Which debt first?

AcidRaZor said:
edit: never mind I ****ed up the calculations

Basically, paying off the car earlier means the car is more worth to you than it would be if you go full term with it
The interest savings you'll have on your home loan will still be there once you paid off your car loan

Settle smallest debt first, snow balling your payments to the biggest debt

If your home loan had a higher interest rate than your car I'd give different advice
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I'm probably be gonna keeping it a long time/its lifetime.
 
The reason I asked this question is so that I know what to do with extra money I get like the money I got back from SARS (a couple of R1000) and maybe a small monthly amount like R200 extra each month.

It also seems way easier to pay (meaning via internet) it into Wesbank (for the car) than to pay into the homeloan.
 
supersunbird said:
I'm probably be gonna keeping it a long time/its lifetime.
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In that case I'd still say pay it off first. You never know what might happen and it will actually be seen as an asset (as much as a car can be an asset)

the people that gave advice along the lines of selling the car obviously don't know squat about car loans and settlement procedures. (short fall anyone?)
 
oh and in 26 months or so you'll own the car

so if you lose your job and fall hard on your luck, you at least have a car. Currently the bank owns both these
 
Similar to my situation :)

Just dump the money into your car, they nailed you harder with interest than me.

I was saving something like R600/month with R30k extra on the car, and it will accumulate over time, so you'll be saving a lot more later on as well. Sadly I had to ask for a refund for some of it to cover the 10% deposit for home loans :(
 
supersunbird said:
So which of the following 2 debt should I focus on paying off first and the reason?

Bantam bakkie: +- R85 000 at 17% fixed interest rate

Duplex: +- R487 000 at 13.9% variable interest rate (hopefully going down 0.5% on the 19th of Jan)
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Can't you change that?
 
Oh and I love how car sales people told me (I have an uncle in the reserve bank) to take a fixed interest rate. I told them to shove it and I want the variable one.

When I went in to sign my papers after 17:00 (my car was already gone in waiting for the new one) the lady "made a mistake" and I had to sign for fixed rates otherwise I won't get my car at all.

****ing nerve. She turned around and said "but you went to the bank yourself and didn't want my help" etc. Bitch. Not only did I get my loan approved I had prime -2% where she had prime + 1. At a variable interest rate.

She "organized the papers" from the bank herself and subsequently ****ed up my request.

Same thing on my ITC report. I'm now aliased as being Peder instead of Pieter just because some retard at the bank couldn't understand the language spoken to him (and the spelling offered)

FNB can lick my balls
 
I had a similar thing happen to me as well..

Luckily I had all my communications in email with the wench, and she started getting defensive, so i just layed into her, put the email print outs in front of her and told her to fix it now since I wasn't leaving until everything was as per the emails (like she'd said they were). When she realised she was kinda stuck.. it took all of about 10 mins to get the new papers and get everything sorted.
 
ToxicBunny said:
I had a similar thing happen to me as well..

Luckily I had all my communications in email with the wench, and she started getting defensive, so i just layed into her, put the email print outs in front of her and told her to fix it now since I wasn't leaving until everything was as per the emails (like she'd said they were). When she realised she was kinda stuck.. it took all of about 10 mins to get the new papers and get everything sorted.
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Problem was their faxes were down most of the day and by law they can't allow these papers to be signed after 17:00 the afternoon. (According to her) ...

Just makes me more inclined to actually treat women equal and moer her blurrie teef out

:p
 
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