What should I pay first or do?

Date: Tue, 04/22/2008 - 12:39

Submitted by anonymous
on Tue, 04/22/2008 - 12:39

Posts: 202330 Credits: [Donate]

Total Replies: 2

Here it goes. My wife and I each have a car payment which adds up to $680 a month for both of our cars. We don't have credit card debt which is good. She owes about $9,000 on her car and i owe about $14,000 on mine. I just inherited $6,000 from family. Now we don't know what to do. should we use the money to try to pay her car off or use the money to put a down payment on the house. Now we have about $7,000 saved in our savings account a side from the $6,000 i just received. What would be my best decision to use the $6000. Thank you.

What should I pay first or do?

In my opinion, and that is all it is: I would say if you are comfortable with your car payments and getting a house is the most priority; then I would say put the monies toward the house.

I am no expert; but that is what I would do. Or split the difference and give 3000 to car and the other half towards the house.

Good luck.

lrhall41

Submitted by purplegirl69 on Tue, 04/22/2008 - 15:00

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Just a thought here - if you are determined to buy a house soon,

Just a thought here - if you are determined to buy a house soon, I would put the money away towards the downpayment on a house, and keep paying on the cars if you can comfortably afford to do so.

Paying on the cars on time every month will continue to improve your credit, which will improve your chances towards getting a mortgage with a decent interest rate.

lrhall41

Submitted by SUEBEEHONEY70 on Tue, 04/22/2008 - 16:44

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