new car, silver, or dent in college loan?

Hunter Gatherer

Hunter Gatherer

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Joined
Sep 29, 2009
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I got into a car accedent two weeks ago and will be getting about 3,000 frn. I could do a couple of things;

1. Put a down payment on a truck that I really want. Toyota Tacoma.

2. I could put the money into silver.

3. I have around 15k to pay off on my student loan, I could put a dent into that.

My car still runs fine the hood is just dented really bad. It's drivable. I have a good job in the medical field. I'm an orthopedic tech, I put casts on broken limbs. Fun job but I get paid less then 20frns an hour.

I'm leaning towards the silver, what would you do and why. If you have any other options please suggest them.

PS. car runs but I'm having trany problems I hope it gets me through two more years.
 
Help spread freedom, destroy the current system by never paying back your school loans. I'd go with the truck. :P
 
Resale on cars suck regardless if they have a dent or not (granted worse resale with a dent). Do you have an emergency fund? If not that might be a good spot for your money. Are your interest rates high on your student loans? That might be a good place for your money.

So much to consider for sure. If my truck had damage like yours I would take the 3k (it's worth about that much) and keep driving the hell out of the truck and put the money into something else.
 
You can't avoid paying back student loans. Even bankruptsy does not halt that. I would work on paying it (but not put all your money towards it- do you have an emergency fund which could pay your bills for several months to a year should you lose your job for whatever reason?). Rates are probably pretty low so continue to make the regular payments on it.
 
An IRA- while not a bad idea- would tie up the money until retirement (unless you pay a penalty). Fine unless you might need the money before then. With compounding, the earlier you start an IRA or other retirement savings, the better (and less money you have to put away to get the same amount at retirement).
 
Hunter Gatherer said:
I got into a car accedent two weeks ago and will be getting about 3,000 frn. I could do a couple of things;

1. Put a down payment on a truck that I really want. Toyota Tacoma.

2. I could put the money into silver.

3. I have around 15k to pay off on my student loan, I could put a dent into that.

My car still runs fine the hood is just dented really bad. It's drivable. I have a good job in the medical field. I'm an orthopedic tech, I put casts on broken limbs. Fun job but I get paid less then 20frns an hour.

I'm leaning towards the silver, what would you do and why. If you have any other options please suggest them.

PS. car runs but I'm having trany problems I hope it gets me through two more years.
Click to expand...

1. i would advise against any gas guzzler. fuel is going to be hard to come by once shtf.

2. before i tell you rather you should pay off your student loan vs silver

what type of student loan is it? Stanford or private?
how much money do you make(full time or part time)?
are you on the income based program?
what are the monthly payment?
So far how many years did you have been paying off the student loan?
Are you classified as a civil servant?
if yes, then your student loans can be discharged after 10 years. if not then 25 years. no matter the balance on it. (applies to Stanford only).

if your student loan is private, ur screw and might as pay it off early. (assuming its variable)
 
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I would spread the funds between food/supplies, PMs, barterable goods, and your emergency cash reserves, with allocation dependent on what you already have on hand.
 
Since the car still runs, I'd vote student loans, possibly with a bit used for fixing your hood if it bothers you. Silver is a good investment, and a new truck can wait, but the student loans are just going to grow larger and larger as you wait to pay them off. Not to mention they gives the government one more reason to bust down your door. as rp4prez pointed out.
 
1. Stanford

2. Full time with good benefits

3. Not on an income based program.

4. 140.00 frn a month minimum for student loan.

5. Graduated last year.

6. Not sure if I'm a civil servent. I work at a medical clinic.

7. Not a private loan.
 
Financial Planning 101. Pay down the debt before doing anything else.

The only possible reason to keep any amount of debt while you have cash is to help improve your credit rating. I'm not sure if student loans count toward that in the US.
 
Hunter Gatherer said:
1. Stanford

2. Full time with good benefits

3. Not on an income based program.

4. 140.00 frn a month minimum for student loan.

5. Graduated last year.

6. Not sure if I'm a civil servent. I work at a medical clinic.

7. Not a private loan.
Click to expand...

if the interest is fixed, then don't pay off the student loans (you be insane to pay it off). your monthly payment is really low plus student loans have added protection if you loose your job, student loans can be suspended under "hardship" and then you can sign up for the income based repayment program. (so its a no brainier)

if its not fixed, its your call. (1 major factor would be based on your job being civil servant 10 year vs 25 year) i would still side with not paying it off because of the added protection of income based repayment and plus if you loose your job, you can have the payment suspended and not effect your credit score.


as for silver, by like 1,500 of silver and 1,500 of RMB
 
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After seeing all the previous questions.....How much silver do you have? If the answer is none. I would get some shiny.
 
psi2941 said:
if the interest is fixed, then don't pay off the student loans (you be insane to pay it off). your monthly payment is really low plus student loans have added protection if you loose your job, student loans can be suspended under "hardship" and then you can sign up for the income based repayment program. (so its a no brainier)

if its not fixed, its your call. (1 major factor would be based on your job being civil servant 10 year vs 25 year) i would still side with not paying it off because of the added protection of income based repayment and plus if you loose your job, you can have the payment suspended and not effect your credit score.



as for silver, by like 1,500 of silver and 1,500 of RMB
Click to expand...


RMB? Not sure what that is.
 
ctb619 said:
I would spread the funds between food/supplies, PMs, barterable goods, and your emergency cash reserves, with allocation dependent on what you already have on hand.
Click to expand...


I have the supplies and the skills to live through the shtf scenario.
 
Zippyjuan said:
You can't avoid paying back student loans. Even bankruptcy does not halt that. I would work on paying it (but not put all your money towards it- do you have an emergency fund which could pay your bills for several months to a year should you lose your job for whatever reason?). Rates are probably pretty low so continue to make the regular payments on it.
Click to expand...

Zippy's right... you can't default on your student loans... get those paid off.
 
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