Hello,
I am going to be going on a deployment for 12 months next year and have a car loan that currently has 4 years left of payments (out of 6) at 4% APR. I am contemplating whether or not I should just keep the car and try to make payments x2 a month while I’m deployed to help pay off the principal balance quicker so that when I get back from deployment, I’ll only have 2 years on my loan and the car will have really low mileage. The car is one of my dream cars and it has been reliable and enjoyable so I really don’t have any issues with keeping it.
I’ve also considered selling it and taking a loss of about $2,500 (I’m upside down on the loan) so that I don’t have to worry about paying it while I’m on deployment and I can instead just save this money for when I get back. I am looking to buy a house next year with my VA loan and get married too so these are also expenses I need to save up for. (not gonna spend a crazy amount on a wedding)
Posted by legitmb
1 Comment
So you’re going to sell your car to lose money to invest and save for a house but then have to buy a car as soon as you get back from deployment?
Unless you’re super lucky buying bitcoin at a dip and it skyrockets 100% you’re not going to make up the money it costs to do the whole car buying and selling transaction. If the car is reliable leave it on base in one of those parking lots where the workers start your car and drive it around every so often. Or leave it with a trusty family member.
I think you just keep it, continue to pay off as normal, and aggressively save for a house. Unless I’m misunderstanding something like you don’t need a car for work then I think you should just keep it.