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Thread: Finance Question

  1. #1
    Senior Member Getting Dirty BonesWK's Avatar
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    Finance Question

    So I figured I would see what you guys thought about a predicament I am in. Well its a nice predicament I think, but lets see what you think I should do.

    My Grandmother passed away a couple of weeks ago and left some inheritance. Great lady, sad to see her go, but she was sick and it was time...

    anyways, back to the topic at hand. Like many Americans I have debt. What would you do - below are my scenarios. I am married with a child and I cant be spending it on "splurge" items unfortunately.

    10k To put somewhere

    1. Wifes car 12000ish payoff. -- 310 mo.
    2. My college Loan 6600 payoff, -- 153 mo.
    3. Credit Card 2300 payoff -- varies monthly what I pay on it.
    4. Blow the whole thing on the jeep (KIDDING)

    So I mean I would like to pay off the CC and my loan freeing up some monthly money, but I also would love to pay off the wifes car faster. im a bit torn as to what to do. My initial thought is to pay off #2 and #3 and have 1k extra emergency money.

    What you guys think?
    Ryan ---- 2006 WK 4.7 QDII <- Click for Garage
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  2. #2
    Lifetime Member Getting Dirty Matt's Avatar
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    What are the interest rates you're paying in the loans?

    Id target the highest interest ones first which is probably the credit card.

    Id probably pay off #2 and #3 and put the remaining $1000 towards the principle of the car loan. Then id pay an extra $150/month towards the car loan principle until its paid off.
    Last edited by Matt; 12-02-2013 at 09:26 AM.

  3. #3
    Senior Member Getting Dirty BonesWK's Avatar
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    The car loan is 0.9%
    CC - not sure on Interest
    College - not sure either - its pretty low I think.

    Good advice Matt, I appreciate it
    Ryan ---- 2006 WK 4.7 QDII <- Click for Garage
    2.25" RR Lift - Front Bilstiens - Rear OMEs - 32" Wildpeaks - Saguaro 4x Shackles - Tail Light Guards - AFE intake - Rola - Exhaust
    Twitter Facebook ---- Chive On
    Quote Originally Posted by AJeepZJ View Post
    Can't wait to see that big girl on those fat meats!

  4. #4
    Senior Member Getting Dirty
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    Rank it in order of interest rate from high to low. There's your list!
    2006 XK 4.7L QTII

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    Member Looking for Dirt
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    Quote Originally Posted by JustinS View Post
    Rank it in order of interest rate from high to low. There's your list!
    And I'd wager a guess that the interest rate on the credit card blows away the others, not even comparable.
    2007 XK Limited
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  6. #6
    Senior Member Getting Dirty BonesWK's Avatar
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    well I suppose I have my answer - thanks guys. Good call on the interest rate, I would have never thought that. I couldn't get past monthly payment.
    Ryan ---- 2006 WK 4.7 QDII <- Click for Garage
    2.25" RR Lift - Front Bilstiens - Rear OMEs - 32" Wildpeaks - Saguaro 4x Shackles - Tail Light Guards - AFE intake - Rola - Exhaust
    Twitter Facebook ---- Chive On
    Quote Originally Posted by AJeepZJ View Post
    Can't wait to see that big girl on those fat meats!

  7. #7
    Lifetime Member Getting Dirty Core XK's Avatar
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    I work at a credit union and do this every day lol but yeah everyone gave the best answer. In most cases paying highest interest off first is your best bet. Student loan debt is good debt to have and you dont have much!! Lol

    Sent from my SCH-I535 using Tapatalk 2
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  8. #8
    Senior Member Getting Dirty BonesWK's Avatar
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    Quote Originally Posted by Core XK View Post
    I work at a credit union and do this every day lol but yeah everyone gave the best answer. In most cases paying highest interest off first is your best bet. Student loan debt is good debt to have and you dont have much!! Lol

    Sent from my SCH-I535 using Tapatalk 2
    Ha, I dont have much left. But my wife just finished college 2 years ago... shes got a good amount
    Ryan ---- 2006 WK 4.7 QDII <- Click for Garage
    2.25" RR Lift - Front Bilstiens - Rear OMEs - 32" Wildpeaks - Saguaro 4x Shackles - Tail Light Guards - AFE intake - Rola - Exhaust
    Twitter Facebook ---- Chive On
    Quote Originally Posted by AJeepZJ View Post
    Can't wait to see that big girl on those fat meats!

  9. #9
    Lifetime Member Getting Dirty Core XK's Avatar
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    Yeah I know what you mean. My fiance is finishing up her masters with only 30k in total student loan debt. I wish I was as smart as her and got scholarships lol ill owe much more then that once im finished my masters.....

    Sent from my SCH-I535 using Tapatalk 2
    2010 Silver HEMI XK QTII

    My Garage: http://www.theultimatejeep.com/showt...re-XK-s-Garage

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    Senior Member Getting Dirty The_War_Wagon's Avatar
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    College loan, credit card, and enough left over for a nice dinner!

    ta da.
    '07 Jeep Commander, Rocky Mountain Edition - 287 V-8 - Superchipped - aFe Stage II R-5A CAI - Flowmaster Super 44 - 2" Daystar lift - Spidertrax spacers - 32x10.5x17 Cooper A/T's - Fastman throttlebody - Skyjacker 8000 shocks

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