I will be moving in with family and will not have the cost of rent and utiltiies. Should I pay extra towards the principle of my automobile loan, or should i bank the extra money for a down payment on a home.
I have no credit card debt, but have a $3800 loan with fixed payments, 8% interest.
Car payments are $350, 9% interest, 6 more years to pay off loan.
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about 2 years ago
I would pay the scheduled amount as planned, and bank the rest.
Credit agencies like it if you can set and keep a schedule of payments. They really dislike it if you make higher payments and then mis one, or are inconsistent.
Usually you pay the financing fees up front in a loan, so you’re not doing yourself much of a favor paying it off early.
EDIT= Oh, and having a down-payment for a house or something, even if you have a car payment still goes a long way.
about 2 years ago
I highly recommend that you pay of the car loan before getting a house. It is better to be debt-free.
You have done a great job. Keep being debt-free. There will always be homes to buy. After paying off your car loan, build up your savings to save for a house (downpayment of about 10-20% is recommended).
JJ
about 2 years ago
I think it would be most beneficial to do both. It couldn’t hurt to put even $50 extra toward your car loan (make sure to note that it should be applied directly toward principal), and still build your savings for a down payment. It really all depends on how much you can afford to save…
Take 1/3 of the amount that you can save each month and apply it toward the loan payment and the other 2/3 of the amount should be saved.
about 2 years ago
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