What is the best way to prioritize the payment of these loans and car purchase?
Posted in the Bassett Forum
#1 Nov 5, 2013
What is the best way to prioritize the payment of these loans and car purchase?(Explanation below)?I am brainstorming ideas on the best way to attack some debt, combined with strategizing the financing of a used car purchase. I currently have a credit card balance of $2,300 at 7.29%, and student loans of $2200 at 2.5% and $3800 at 6.8%. I have about $2,500 available to make a down payment on a car, planning to finance about $3-4000 for a $5-6000 car, and put some toward that debt.
It seems that paying everything to the debt with the highest interest rate makes sense. But factoring in my desire to keep my monthly car payment low (with a higher down payment), I have a dilemma. With this in mind, can you give me some ideas on how you would approach this? Thanks!
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