boston85
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Post by boston85 on Jul 11, 2011 13:02:43 GMT -5
Hi All I am a newbie to the site, I am 26, single with no kids living at home. I am considering paying off my car with my savings my car loan is at about 7,000 at 8% 360.00 monthly payment. I hate having a car payment  I have about 2 yrs on the loan. My saving total is 11,000 earning 1-2%. I would like to pay off the loan then fund the EF with the 360.00 a month. Good Idea or should I pay monthly and deal with the car payment  My only other bills are Cell-80 month Car Insurance-112 month Rent-100 month CC-80 month-I pay it off each month |
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midjd
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Post by midjd on Jul 11, 2011 13:03:55 GMT -5
At 8%, I'd definitely pay the car loan off - especially if you'll still have $4K left in savings afterward. $360 a month should replenish your EF fairly soon.
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swasat
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Post by swasat on Jul 11, 2011 13:04:53 GMT -5
I'd pay off the loan too.
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HoneyBBQ
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Post by HoneyBBQ on Jul 11, 2011 13:11:22 GMT -5
You rent is only $100 a month?
Yeah, pay off the car.
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Gardening Grandma
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Post by Gardening Grandma on Jul 11, 2011 13:32:28 GMT -5
I am considering paying off my car with my savings my car loan is at about 7,000 at 8% 360.00 monthly payment. I hate having a car payment I have about 2 yrs on the loan. My saving total is 11,000 earning 1-2%. I would like to pay off the loan then fund the EF with the 360.00 a month. Your car loan is $7000 at 8%. Your EF is 11000 at 1-2%. Yes! I'd pay off the car immediately and make "payments" to your EF.... Congrats on having a good EF. It does give you options.
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Deleted
Joined: May 16, 2024 12:29:51 GMT -5
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Post by Deleted on Jul 11, 2011 13:35:19 GMT -5
Definitely pay it off and don't worry about depleting your savings. With your expenses being so low, even 4K in savings is a huge EF.
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boston85
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Post by boston85 on Jul 11, 2011 14:03:48 GMT -5
yes my rent is 100 I live with my parents. I was planning on buying a home but I am not ready for that just yet.
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tractor
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Post by tractor on Jul 11, 2011 14:13:38 GMT -5
Good for you for thinking ahead and saving. If you stay on your current path, you will be way ahead of the others in your generation. Pay off the car, it's nothing but a drain on your finances. Then start looking at some retirement investments, keep up the good work.  |
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❤ mollymouser ❤
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Post by ❤ mollymouser ❤ on Jul 11, 2011 14:15:55 GMT -5
I agree with everyone ~ pay it off |
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Cass
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Post by Cass on Jul 11, 2011 14:20:59 GMT -5
I'd pay it off. How did you find us here boston85?
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zuzu
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Post by zuzu on Jul 11, 2011 14:53:51 GMT -5
I agree with everyone - pay it off! $4,000 is quite a large EF for you with your low monthly expenses so you are okay.
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boston85
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Post by boston85 on Jul 11, 2011 15:11:14 GMT -5
Thanks everyone I need the encouragement my friends think I am crazy. @ Cassia- I been a lurker for some time now 1st time posting @rick- hmmm let me think about that it might decrease mine to 50.00 lol |
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I have about 2 yrs on the loan. My saving total is 11,000 earning 1-2%. I would like to pay off the loan then fund the EF with the 360.00 a month. 
