Brandon l 305 asked:
I own a 2006 land rover range rover. it is fully paid off and is worth about 34k. my question is whether or not it is possible for me to set up a finance plan or perhaps downgrade to a 2005 or 2004 range rover and then make payments on it. so, in essence, if i were to sell or trade in my car, get 31-34k for it (its paid off), and then set up a lease where i can pay monthly for a vehicle. the reason i would like to do this is because i am about to graduate med school but I am currently not making much money as I am so busy with school . I have about 5-7 thousand in debt on credit cards and would like to get this under control. If I could finance a vehicle, it would give me the resources and then I would pay off the vehicle on a 5 year lease (though I would likely pay it off in 2 or 3 after I begin making a salary). I also have bad credit as I have taken out student loans. I cant really get any more loans so this is my last option. My girlfriend has decent credit and could cosign on the lease. Any idea if this is possible?
I own a 2006 land rover range rover. it is fully paid off and is worth about 34k. my question is whether or not it is possible for me to set up a finance plan or perhaps downgrade to a 2005 or 2004 range rover and then make payments on it. so, in essence, if i were to sell or trade in my car, get 31-34k for it (its paid off), and then set up a lease where i can pay monthly for a vehicle. the reason i would like to do this is because i am about to graduate med school but I am currently not making much money as I am so busy with school . I have about 5-7 thousand in debt on credit cards and would like to get this under control. If I could finance a vehicle, it would give me the resources and then I would pay off the vehicle on a 5 year lease (though I would likely pay it off in 2 or 3 after I begin making a salary). I also have bad credit as I have taken out student loans. I cant really get any more loans so this is my last option. My girlfriend has decent credit and could cosign on the lease. Any idea if this is possible?
forget leasing. go to a credit union and take a loan out against you 06 range rover. based on what youre saying, theyd probably give you half of what the car is worth according to kelley WHOLESALE ( not retail ).
you of course need a job to be able to show that you could make the payments, but they might be a little more wiling to help since theyd have a equity position on the car.
Bad idea!
What are you thinking? You are not a rich entreprenuer in a bull market who can throw money at expensive toys like Range Rovers (consistently on the bottom of Consumer Reports’ reliability index). You are at the moment still a student. Student = POOR!
Anyway, you are talking about replacing one debt with another.
Having a vehicle that is paid off is a positive thing, so don’t replace it with a negative.
If you want to pay off your consumer debt, first sell your Range Rover as a private party, then take that money and buy a cheap car, something like a used Honda Civic for $12K.
That will leave you some equity to use to pay off your consumer debt. Use the rest to pay down the principal on your student loans.
When you are an established resident with a lucrative practice and your student loans are paid off, THAT’s the time to go out and buy a Porsche or BMW X5 turbodiesel or whatever is hot by then.
You are young and will have decades in which to enjoy the rewards of your hard work and long hours. (I know. I lived with a medical student.) Don’t saddle yourself with unnecessary headaches now to project an image.