little over a year.

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