Quote:
Originally Posted by Jeong
HOW DO YOU PAY OFF A NEW CAR IN 3 YEARS?!
I mean, I think it's not so bad. Im 19 with no credit, but being in the military and being able to put down 8.2 gets me 6% interest on a 5 year plan. And Im planning to pay it off earlier if possible. I make enough money to pay extra on payments, and pay for my insurance and I have no other payments.
My reasoning for getting a new car is that, if I buy a junk car now and plan to buy a new car in the future, I might be out of a job and not be able to afford one or pay off the monthly payments. But if I get the new car now, Ill probably be able to pay off all of it by the time i get out and I can focus mostly on college...
I dont know anyone think its a bad idea?
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Easy to pay off a car in 3 years.
1. Have the cash to pay for the whole car but spread it out and make 36 monthly payments or less.
2. Have innumerable amount of income to pay the vehicle off within 36 months or earlier.
IMHO,
If a enlistee especially a 19yr old one thinks he's not gonna have any other payments or expenses he is still a boy & not a man. But with experience he'll hopefully figure it out.
A person that is already thinking that he'll be out of a job or won't be able to afford a new car after getting out of the military has the wrong mental mentality. Hopefully in those 4years he'll learn something that will change this mindset.
Take the emotion out of it and balance the pros & cons of obtaining a depreciating asset then make a decision. It's hard at 19 to think ahead especially when you're an enlisted man with a for sure paycheck albeit small.
(I don't understand how enlistees think 1400-2000 a month is lot of money a month especially after taxes & expenses).
But good luck and THANK YOU for serving.