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Vehicle payment options
Posted on 1/22/12 at 10:40 am
Posted on 1/22/12 at 10:40 am
I currently have two car payments.
The First one I could pay off immediately.
The other I could pay down a significant portion of the loan. But not able to do both.
Everything points to paying off the first one immediately. But my question is why? If the payment is close to term haven’t I already paid the largest portion of interest. If I have a better rate on the first should I not try to pay-down the loan with the higher rate first?
The First one I could pay off immediately.
The other I could pay down a significant portion of the loan. But not able to do both.
Everything points to paying off the first one immediately. But my question is why? If the payment is close to term haven’t I already paid the largest portion of interest. If I have a better rate on the first should I not try to pay-down the loan with the higher rate first?
3
Posted on 1/22/12 at 12:28 pm to Violentoutlaw45
Yes the interest is stacked higher in the beginning of the term. I think this is a personal choice. I pay higher rate debt off first, but if you need that feeling of accomplishment, pay the one you can afford to get rid of off first. Some need that, some don't, both schools of thought work.....
Posted on 1/22/12 at 12:37 pm to Violentoutlaw45
it also depends on a bunch of personal factors about your financial status like salary, debt, etc.
Posted on 1/22/12 at 1:23 pm to Violentoutlaw45
Which one has higher interest?
Posted on 1/22/12 at 1:40 pm to Cold Pizza
Closer to term makes no difference.
Pay off the higher interest rate.
Pay off the higher interest rate.
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