Decoding the Legalese: How AI Can Help Answer the Question ‘Should I Pay Off My Car Loan Early?’
- May 12, 2024
- Posted by: legaleseblogger
- Category: Related News
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## Financial Situation and Decision Making Process
Hey everyone, I currently have a loan out on a ’13 Honda Civic at a high interest rate of 8.69% with a remaining balance of a little over 6k. On the other hand, I have about 8k in my savings account earning an interest rate of 4.6%. My annual income is around 30k and my job in the military provides a steady paycheck.
## Considerations and Options
I currently have no other debts other than the car loan, which amounts to $245 a month. Additionally, my living expenses such as rent, electricity, and gas are all covered. This makes me wonder if it would be more beneficial for me to pay off the car loan at this point. However, I am also considering getting a cheap truck and keeping the car if I do decide to pay it off.
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EDIT: I change my mind given your steady job and living situation. Pay off the expensive car loan debt, but immediately start putting the money that was going towards the car loan into building your emergency savings back up.
Ok so a lot of people will say pay it off, and if it was $700 a month I’d agree. But $250 a month isn’t a burden, and the savings is worth having on hand. If you had 30k in savings, or a large retirement account, or any number of other things I’d say pay it off, but $250 a month isn’t a huge burden, even with interest considered. I’d honestly probably just keep paying the loan and just live cheap and pump every spare dollar into a Roth IRA and other retirement type investments like rental property or other easy side hustles.
Edit: you’ll save less than $1000 dollars in internet over the next two years. Is dropping 75% of your entire savings and safety net worth saving $800? Will you have any unexpected bills the military doesn’t pay for? Just food for thought, do some math and figure out the dollars – you may find that the juice is not worth the squeeze.
Follow this: https://www.reddit.com/r/personalfinance/w/commontopics
Do you not qualify for a rate reduction under the Servicemembers Civil Relief Act (SCRA)?
I would pay it off. It would leave your emergency fund low, but you have almost zero monthly expenses.
Yes, pay it off. Then rebuild your savings. A guaranteed after-tax return of 8.69% is quite compelling.
I would pay it off and then focus on rebuilding nest egg
If you want to pay it off without wiping out your savings you can just add a few extra hundred dollars a month to the payment. Make sure the extra money is applied to the principal, rather than just adding it to the overall payment. You will pay off the loan in less than a year and save some interest as well.
No. Do not pay it off. I like cash in the bank