Thought I would start another thread to keep you guys awake in here, lol. Anyway how many of you pay just the min. car payment each month? You don't have to say how much it is or anything, just if you do or don't. I have only made two payments on my stang and I really would like to make almost a double payment each month to pay it off pretty quick. But if I were to do that, then I would only be able to buy mods every so often.

My plan is to pay an extra $200 or so each month to cut it down quick and then when the 2007 cobra comes I might slip into one

Anyone my car payment is $349.50 a month so that isn't to bad I guess. But I would like to send in a check for like $550 each month and make her mine a little quicker.

So anyone care to comment?

 

man if i could pay 550 a month on my car it would be paid for. my payments are 200 but i pay 220. not much more but every little bit helps. if i was you and really wanted that 2007 cobra and had the funds to pay extra on my current car i would do that and say heck with the mods. we all know how fast the cobra is right now and who knows, the new one will be at least the same as the current cobra or faster. them svt guys are always thinking of something. i'd pay the extra and get the cobra when it comes. when you make that big of a payment though make sure you tell the bank you want the extra to go to the principle because sometimes they just put it towards your next payment and then all you have is a lower car payment.

 

Yea I was thinking about writing two checks one for the payment, and one for the extra. That way they will not get it confused. I figure I should have a good chunk of it paid off by the time the 2007's come out so I will not be upside down in my trade, if I decide to trade it in.

 

I think im going to start paying a little extra on mine. Had mine for about a year now so it would be nice to get rid of the payment book a little faster...

 

You're not kidding. Once I paid BestBuy off for my t.v and surround sound it was nice to have that extra money each month. So I paid one of my credit cards off, and have 2 left to go I usually only have enough money for gas in my account each month because I send off all my money to bills, so I'm used to not having any money, lol.

 

Try having a $1400 mortgage payment that does not include any taxes or insurance. Well the house will be mine in 14 more years and hopefully sooner with increased payments.

 

Ouch, 14 more years of that would kill me. Hope you can pay that sucker off sooner.

 

And I thought MY payment book was depressing...

 

Wait, don't forget about everything else I have to pay for: Utilities, Insurance, cars, college for the kids. Oh yes, it gets better...much better.

My younger brother who is 27 just bought his first. He has a $2600 per month mortgage payment and the house is only 1300 square feet (Los Angeles area).

Bills are all relative.

Since I am an old fart around here at 36 years young and some of you are half my age. I would say this to you: Don't start with debt! It will come soon enough and you will need to have available credit when you get older.

I personally believe (and this will not be popular) that is it really said when young people who are still living at home with parents and no college education have car payments. That is really a bad idea in most cases. Car payments prevent you from doing the things that you really need to be doing. As a rule, your car payment should be no more than about 5% of your gross monthly income (10% tops). This leaves room for having money for the things that you really need. If you have a $300 per month payment, then you should earn a minimum of $3,000 per month. 30% is the the max suggested for mortgage or rent.

So if someone earns $3,000 per month, they can have a $300 car payment and a $900 per month mortgage. This would leave them with about $900 per month for everything else (after taxes and such) which is already a real stretch.

 

I can understand where you are coming from. I am 19, I still live with my parents as well. I do go to a local community college, but also have a job doing network support for a local ISP which is my job path. Most young people do not have their priorities straight, which I'm glad I have mine. I could be living on my own but I really don't want to, besides I could save money for a down payment on a house, I like to be home with my little nephew and my dad. My dad has cancer and I really don't want to go anywhere because I want to spend as much time with him as possible. So I'm as happy as can be, and I got my stang so it's all good. Debt is a bad thing though.

 

Jeremy, sorry to hear about your dad. Everyone ultimately has to make decisions on what they think is best for them. I think it is admirable that you get to spend some time with your father and I wish him the best.

 

Thank you. He is doing really well with his treatments and all. He had an operation today where they put some radiation beads near his cancer. We always get good updates when we go to the doctor so it's really great the way everything is coming out.