Wow! A lot of useful information and tips from everyone! Thanks for
all the input, as always!
- I paid off car #2 today! Well, rather I submitted the e-payment
which will be processed on Wednesday, but in any case, it's settled. I
don't know how I ended up with that high of an interest rate. When I
bought car #1, a few weeks before car #2, the dealer****p showed my my
re****ted credit score, which was around 780. Maybe purchasing car #1
killed the credit score? In any case, lesson learned about the
interest rate. I definitely should have been putting all my resources
towards paying off that car. The sad part is that I was prepared to
pay the full amount for the car when we were buying it, but the
finance liaison at the dealer****p talked me out of it ("Why wipe out a
lot of your savings when you could just pay a little each month!"). I
just thought the interest rate was high because it was a used car vs.
new.
- Just for some background about what I do, I'm a pharmacist. My
husband makes significantly less than I do, working in retail sales,
but he enjoys what he does and we are happy. We just have two cats
right now, and are considering having a child in the next 5-10 years.
I know we are not financially ready for that yet!
- John brought up a very good point about what will happen if for some
reason I am unable to work. There is no way my husband could even pay
our current rent. My employer offers a small disability/death benefit,
but perhaps I should consider a more substantial policy? And of course
keeping enough in our savings account to cover for such matters on a
tem****ary basis...
- We have personal reasons for wanting to relocate, so another option
may be to relocate but to rent in our new location. With the current
housing market, a seller may be willing to enter a lease-with-option-
to-buy arrangement that would buy us some time to ac***ulate more
money down. If we don't find something like that, we could just rent
another apartment until we can find a house we like and have
sufficient down payment saved up. Would the act of relocating and just
being in an apartment for a year hurt our credit score? We have been
at our current location for over two years...
Thanks again! :)
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