[BMW Guy]

Alright guys,
So on Monday, I'll be receiving a school refund in the amount of $1535. I'm trying to decide how to use it.
Option 1: Use it to pay down on the car bringing my balance to 200. Use my upcoming paycheck to pay the car off this next week.
Option 2: Use $500 to bring my E-funds up to 1500 and use the remaining $1035 to bring my car balance to around $716. I would pay off the remaining balance in early March.
Option 3: Save the refund to put towards my owed taxes which are $1883 or put 1k towards the car and 500 towards owed taxes.
Option 4: Split between all three.
Any other options you guys like to add?

[eljay]

What is the interest if you wanted to pay taxes in payments over time?

You basically have two loans with roughly equal amount.
Assuming you don't need any part of the refund to make payments, daily expenses etc., put the full amount of your refund towards the one with the higher interest rate.

[BMW Guy]

Originally Posted by eljay

What is the interest if you wanted to pay taxes in payments over time?

You basically have two loans with roughly equal amount.
Assuming you don't need any part of the refund to make payments, daily expenses etc., put the full amount of your refund towards the one with the higher interest rate.

Great point. The interest rate for tax payments would be 8% plus a monthly penalty of 0.5% of the unpaid balance. I would much rather have the tax bill paid in full by the due date since I don't like owing the government.
I have decided to put 1k towards my auto loan and the additional 535 into
a savings account for my tax payment which I will make around early April. This way, I can also use the saved tax money for an E-fund if I absolutely have to since I still have the cash on hand for a little while. I will then split my future paychecks between the remaining balance of my car, and my taxes. After my car is paid off, I start splitting my paycheck between my taxes and E-fund.
My new car balance will be around $753 this Monday night when my payment clears.

[TyroneShoelaces]

You're local to me SCCU is great. My home loan is 1.875% basically free money. Your pictures look like Viera wetlands area or the compound.

I'm not sure what college refunds you're getting but slow and steady, make sure that you're paying tuition and have funds to pay expenses. You'll get the car paid off in time. A little in this account, some in that account, make your payment, make sure tuition is paid etc...

With that said, DON'T go out and buy something like a newer car now. Or a bunch of mods and blow your current car up. Just drive what you have, there is always something faster, stay away from the hoodlum sideshow lifestyle, enjoy Melboring for what it is and finish school.

[BMW Guy]

Originally Posted by TyroneShoelaces

You're local to me SCCU is great. My home loan is 1.875% basically free money. Your pictures look like Viera wetlands area or the compound.

I'm not sure what college refunds you're getting but slow and steady, make sure that you're paying tuition and have funds to pay expenses. You'll get the car paid off in time. A little in this account, some in that account, make your payment, make sure tuition is paid etc...

With that said, DON'T go out and buy something like a newer car now. Or a bunch of mods and blow your current car up. Just drive what you have, there is always something faster, stay away from the hoodlum sideshow lifestyle, enjoy Melboring for what it is and finish school.

Yeah, it's the compound lol. Great place for logging. Didn't know you were local. My tuition is covered by FASFA so the refund is just basically extra money from my grant. I'm not planning on getting something new tell after college.