Your correct, the car cost more than I was willing to pay, but I was coming off 5 years of chapter 13 and converted to 7. I was happy that anyone would let me have a car loan. Anything to get me out of "debtors prison".
My car loan obligation is $440/month for 76 months, but I've been paying $600+/month to reduce the terms & int.
As for the mortgage,
I was pre-approved for $115,000 (that's what I asked for) but they said I could go 22% higher. With car loan, I'm comfortable with $70,000 mortgage in order to continue saving, without car loan, I would finance $115,000 and still have room to save.
|