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Money Matters
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#1 |
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Loan payoff trade-off
:Hi: guys, what's your opinion on which loan I should payoff? I'm having trouble making a decision.
Car payment 24,000 $441/month @ 3.9% Student loans $24,000 $297/month ($8,000 @ 5.3%, $16,000 @ 3.5%) I can make $1,000/month extra payments on something. The 8k 5% student loans would save me more money, but hold up the $441/month for 8 months longer on the car loan.
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spacebarissolazy doesntfeelikebeingpressed |
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#2 |
Registered User
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Pay off the $8,000 @ 5.3% first and then pay off your car. GL
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#3 |
Registered User
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Thanks for your time
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spacebarissolazy doesntfeelikebeingpressed |
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#4 |
Registered User
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ya, knock out the 8k @5%. first, its the highest interest, second, sometimes it nice to eliminate a short loan, just to get it off the books. in this case its both.
then i would go car, lastly the student 3.5%
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1999 323i
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#5 |
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Thanks again. I'm super surprised 97 views and no one suggests to pay the car off and release the 441 to put towards student loans. Anyways, thanks everyone!
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spacebarissolazy doesntfeelikebeingpressed Last edited by Cowspoo; 03-06-2019 at 10:00 AM. |
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#6 |
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I would pay an extra $500 car payment and save $500 each month for 3 months.
Then I would pay $500 extra per month to smaller balance student loan and save $500 per month. Your interest rates are not silly and paying car longer is good for credit. I assumed you have no other debt... JMO
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. !!! ROLL TIDE ROLL !!! 17 Time National Champs: 2009, 2011, 2012, 2015, 2017. We WILL Get Redemption In 2020 . . To view links or images in signatures your post count must be 0 or greater. You currently have 0 posts. Ranting about TVs, football, cameras, guns, diamonds, and HDMI since 2005. 16 Honda Accord Sedan V6 Touring (wife) 07 Chevy Suburban LT 4x4 with Nav/Bose/DVD 68 Ford Mustang with Polk/ADS ------------------------------------------------------- 07 Lexus GS350 00 BMW DINAN M5 01 BMW 330ci Last edited by GlockMan; 03-07-2019 at 06:54 AM. |
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#7 |
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Hey Glock,
You are correct. These are my only debts. Your strategy is $500 extra every month until the car is paid off, then $500 extra until the student loans are finished. Putting the rest in an IRA or something? Solid strategy. My credit is already 806. So I'm not trying to improve that too much anymore. Cheers!
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