Paying for the Car
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  1. #1
    Registered User paelthom's Avatar
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    Post Paying for the Car

    In the past, whenever I purchased a car, I put down a deposit and then made payments for ever how many years it took (usually 4). Most of you know, my new car was destroyed in a wreck on 12/25 and I've had to get another one. Of course the insurance co. depreciated my car even though it was new so I ended up loosing some of what I had put down as down payment. Fast forward to me having to buy another car. This time I got a slightly used Ford Escape and chose to take the money out of savings to pay for it. My thoughts were that savings accounts are paying very good interest rates right now and I could not get the same low interest rate this time that I had previously. I am "making payments" each month on the same day as before but making them back into my savings account. Part of me thinks this is good - not paying the dreadful interest - but part of me misses having that money in savings. My credit is excellent and I can get a loan should I ever need to. Right now I just want to be out of debt.

    I need your thoughts on this. I know I should have asked sooner.

  2. #2
    gkp1031's Avatar
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    I think as long as your paying yourself back, its ok. Since you have good credit and know you can get a loan if anything comes up, then I think you should feel ok with your decision. Enjoy your Escape

  3. #3
    Registered User happymommy's Avatar
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    Default Good for you.

    It sounds like an excellent plan. I hope you replenish your savings quickly as possible, and feel better about your decision as time goes on.
    Good luck, Jan

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  5. #4
    Member Darlene's Avatar
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    I think you did good Pat. Avoiding paying interest is a very good thing.
    I haven't asked lately but hope you & Ryan are getting better. You have been in my thought.




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    I think you are a very wise woman to not get into debt!

  7. #6
    Registered User kaykwilts's Avatar
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    I think it was a wise decision not to get deeper in debt and it's also wise to pay yourself back.

  8. #7
    Registered User PrairieRose's Avatar
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    I agree with the above. Anytime you can avoid paying interest you've done good. We did the same thing and are paying ourselves back as well.

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