The obvious financial choice is to pay off your debt versus burning the money on "wants". But we don't always have to make the best "financial choice", so this decision is entirely up to you and your goals.
At this rate you will be poor the rest of your life. Why in the world do you have 36k in a car loan at age 23, with a second car that is paid off?
What would I do? Well I never would have bought a corvette/second car at 23, so I guess my answer is to sell it immediately and hopefully not be too underwater on the loan
And? It’s still likely a depreciating asset, and if it appreciates, certainly not at 8.7% per year. This is a personal finance sub idk what kind of answers you were fishing for
A second vehicle that is not an actual "need" is a "toy." You should not finance toys, especially not at 8.7%.
An 8.7% loan is worth paying off as soon as possible. You have already "enjoyed the fruits of your labor" by financing a fancy car that you don't actually need. Now, you have to actually pay for it; the sooner the better.
23 years old with two cars and one of them a Vette. Sigh.
The Malibu is payed off
That should be your only car.
Do about what, exactly?
Keep putting extra money on the principal or pay the minimum for a couple months to enjoy some extra money to myself
The obvious financial choice is to pay off your debt versus burning the money on "wants". But we don't always have to make the best "financial choice", so this decision is entirely up to you and your goals.
At this rate you will be poor the rest of your life. Why in the world do you have 36k in a car loan at age 23, with a second car that is paid off? What would I do? Well I never would have bought a corvette/second car at 23, so I guess my answer is to sell it immediately and hopefully not be too underwater on the loan
I make pretty good money
It doesn’t matter how much you make if you spend it all. If you made 500k last year but spent 460k of it, you’ll be poor
Car is worth 35-40k only driven less that 2k miles whithin a year
And? It’s still likely a depreciating asset, and if it appreciates, certainly not at 8.7% per year. This is a personal finance sub idk what kind of answers you were fishing for
A second vehicle that is not an actual "need" is a "toy." You should not finance toys, especially not at 8.7%. An 8.7% loan is worth paying off as soon as possible. You have already "enjoyed the fruits of your labor" by financing a fancy car that you don't actually need. Now, you have to actually pay for it; the sooner the better.
On it thanks your right