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Updated over 8 years ago on . Most recent reply
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Pay off car loan or buy first rental?
So I have a car loan with about 4 years left. The interest rate is at 24%. I have been building my credit up and I'm around 700 now but when I tried for a refi i was denied. Should I pay off my car loan first before I pursue getting my first rental with a VA loan? It seems to mathematically make sense that I payoff the loan first because of the high interest rate but if someone has a strong argument for acquiring my first property then i'm all ears!
Most Popular Reply
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Pay the difference between what it's worth, and what you owe. Then sell the car, buy a $1500 beater, the FLOURISH.
I drive such a beater that when I went to leave my last closing, where I paid cash for a house, my truck wouldn't start and I was out front of the law office with the hood popped trying to finagle the thing to start.
cars will always lose 100% of their value, pay as little as you can for one.