Author Topic: Should I pay off my car immediately??  (Read 1064 times)

comountainlady

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Should I pay off my car immediately??
« on: October 26, 2016, 05:30:15 PM »
It seems frowned upon to purchase a new car, but that's what I did. In my defense, I had kept my first car ever for about 11 years and needed something more reliable for the snow and trips to the mountains of Colorado. I went with an Outback and the used ones were not much less, and buying new just made sense for me..

Having said that, my boyfriend and I purchased a home a few months ago.

While my savings account has about the exact $ I owe on my car loan, I would feel pretty on edge not having some emergency fund in case things went wrong with the house or I lost my job..

Should I dump some of my savings into the loan? I guess it's more beneficial to pay the loan than putting into my savings account as that is costing me money?

ShoulderThingThatGoesUp

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Re: Should I pay off my car immediately??
« Reply #1 on: October 26, 2016, 05:36:39 PM »
Interest rate? Balance? Other debt rates?

Drifterrider

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Re: Should I pay off my car immediately??
« Reply #2 on: October 27, 2016, 12:41:01 PM »
It depends.  I bought a new Hyundai.  0% interest for 48 months so I paid nothing down. 

How much is your loan costing you and how much emergency fund do you have?