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Should I pay off my car loan early?

Frequent Contributor

Re: Should I pay off my car loan early?


Shogun wrote:

Then definitely pay that thing off.  Gone, history, out of here!


Sounds like that's the best thing to do considering we now have a new car loan.  Smiley Happy

 

Message 11 of 14
Frequent Contributor

Re: Should I pay off my car loan early?

Will you be able to pay it off 100% within that 60 months? If yes, then by all means yes pay off the one with 9%.

 

Usually on here, most people don't have 0% for 60 months and so the wiser choice would be to pay off the new one to reduce principle as much as possible early on thus eliminating quite a bit in interest over the long haul.

 

However with 0% for that long, as long as you can pay it off or if interest is only calculated on the balance AFTER the 60th month (not tacked on from the origionation of the loan) then yes you'll save some money just by paying off the old loan a year early.

 



Current: Eq- 624 Ex - 631 (lender pulled) TU - 661 (lender pulled)
Goal 700+ across all three
Message 12 of 14
Frequent Contributor

Re: Should I pay off my car loan early?


scarrollprint wrote:

Will you be able to pay it off 100% within that 60 months? If yes, then by all means yes pay off the one with 9%.

 

Usually on here, most people don't have 0% for 60 months and so the wiser choice would be to pay off the new one to reduce principle as much as possible early on thus eliminating quite a bit in interest over the long haul.

 

However with 0% for that long, as long as you can pay it off or if interest is only calculated on the balance AFTER the 60th month (not tacked on from the origionation of the loan) then yes you'll save some money just by paying off the old loan a year early.

 


Yes, will be able to pay it off 100% in the 60 months! 

Message 13 of 14
Regular Contributor

Re: Should I pay off my car loan early?

 
Bankrupcy 7 Filed 2/20/2012
Discharged 6/18/2012
FICO as of 7/6/2012
TU 630 Classic (04)
EQ 641 FACTA Beacon 5.0
EX 607 Fair Isaac (ver. 2)

Message 14 of 14