Submitted by whereverwhenever98 t3_11sytgd in personalfinance
So this is my first car as I just moved to the country, and I don’t have credit history. I purchased a used 2017 Toyota Corolla 47k miles from the car dealership at a 6.99% APR. i only put 2k down and I have 21.9k left for the principal. I plan on paying it in full within 2-3 years if possible. I pay $375 a month. My question is, how much of a bad deal was this? Any advice on how to go on about paying this? I have about 2k more in savings that I can put down. Should I put them down on the principal balance now or should I overpay for my monthly payments? I earn about 24k yearly but I plan on getting a second job to help out.