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actyourwageI am getting a more substantial federal tax refund than I expected. MUCH more substantial. To the tune of, once I subtract what I'll need to put in savings to get that account over a grand, I can pay off my car. Or I can pay off my highest-interest-lowest-balance credit card and a substantial fraction of the next-highest-interest card.
I very badly want my dad's name off my car title, which I can't ask him for until I can prove his name's off my car loan. My last payment, if I don't lump-sum it when the refund shows, is in May. That payment is twice my next biggest loan payment, so the sooner I can use that part of the budget for other things, the better. On the other hand, the credit cards I'll pay if I don't pay off the car are the same ones I'd be paying with the ex-car-payment money if I do pay off the car, and the interest rates on those cards are about twice the rate on the car loan.
Opinions?
(It would be bad of me to buy the learn-to-piano software I want and the learn-to-sing software I want and the cute fannish denim jacket I want with some of the refund money, yes? It would be okay of me to buy one of these things, or a couple books adding up to the same dollar figure, with some of the refund money, yes?)
ETA: I asked my mother, she asked my father, and he says if he's not on the title, I can't be on the family insurance. Solo auto insurance is probably more expensive. I'll have the money for it, given the reduction in monthly total loan payments, but.
ETA2: Looks like a solo policy through my family's insurance company, assuming the same level of coverage as now and no loan on the car, will cost two-thirds my share of the family policy. The difference in a month's premium comes very nearly as high as what I'd save on interest by paying the credit cards; two months, I'm making money. Sold.
I very badly want my dad's name off my car title, which I can't ask him for until I can prove his name's off my car loan. My last payment, if I don't lump-sum it when the refund shows, is in May. That payment is twice my next biggest loan payment, so the sooner I can use that part of the budget for other things, the better. On the other hand, the credit cards I'll pay if I don't pay off the car are the same ones I'd be paying with the ex-car-payment money if I do pay off the car, and the interest rates on those cards are about twice the rate on the car loan.
Opinions?
(It would be bad of me to buy the learn-to-piano software I want and the learn-to-sing software I want and the cute fannish denim jacket I want with some of the refund money, yes? It would be okay of me to buy one of these things, or a couple books adding up to the same dollar figure, with some of the refund money, yes?)
ETA: I asked my mother, she asked my father, and he says if he's not on the title, I can't be on the family insurance. Solo auto insurance is probably more expensive. I'll have the money for it, given the reduction in monthly total loan payments, but.
ETA2: Looks like a solo policy through my family's insurance company, assuming the same level of coverage as now and no loan on the car, will cost two-thirds my share of the family policy. The difference in a month's premium comes very nearly as high as what I'd save on interest by paying the credit cards; two months, I'm making money. Sold.