Tonight my husband made the decision to go ahead and finance on two vehicles. Made the interest rate from our other vehicle go down because we traded it in. So I just wanna know realistically. I’m currently looking for a new job with better pay and hours so I dunno if that’ll play a factor just yet.
Payments on both cars- 1400 (interest rate combined is 16%)
Auto Insurance is 300
Health insurance is 500
Phone bill- 148
Bed- 284
Credit Card- 100
His insurance is paid through his work
I honestly can’t think of other bills.
Is this doable???
Being able to afford everything
byu/MeasurementPatient12 inpersonalfinance
Posted by MeasurementPatient12
2 Comments
We don’t have nearly enough information – namely your income and savings.
But 16% interest on car loans makes me personally want to throw up. I’d venture a guess to say you cannot afford this.
Edit: is the interest rate on average 16%, or there are two loans each with like an 8% rate? That’s not how interest rates work if it’s the former.
It’s doable but that 16% interest is eating a chunk of your budget, stick to a tight plan, avoid extra debt and any extra income should go straight toward paying it down to make this situation much safer financially.