I owe around $12,000 on my Ford Escape. 50k miles. I have 39 remaining payments of 375.00. Is it smart to pay more than my car payment or even pay double payments each month to try and pay it off early or is that not smart?|||Paying off a loan early is almost always the smart move. You will save money in interest. The earlier in the loan you are, the more interest you will save.
This is true of any loan, including mortgages and credit cards.|||Do you have a saving account?
Does it have 6 months of income in it?
If you answered no to either of these questions, then you need to build you saving first.
If you lose your job today with no savings but the car is paid off you are screwed as you have no access to cash and no income.
If you loss you job with money in the bank, even with a car payment you can get by for a while.
See my point?|||If the interest rate is high it is a good idea, and even may be a good idea if it is not so high. The possible exception would be if you have balances on credit cards; pay those off first if the interest on those is higher than on the car loan.|||Yes, it is smart to pay more and/or pay off debt early.|||well paying installment before due date .they will give certain amount discount
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