Advice?

Can you pay down the principle without penalty on the new loan? If you can, I think that would be the best plan. Keep these much smaller payments you have (even though it's greatly extended your terms), and make double payments when you can.

Can you pay down the principle without penalty on the new loan? If you can, I think that would be the best plan. Keep these much smaller payments you have (even though it's greatly extended your terms), and make double payments when you can.

This.

Honestly, I'd keep the longer payment plan -- attempt to keep as close to the old payment as possible. Or pay the lower payment but send extra. It looks like you could use the flexiblity of being able to have a lower payment - say in Nov and Dec - so you don't build up the CC debt. I picked those moths because those are my bad months. 3% intereston a car loan is way less than any interest on a cc

Yeah, unless you really think you'd not do it, I say keep the lower monthly payment, and just overpay as often as you can. UNLESS there's a prepayment penalty.

I could never make double payments. Yes, I can pay down the principle without penalty, which is why I have the dilemma, but I'm just so annoyed. I guess I need a financial genius type (billytea? Jon B?) to tell me if there's a financial benefit to doing so. Because having that extra money was supposed to make paying the other bills easier, which means that I wouldn't be putting as much toward the car each month anyway. Maybe it's better to just have the higher payment, which will force me to pay enough to be paid off in two+ years. Grr. Argh.

ETA: The loan isn't 3%, it's 3% less than it was. I think it's 4.3% or therabouts, so still pretty good.

ETA2: But yeah, if I look at the big picture, I should probably pay the lower payment and put the extra toward the credit cards or the 10% loan I had to take to pay off the time share thing from the divorce.

I used to bite my brother when we fought physically, but that's only a side effect of CP in the sense that, as a crippled girl, it can be hard to get a physical advantage. Also, I didn't know about germs. Mom gave me *hell* when she caught me, with the understanding if the wound didn't clear up, there was more hell coming.

In conclusion, money sucks. Or owing it does, anyway.

In conclusion, money sucks.

I will so second this right now.

wrod.

I don't think I'm getting one, sadly. Which is stupid, because just because I made lots of money last year doesn't mean I don't need it THIS year!! This year is a whole different year!! Where I have been making no money for a few months!! Stupid rassenfrassen government plan.

Well, my understanding is that will then end up getting a bigger refund next year.

In other words, say your taxes are normally $2000 every year and that is what is withheld from your paycheck. Next year, your tax bill would only be $1400 because they are eliminating the lowest bracket just for next year. Instead of getting that $600 back next year, they are giving it to you now (and will note that down in your file for next year). Since you're not getting anything now, you should have a lower tax bill next year.

Maybe it's better to just have the higher payment, which will force me to pay enough to be paid off in two+ years. Grr. Argh.

Honestly, Kristin, unless you are going to be extremely disciplined about making extra payments, or putting it towards higher interest debt, I would do this.