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Started By
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I have .9% financing on my car, pay it off or keep the cheap money?
Posted on 4/11/17 at 8:25 pm
Posted on 4/11/17 at 8:25 pm
I hate owing people money and am inclined to pay it off, but I can earn better on the money other places. Payoff is about 18K.
6
Posted on 4/11/17 at 8:42 pm to DoUrden
I think you answered your question.
Posted on 4/11/17 at 9:19 pm to DoUrden
I have damn good credit and could only get 2%, how the hell did you get. 9.
Posted on 4/11/17 at 9:34 pm to GREENHEAD22
It was an offer from Chase on the model of my car for those that qualified, even the dealership didn't know about it and of course they were trying to frick me until I showed them.
Posted on 4/11/17 at 9:37 pm to GREENHEAD22
.74 here 
Posted on 4/11/17 at 9:37 pm to BACONisMEATcandy
Wow, very nice. You already know the answer though
Posted on 4/11/17 at 9:41 pm to leoj
I'm not paying off even though I'm tempted to. I'm on month 52/60.
Posted on 4/11/17 at 9:41 pm to leoj
Yeah, but I REALLY hate owing people money.
Posted on 4/11/17 at 10:38 pm to DoUrden
Obviously you know that keeping the loan is the smart thing to do, but do whatever you want. No one is going to tell you to pay it off.
Posted on 4/11/17 at 10:47 pm to DoUrden
Is the 18k in a money market account earning 0.1%? If yes, pay it off. Or at least throw the money at your house mortgage (assuming no other debts) if you don't want to invest it. Also assuming a fully funded emergency fund.
Posted on 4/11/17 at 10:57 pm to Ric Flair
No mortgage, it's literally the only debt I have. I rent because I won't be here long term.
Posted on 4/11/17 at 11:49 pm to DoUrden
quote:
Yeah, but I REALLY hate owing people money.
yeah but .9 isnt shite dude, make money on that capital
This post was edited on 4/11/17 at 11:50 pm
Posted on 4/12/17 at 12:39 am to DoUrden
quote:
No mortgage, it's literally the only debt I have. I rent because I won't be here long term.
If this is weighing heavy on your mind, I don't think that getting a mortgage is something that you should ever do.
Posted on 4/12/17 at 4:47 am to Jag_Warrior
Agreed. OP will be here every week asking us scenarios that he already knows the answer to.
Posted on 4/12/17 at 5:28 am to DoUrden
Money decisions cannot be about the decimal point every time.
If it bothers you incessantly on a daily basis owing someone money...pay it off.
If it bothers you for 10 mins a month when you have to write a check..invest the money and learn to live with a little risk for much reward.
If it bothers you incessantly on a daily basis owing someone money...pay it off.
If it bothers you for 10 mins a month when you have to write a check..invest the money and learn to live with a little risk for much reward.
Posted on 4/12/17 at 6:27 am to SECdragonmaster
quote:
If it bothers you incessantly on a daily basis owing someone money...pay it off.
If it bothers you for 10 mins a month when you have to write a check..invest the money and learn to live with a little risk for much reward.
This is the overall right answer here. I have a 1.99% on a 2016 Highlander that I still owe $12K on, I hate seeing a $25 interest charge, but I'm swallowing hard and writing the check to keep my other money in other places.
Posted on 4/12/17 at 7:47 am to DoUrden
quote:
No mortgage, it's literally the only debt I have. I rent because I won't be here long term.
Well then save that money for a down payment when you do finally purchase a home. You'll be glad you had that extra money to put down on a higher interest rate than 0.9.
Posted on 4/12/17 at 9:24 am to DoUrden
quote:
Yeah, but I REALLY hate owing people money.
This is a mental game.
Personal finance isn't all about finance, it's very personal.
If you hate owing money... look at do you enjoy making money, which you can do as long as the money you would pay off the vehicle with, earns more than 0.9 percent.
If after thinking of that, you still are sick owing the money, then by all means, pay off the loan. No one is going to give you any crap for paying off debt.
Posted on 4/12/17 at 11:25 am to GREENHEAD22
quote:
I have damn good credit and could only get 2%, how the hell did you get. 9.
I just got that straight through Honda on a new Accord. It was an advertised special.
Posted on 4/12/17 at 11:39 am to DoUrden
0.9 % is less than inflation. This loan is literally earning value for you. You should always pay the minimum amount required for a loan with a rate below inflation.
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