What’s next? A Car!

Paying that loan off was the best feeling ever. I think I logged into my account a hundred times that day just to savor the feeling of not owing this company a dime.  But what was more important was the lesson I learned in the process.  I did less impulse shopping and learned to make long term plans for my money.  I also improved my credit score significantly.  One more month of that lifestyle also enabled me to put 20% down on a certified pre owned car and get a great interest rate on the financing.  I spent about a month shopping for my first car and made a decision by consulting one of my friends who happens to be a mechanic.  I settled on a Scion TC, a two door hatchback coupe and made the purchase.  No more freezing in the cold waiting for the bus to come. 
My car was the biggest purchase I had ever made. So I decided to do a little research before going through with it.  At first I was like “I was responsible for such a long time! I deserve a reward! A fancy car!”  And with that mentality I jumped into the search looking at BMWs, Infinitis, Lexuses etc.  What I found out was that the monthly payment on those plus insurance and upkeep would leave me broke as hell.  I was doing well. But not that well.  Anyway I scratched that and started looking for more affordable options that were still nice to look at and nice to drive around.  The best advice I got from my mechanic friend was to buy certified pre-owned.  Certified pre-owned means a well maintained used car that is less than 3 years old and has low mileage.  Another advice I got was to finance my car with a credit union.  Credit Unions are more likely to give you a lower interest rate and not try to trick you into crazy deals that will end up costing you more than you can handle, which is what some dealerships will try to do.  The dealer I bought my car from tried to get me to finance with him for 5 percent! Ha! I got offered half that at my credit union.  Anyway, her name is Soraya the Scion.  She is my baby.


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