Use My Savings To Pay Off My Car?
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- Опубликовано: 13 дек 2019
- Use My Savings To Pay Off My Car?
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I used a part of my savings to pay off my car loan 50 months early and it was so worth it. Being debt free has allowed me to save money faster than I ever could when I was saddled with debt
I’m so ready but afraid of this. Hear me out, I don’t make much (21K/YR ) I do like to save money. I got a vehicle with a sky rocket interest rate. I’ve had it for a year and still paying on it... I’ve been to several dealerships and it’s been a no. Flat out no. So, my question is it truly worth it? My vehicle is 14.9K currently. I want to be free of burden and use the money towards my future home for my family!! No debt!!!
You pay thousands to save $200/250 a month? It takes years to get back those thousands you spent. Maybe you pay 3-6% more to borrow the money but its not that much.
@@HaikesXO You dont get it do you.
@@peartfaldo can you better explain? a year later & im still in this situation.
@@moma5501 If its going to leave you with next to nothing in the bank then dont do it. What do mean been to dealerships? Trying to sell it? If you dont make that much and have that much in car debt. Sell it yourself and buy a less expensive car.
I paid my car off back in August 2 years early on the loan. That car payment amount is now going towards my extra principle on my mortgage. I only have $19k left on my mortgage and I'm done! My original end date on my mortgage loan was for 2035 and I'll have it paid off about 15 years early.
I paid off my car loan and now I’m $7k in student loan debt.
O Dave , i started listening to him 2 years ago , finished baby step 3 a year ago . 2 months ago lost my job . And while other ex employee s of the old job where panicing i had 6 months of peace and quiet to take a rest and the look for a decent new job. Wich i found this week .
And i am sure , if i havent done baby step three , i would have been pressed to get job asap without any options to choise . Any way - wished to say Huge Thank You Mr. Ramsey for being a voice of reasson and Merry Christmas to you and your family.
Amazing! It's great to see such success stories. God bless!
Great news. I add extra into my mortgage for this same reason. Brings down my interest debt and 5 months of mortgage bills a head.
What is your job?
@@JK20239 new - steel frame construction
What a blessing! Congratulations 🎉
100k salary in Kentucky and broke? Living well beyond their means.
You aren't kidding. Anyone making 100k + a year should not be broke.
@@IJoeAceJRI then move Karen
Exactly
@@IJoeAceJRI you realize that's where the rich people live right? There's a reason all the rich people live in these states, its because it's desirable no matter how you try to spin it while red states are all trash welfare states riddled with crackheads and dope fiends with nothing to do that no one wants
@@danbobway5656 Yeah right buddy go to LA and then go to Jupiter or Naples. Democratic run cities are filled with filth, can't even walk around downtown LA without seeing hundreds of homeless tents. You would NEVER see that in any red state, and the reason rich people live at these places is cause of the location and its past history - if you're rich you can live comfortably anywhere.
Paid off our Odyssey early today. It was a bit scary to transfer those funds but know in the long run freeing up that money each month, owning the vehicle, and being debt free is most important. Thanks Dave
As of yesterday we are debt free minus the house!!! Its a great feeling. We owe $195k on the house and our goal is to have it paid off by November 2024.
Very nice!
You can and will do it!!
I believe in you . Attack that mortgage. Paying off a house is a huge accomplishment
Almost there 🎉
How’s it going?
I agree he has $1000 left n with no more car payment he will be able to save more to his emergency funds. But at the end of the day ppl are were they are because of their decision
Great video keep up the good word!
Thank you mr ramsey you motivated me .just paid off my car today..
Thanks Dave I just paid both my cars off in full baby step one is done on too baby step two feels great for the record .Car payments are making people broke!!!
Surprisingly when I was doing research for a video I was making I found that high income earners were far more likely to be living in a swimming pool of debt than their low - middle income counterparts. We have a word for them in Australia called "postcode povo's". Essential it means it looks like they have it all, the nice house in the good postcode but they actually can't afford it and are living far beyond their means. I think sometimes high income earners can get lured into a false sense of security thinking they will be able to bail themselves out if they ever need to.
Love this channel and love your podcast
I literally just paid my car! Entering the new year finishing strong with baby step 2. I'm so glad so got your books, I had 3 and 2 backwards. Thank you so much💗
Congratulations Nicole!!! I pay off my car in October. After I pay off my car. I'm going into savings mode. Two words for me is debt free. In the next 5-6 years I want to buy house. So after October I'm just going to work on saving my money and less spending Nicole. So happy for you Nicole. God bless.❤❤❤👍
@@crystalcormier9376 Thank you for the kind words! And to your next step in freedom, all I can say is, That's fantastic! Keep it up! God bless💗
I have a car fund solely for buying my next car. Well with me going back to college this winter.... i figured i might as well use all that money saved to get rid of debt. I will have enough money by next paycheck, i cant wait to actually own my car!
Or take the middle way. Increase your car payments to reduce interest costs. As you get more comfortable, keep increasing the payments until it is paid off.
Quite the softball question. "Should I do exactly what you've been teaching for 30 years?"
I’m gonna order Dave’s Total Money Makeover as a Christmas present for someone...
Great idea! I have a copy and I loan it out a lot, with no interest lol
😂😂😂😂.
Let know if you need an address. 😆. Lol
@@TJ-oo5mx that’s awesome. I could use that xD. Thanks for doing that to help people
Thank you; just ordered Baby Steps and will pay off my car!
I thought about calling in but Dave has so many videos available, I think I found my answer.
I had the money to pay off my cars. I wasn't sure if I should invest it or pay off the cars. But Look like I need to just pay it off and be debt-free.
I would
@@WavyMaxy313 I ended up doing that. 🙂
@@Jaguar7444 I could pay mine off now but I refused to be broke. Plus 1k as an emergency fund is too low so I’m gonna save 5-10k up before paying my car off
Pay it off early. Apart from saving $ on interest, you can possibly get a prorated check in case bought the GAP insurance.
Can you tell me more about it? I am paying off my car years early and I am paying gap
@@merlkinap7609 So each company's policy is going to be different but the details in your GAP contract will be able to tell you if they participate in refunds for early payoffs. I got my check in the mail (to my surprise) about 5 months after I paid off the loan.
I probably could have gotten it earlier if I actually called but I was just happy to be done with the auto loan.
Currently in process of paying my truck off with extra payments. Roughly seven months to go. Should apply this same approach to paying my house off? Roughly 8 years to achieve that or should I begin investing instead? If it matters I'm currently 30 yrs old
How do I call into the show or leave a question?
Sometimes I feel like these folks know the answer/know exactly what he’s going to say & they’re just angling to get a free enrollment in FPU or free copy of Total Money Makover.
This literally my situation right now but I only make less than $37,000 per year but if I buy my car next month, no more car notes until that car literally loses its wheels lol I needed to see this video :)
I don't have any other financial responsibilities that is not my car payment (bless my parents) should I use my savings to just pay off my car so that I don't have to pay more in interest and start over with my savings since I'll be able to save more monthly?
Wow i need your book but I'm in Australia
@@TJ-oo5mx ok thanks
If I were to transfer the money wouldn't I be charged interest on that high payment? How do I make the money go straight to the principal of the car?
I’m about to push paid off in 2 minutes! Thanks!
$1000 is nothing
Try $10000 minimum saving then start paying off debts
If you lost your job tomorrow $1000 won’t help much
Yes, $1000 isnt enough to cover 1 month rent in most states in 2020.
Dave’s been touting $1000 emergency fund for 20 years. Maybe it’s time to up that minimum....but that might be to discouraging for the average person.
Most people who have a reason to worry about losing their job wouldn't be taking on car loans in the first place.
I agree. I own 15k on my car, I have around 28k on my savings. Im trying to see what should I do. Idk what to do.
What kind of car? I'm surprised he didnt tell him to toss it
The only way I’ve ever been able to save is by not being generous.
You can turn that around completely if you're out of debt and live below your means. It's a wonderful feeling!
Also different forms of generosity.
You can be generous with your time (I volunteer on the weekends) and you can be generous later when you're better off financially!
We only have house debt and a consolidated loan and every year we make up 350 presents for 3 churches in Sumba Indonesia.
That's all they ever have and means so much to them.
Cost only about $500 but it means so much.
I wish we could afford more for other children of the jungle.
Broke making $100,000!
More you make more you spend ;-)
100k isnt much for 2 ppl. trust me
@@NeoAndersonReloaded bull. The median income in the US is $50k. You could live off of that even in California. $100k is very high income.
JJ Glo you can't live anywhere near Orange County/LA with 50k a year
@@armandol1826 and? You can live with that comfortably in the inland empire. Of course there are expensive places in california, that's anywhere
Pay it off right before you get the paycheck that you usually pay your car note with. Woohoo money from your paycheck you get to keep!!
I use the interest off my savings to pay off my car loan . I could pay cash for a new car but that would reduce my income from my savings
Dave: Sell the car!! 😀. On a serious note I would pay off the car if there's still money left over for a rainy day find.
I would not be suprised if he said
"sell a car , buy 4k car , drive untill it blows up and enjoy your money and life "
I did this backwards. I paid house off in 6 years than bought a brand new Tacoma. Now I got a car loan. Least a car loan is cheaper than house loan lol
Cash is king 👑
PUT IT ON YOUR CREDIT CARD
Modern he said he paid off his credit card debt in the beginning of the video.
😂😂
If I’m out of debt Should I save emergency fund before I buy a car if I’m using grandparents car
???
Save up a $1000 emergency fund to start. Aside from that, build a car fund of around $5k. Buy a well running used car in cash. Once you have a vehicle, turn that $1000 into a fully funded emergency fund of around 3-6 months.
How are they making that much of money and they are still broke... Doesn't make any sense to me!
When you don't have the maturity and discipline necessary to manage your money, it doesn't matter how high your income is. You're going to be broke no matter what.
I make $50k a year, my car loan is $5000 and is my ONLY debt. I have $10k in savings, should I pay it off?
I would
I like having cash in my savings for the sense of security but in your case I would pay it off
@@RF-lg4rq I did lol. Feels great.
I used my savings to pay off my car so YES. You can save money fast once your debtfree!
If it were me I'd let them repo the car after I drove it to Vegas, and blew the money gambling.
YOU ARE THE MAN !
RUclips made me watch a dealer commercial before the video. This is a horror movie... They are following me. HEEEEEEELP!
He had no money in savings with middle class income and surprisingly a working spouse (which no offense, most men want to be heroes and leave their wife at home)... Dude needs to smarten up.
Forty percent of that salary goes to taxes right off the bat! Please don't skim over that sad fact Dave!!!
No it doesn't. It's more like 25-30%.
I feel like he always underestimates taxes. I’d love Dave’s tax rates!
Those that advance such claims, seem to require explicit instructions on how to prepare and execute a budget that takes their individual tax situation into account. Dave gives general info outlines in enough detail for the astute caller to implement it in his/her own situation. If a person can't do it, perhaps they aren't prepared to face life!
Add another 12% for Social Security that he will never receive either. Don't forget the true rate of inflation is 8% if we measured like we did in the 70's. Forty percent is generous. More like the first 60% is lost to taxes.
@@RusskiCommieBot
No credibility for exaggerating!
100k salary in Kentucky and he broke ???
I'd rather have the cash
Steadno 2006 bad move
@@bradleybroyles8571 oh lol
Or sell the fancy car and keep your savings.
He didn’t even say what kind of car he has or how much money he received. How do you know it’s fancy?
Doesn't answer the question
Is this a troll?? *Exactly $1000* left over? You’re joking, right?
Ah, probably 1000 and a good night out, who knows?
capnskiddies lol my point is that baby step one is $1000
I don't understand this call, like AT ALL. What made the caller trust Dave Ramsey enough to call him up for financial advice, but not even know anything about Dave or his teachings? How do you get into a situation where you have a picture perfect debt free with a $1,000 emergency fund, which is literally baby steps 1 and 2, but you need to ask Dave what to do? That's literally the foundation of his advice. Was the caller just dialing random numbers for financial advice, and by dumb luck he reached Dave instead of the cashier at his local McDonalds?
Kinda seems like a planted call so dave had some basics covered in a youtube video
Dave is getting a little weight around the waist and i think he deserves to have a little rest
Does any one think dave would look better with a toupee. Maybe younger
Draw one on your screen and see.
Man I make 30k and this guys poor
It seems so easy I don t know why people are not following Dave s advice.