2
A car loan for a new car?
Posted by abie
on
10:47 PM
in
Goodies
My daughter started her summer class at Toddlers Unlimited last week. Her class is at 10:30 Am and since my husband and I are both working, our set up was my mom and my dad was the one who will bring my daughter to school.
The set up was okay since we are assured that my daughter is in safe hands and it means that neither me or my husband has to take a leave from work to take my daughter to school. But having this kind of setup means we have to leave our car every Tuesdays and Thursdays so they have a car to use to take my daughter to school. For now that is okay, but come June I will enroll her to a three times a week schedule so it means that we won’t have a car to use to go to work three times a week.
So my husband and I have been thinking if we should buy another car so we have another car that we can use every time we have to leave the car for our daughter. Honestly, I’m really not sure if we can afford to get another loan to purchase a new car. Our housing loan won’t be finish for another year so getting a loan for a new car means an addition to our monthly budget. I told my husband that we should study our budget first before finally deciding if we will get another loan or not.
Good thing I found an online loan calculator so help us analyze the loan that we will avail and if it will fit our monthly budget. I tried using it and it very easy to use. I just need to enter the loan amount, loan term, interest rate, and the first payment date and it will show me a table for our amortization either by year or by month. It will give me an idea on how much is my amortization per month or year and my running balance. This will definitely help us decide if we will get a car loan or not.
The set up was okay since we are assured that my daughter is in safe hands and it means that neither me or my husband has to take a leave from work to take my daughter to school. But having this kind of setup means we have to leave our car every Tuesdays and Thursdays so they have a car to use to take my daughter to school. For now that is okay, but come June I will enroll her to a three times a week schedule so it means that we won’t have a car to use to go to work three times a week.
So my husband and I have been thinking if we should buy another car so we have another car that we can use every time we have to leave the car for our daughter. Honestly, I’m really not sure if we can afford to get another loan to purchase a new car. Our housing loan won’t be finish for another year so getting a loan for a new car means an addition to our monthly budget. I told my husband that we should study our budget first before finally deciding if we will get another loan or not.
Good thing I found an online loan calculator so help us analyze the loan that we will avail and if it will fit our monthly budget. I tried using it and it very easy to use. I just need to enter the loan amount, loan term, interest rate, and the first payment date and it will show me a table for our amortization either by year or by month. It will give me an idea on how much is my amortization per month or year and my running balance. This will definitely help us decide if we will get a car loan or not.
