Help me decide what to do after college

[malice10985]

I am graduating from college in december, so I need to start thinking about my future. I am also getting commisioned in the Marines when I graduate, so I have job security for like 20 years. I am starting out at about $36,000/year salary.

I can't decide what kind of vehicle to get though.

My camaro has 3 years left on the loan, and I still owe like $9,000 on it. I don't want to trade it in at a dealership, because it will have negative equity. I think I will keep the mighty v6 as a toy.

Navy federal credit union has some sweet loans. Best of all, I will qualify for an 84 month loan at 5.9% interest.

I made a poll of my 2 most prevalent choices, but I am open to suggestions. Please, don't say anything foolish like "buy a jeep". I will spend enough time in the mud at work.

[Seth]

Niether

[BLLDOGG]

84 months on a loan is a ****ing long time

[ReodDai]

Neither. Pay off the camaro then decide on what to blow all your money on ;) There is this thing called saving money lol
Btw the idea of a 7 yr loan is just asinine. Why would you ever want to be in debt that freaking long on a car?

[andrew.brandon]

I like option 2 but drop in a LS2 instead [img]graemlins/rock.gif[/img]

[malice10985]

I really have no problem with long loans. I got a 5 year loan on my camaro when I was a freshman in college. SOme people freak out at the thought of a really long loan, but it doesn't bother me. I think it would be worth it get a GTO. I really like them.

...plus, if I get wasted in the upcoming World War III we started, that long 8 year loan isn't my problem anymore. [img]graemlins/naughty.gif[/img]

On the other hand, I will have a lot of money tied up in my GTO everymonth just for the payments. It won't leave much room for modding. The aftermarket for those is small anyways. If I make my camaro a super evil killing machine from the underworld, I will have a much cooler car. I just won't have the satisfaction of having a new car.

[95Batmobile]

I voted for option 2, but I would do it with no ford ranger, and no V6 [img]smile.gif[/img]

V8 swap definately...

[Trunks]

get a scion tC :D lol

[imported_admin]

Neither. Buy a house.

[Trunks]

Originally posted by Stefan:
Neither. Buy a house.

good suggestion <thumbs up> cause who wants to go and live back home after college. BLEGH

[MustangEater8251]

Even if you avoid the house thing(not sure whats with your military thing if you are living on bases all over the world or whatever)

Save for a downpayment on a new car and pay off your current car. Even if its to help pay so you are not in negative equity.

As for the 84 month loan, I would aim for no more then a 60 month one.

I'd hold off till you paid your car off better to do the motor swap. Would suck if you ran into problems on a car you are making payments on.

[Linxs]

Just an FYI....

Here is what you pay for your car when you try to pay it off in 7 years...

Loan amount(I just grabed a round figure) 20,000
rate 5.9%
Payments 84
Payment: 291.21
Total interest 4,461.91

Grand total: 24,461.91
You'll be upside down (negative equity) until your 5th year. You'll have 2 more years of payments after that.

Now,


for 4 years using the same informatin above.

Payment: 468.78
total intrest: 2,501.64
Grand total: 22,501.64

Yu'll only be upside down for 2 years and if you want to get a new car you do not have negative equity.

5 years

payment 385.73
total intrest: 3,143.60
Grand total: 23,143.60

6 years

Payment 330.51
total intrest: 3,797.04
Grand total: 23,797.04

Just some information for ya... I would not go past 5 years...

[Jester_3.8L]

Id say save the money get a house later.

[kamarozrule]

Originally posted by Jester_3.8L:
Id say save the money get a house later.

:word:

[95Batmobile]

I thought you had to have pretty good credit to buy a house?
Usually 22 year old, fresh recipients of a bachelors do not buy houses right away...
Plus that is a big payment (at least it is around here) and after college you are in enough debt, having a huge house payment (or car) should not be something to add to the list.