Buying a car while doing Debt Elimination?

[DiamondCutCows]

What are you guys' thoughts on financing a car while I'm in the process of Debt elimination? I'm about 10g's back with chargeoffs (long story, marriage issues) but need to get a car that's acceptable for some things I have to do for work (driving around with clients for example).

I make like almost 5k/month and don't pay much in the way of rent (roomates) so I can "afford" the car and the payments. Just wanted to get some point of views.

Thanks! DCC

 

[DiamondCutCows]

Guess I'll just go out and get the car then LOL.

 

[Markdzul]

if you can reasonalby afford the vehicle do it, to continue your job, try tax write offs, on the vehicle, mileage, if you can prove it it works, at like .48 per mile est.

 

[DiamondCutCows]

if you can reasonalby afford the vehicle do it, to continue your job, try tax write offs, on the vehicle, mileage, if you can prove it it works, at like .48 per mile est.

I can def afford it, I'm just going to have a rough interest rate to deal with till I get some of these old items handled on my credit report. Think planning on refinancing once my score is improved makes any sense or am I dreaming?

 

[SpyWizard]

take whatever interest you have to, a used car that you can pay off..

or something like a Kia... 100,000 warrenty and $10,000 new..

i don't like them, but hey, you can make double payments, and refi in 6 months if you have to..


instead of that plan, why don't you just do negotiations with each creditor??

good luck

 

[unclecharlie]

sounds easily affordable to me
you're taking in better than 3gs/month with minimal rent
you could either
spend 1000/month to eliminate your debt in a year
or send 500 towards debt(thus a 2yr reduction plan)
and 500 towards car pymt
bear in mind you suffer additional interest on the car loan and depreciation on the car
but you have to have a decent ride

 

[Dieselicious]

A car is always a depreciating investment, you will never make money on a car. Buy whatever car you can afford flat out, but dont finance a depreciating asset.

 

[bigrob215]

always always always eliminate existing debt first. never get into a new lease (leasing is bad anyways) or car payment when u have existing/revolving debt in addition to your monthly expenses. it wreaks havoc on your lifestyle since cars depreciate and always have additional expenses on top of the monthly payment. i am assuming u are in real estate or a similar profession where u have to drive clients or potential customers around. u can get a decent accord or camry on ebay or locally in the ads for 4k or a lot less. not exactly a beemer but who cares, it is still a dependable and presentable automobile.....just make sure it runs, doesnt make embarrasing noise, and make sure u clean the inside. clients dont care what you drive as long as its neat, clean, and odorless. also clients that have money and are smart with money wont judge you at all by what u drive, but they will judge your skill or how you represent the product you are selling....also your cleanliness and appearance helps with the sale. Remember, real investors invest in real estate, the market, and their education and knowledge...not cars. my friend is in real estate and he told me some of the richest people hes worked with drive hondas and ford f150s. you make a very good salary....by the time your cheap/used car shits the bed (and hondas and toyotas run to over 200k miles), i am sure you will have that 10k paid off, have an emergency fund in place, money in a retirement account, and enough money left over to pay for new vehicle with cash....shit, buy a rolex while your at it