Alright my fellow Lancer drivers I have a question for all of you. This is pretty much what you would do if you were in the same position as I. I have currently paid off about $8,000 dollars on my car. I didn't have a co-signer so my interest was through the roof since I had no previous credit. I am getting my car refinanced to a 4.99% apr so I have 2 major choices to choose from. I can...

A) Get the loan for whatever I owe on my car and pay the new very low monthly payment and have my car paid off in about a year and a half but won't have extra cash for goodies on my car.
Then after I have paid off my car completly I can slowly save up money and slowly get mods and accessories.

or...

B) Get a loan with an additional $8,000 on it so I basically will have the same monthly payment. I can then get almost everything else I want for my car including stage 2, rims, springs, and maybe even a body kit. I will have my car paid off in about 2 and a half to 3 years this way.

The wise way seems to just get the lower loan so I can have the car paid in full and I will have great credit. After that I can get that huge f'n 200 pound silverback gorilla off my back with no car payment. I am almost for this route when I think about this seems like the safe way to go and it is smart.
But then I can quickly change my mind when I see some evo or sti driving around. Then I just think about how sweet it would be if my car looked all decked out and how I would love it being so much faster. This seems to be the fun route.

Really though almost everyone on here is so helpful to me and to everyone else that I figured maybe you guys and gals would have some insight.

A lot of the time people just say "well just go with which ever one you want and it doesnt matter what we care about its for you." Well Im sorry but I would love to make either decision. I really think I would be happy with either one but they both have their advantages and disadvantages. Damn opportunity costs!!!

I also would love to hear what people have to say besides just voting one way or the other, so talk away. And if maybe you have another suggestion feel free to bring it up. Right now I am up for anything. Thanks a lot to anyone who gets involved and to anyone that has ever helped me.

 

get the goodies now!!!!

 

Pay it off. Once your done, you will, like you said, have stellar credit. If worse comes to worse you can then get a small loan for "goodies" and then will also have low interest and mini-payments while maintaining a good credit rating. just my .02!

 

yeah i guess orange bowl is right.

the right thing to do is pay it off. then trade it in for an evo, and get good apr with your credit!!! so you'll get a 23k evo.(thats with the trade in for the lancer)

 

i will make the big assumption that you are young..

always pay off the loans and other negative cash flow items before thinking about getting "goodies"

if you, knock on wood, lose you income, those "goodies" won't pay for your car.. on the other hand if your car is paid off, and you get a small loan for the "goodies", it will be easier to handle that

-joe

 

i would say take out some extra and keeping paying the loan off on time... if you started out with no credit then the only way to get credit would be to continue to pay on things. if you have no loans out then you can get better credit. as long as you can get a better interest rate.
unless you are really unsatisfied with the oz. then i stay still with it and pimp that **** out

 

^ joe you said it best. Be responsible pay your debt and then you can get everything else.

 

Pay it off man.

Once you get that on your credit, people will be crawling out of the woodwork to give you credit card and low interest loans.

Besides, in this economy, it's the smartest thing to do.

 

I'm in the same boat!
Is what I did is some mods to hold me over. (look at my mods list)
Now I'm all about paying my car off making double payments when possiable!

Then once its payed off you have not worrys and you can go crazy with mods because You'll have so much extra money after its payed off!

 

Pay it off

 

It's never good to carry balances on credit cards or to have any outstanding loans (except maybe a mortgage). Pay it off, get out from under payments. You'll be free!

 

you gotta keep paying on something to have good credit. people think that if you pay off everything that is good becuase you dont owe anything. just depends on the situation. to build great credit you have to have loans out, you just have to pay them on time every month. dont be late and pay extra when you can. i am not an expert, just work for mortgage company so i have to deal with peoples credit. creditors looks to see how you pay your bills and if you owe a sugnificant amount more than you make.
if you refi and are able to get a couple extra $$$ then it would be alot simpler if you go ahead and get everything now and continue to build your credit

 

Pay off the car. Then go out and apply for a credit card and buy your mods that way, so you can still have something to pay off. (if its really that important to have loans out)

 

Definately pay it off.
As with most loans, you are probably up-side-down and owe more than the car is worth (my unfortunate situaton...)
Once you've paid it off, you can do with the car as you please, it will also be easier to get a new car.

 

the only thing with paying it off and using a credit card is the higher interest rate. with the loan you can most likely get a low rate. i know with my discover card i have like 22% or something and most loans run around 3-6%