cancel
Showing results for 
Search instead for 
Did you mean: 

Sudden mini-WINDFALL.. To pay off AUTO LOAN or CC debt?

tag
Gmood1
Super Contributor

Re: Sudden mini-WINDFALL.. To pay off AUTO LOAN or CC debt?

Yeah...lol...tough for some to picture. You'd actually come out a head. You're planning to pay the car off any way. In 4 years you've made nearly$4000 by not paying the car off too early. You earn zero going the other route. Lol
Basically you can look at it like you paid $5500 for your car instead if $10,500.
Your loan interest is so low..it's not a real factor. Plus you'll still have $20,000 or more in that account 4 or 5 years from now.
Message 11 of 41
Anonymous
Not applicable

Re: Sudden mini-WINDFALL.. To pay off AUTO LOAN or CC debt?

Lol I cant join Consumers CU I live in Cali !!!!!
Message 12 of 41
Gmood1
Super Contributor

Re: Sudden mini-WINDFALL.. To pay off AUTO LOAN or CC debt?

Anyone can join bro!
Message 13 of 41
Anonymous
Not applicable

Re: Sudden mini-WINDFALL.. To pay off AUTO LOAN or CC debt?

Really?? I'd be cautious of that -- wouldn't want any red flags trying to join some random CU in Illinois while I live in LA lol. Or are they like PENFED?
Message 14 of 41
Gmood1
Super Contributor

Re: Sudden mini-WINDFALL.. To pay off AUTO LOAN or CC debt?

This is the strategy I use with buying my vehicles more or less. Why on earth would I pay cash for something, when I can make more off the cash than what the loan cost me?
Message 15 of 41
Anonymous
Not applicable

Re: Sudden mini-WINDFALL.. To pay off AUTO LOAN or CC debt?

I'd pay off the car and then take the money that would have been spent on the payment each month and use it to knock out the CC debt.

Message 16 of 41
CreditCuriosity
Moderator Emeritus

Re: Sudden mini-WINDFALL.. To pay off AUTO LOAN or CC debt?


@Anonymous wrote:

I'd pay off the car and then take the money that would have been spent on the payment each month and use it to knock out the CC debt.


Dang you caught it before I could say what?   card to pay off card lol

Message 17 of 41
Anonymous
Not applicable

Re: Sudden mini-WINDFALL.. To pay off AUTO LOAN or CC debt?

GMood you're tempting me here lol
Message 18 of 41
Anonymous
Not applicable

Re: Sudden mini-WINDFALL.. To pay off AUTO LOAN or CC debt?

Payoff the credit card bills. Trust me, i am a banker. :0)

Message 19 of 41
Gmood1
Super Contributor

Re: Sudden mini-WINDFALL.. To pay off AUTO LOAN or CC debt?

Yeah it's your choice my friend. If you don't have the cash set aside to just knock out the CC debt, then by all means pay off CC debt first.

I look at it like this, if I have the funds to cover my debt..is it really a debt? Simply because at anytime I can pay my vehicle debt off. The money is there, I'd just rather borrow someone else's at a lower rate and do it. Lol
Message 20 of 41
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.