lisa s
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Pay off the car. Once you get used to paying this amount, you can then save half of the money that you were paying to the car and have a nice nest egg for your home. If you only have lets say three years left on your car note, doubling your payments will shave that down to less than a year (you are cutting interest payments too)
Wish there were more 19 year olds like you in the world. I am sure that you will have an awesome home.
p.s. If you keep this up, you will have a 30 year mortgage paid off before in 10 years too! You will be the envy of all of your 'so called' peers! Kiss your parents, they have obviously done quite a few things right! |
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Brian G
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Anytime you have a choice to pay off bills or save the money, there is one standard question to ask. Which will get you a better return on your money? If you can save at 2% while paying 6% on your car, you are losing money. If you have an investment that you will believe make you 10% and the same 6% car loan, you come out ahead (disregarding the fact a 10% investment return would most likely be very risky). |
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Gatekeeper
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There really isn't enough information here. What you have to look at is the interest rate on the vehicle note verses what you would earn if you invested the extra money over the same time. Whichever has the best return is your answer. |
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TwinkaTee
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You have to do some calculations - figure out how much money you owe on the car (including interest). Now, figure out if there is any savings plan that will allow you to make this much money (or more) in the same amount of time. If the answer is yes, I would save. If not, continue to pay off the car at your regular pace. |
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sahajrob
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some people gave you the perfect answer then other people followed that with dumb answers.
Bottom line---depends on the interest rate
you can get abotu 6% on your money now
if your car is more than that pay it off 4 sure
if its less than that....like mine thats 1.9 it makes no sense to pay it off faster, plus it does build credit.
save up for a down payment on your house, which is way more important. The sooner you can buy the better, after you move out that is. |
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Mommyk232
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Depneds on your percentage rate on the loan. If it's higher then you could get on a saving account interest- pay off the loan. |
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Jennifer Anne
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That depends on several things...
Get your info together and go here.
It will ask you questions and you plug in the answers. Then it will calculate for you which is best. |
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Faye H
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Pay off the car.
By doubling up the payments, you'll owe a lot less interest. I did that with my car. I actually took out a 6 year loan but paid it off in 2 1/2 years. I got a ton of interest back from the bank. |
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Country girl
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Get the car paid off then put the amount of the car payment into a savings account each month. Since you will be used to not having that money to spend anyway, you won't miss it. |
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kelly
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at your age establishing a good credit rating is a must paying the car off early would not help you establish that. if you have the extra money put it in savings and earn the interest on it. |
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~Me~
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I'd say SAVE cash in the bank while you continue to make your payment. You'll earn a dividend if you put it into a smart savings..
BUT....
Check your interest rate on your loan and weigh it out....
How much can I put in the bank and make interest on or is my loan interest so high that I'd be better off getting the vehicle paid for?? Begin by doing the math and answering that question.... |
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pattibcacl
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Pay off your car then save money good luck |
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Chrys
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pay off the car and never do a 5 yr payment again. Always 4 yrs or LESS.... |
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zaphodsclone
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Paying off the car is saving.
Get out of debt ASAP than get aggressive on saving money.
http://www.daveramsey.com/ |
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guyinda90s
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pay off the loan.. no matter what the interst rate is.. your paying the bank interest, and not paying it to yourself.. Then you can pay yourself that money you are paying the bank.. remember in life there is good debt and bad debt.. what you have there is BAD debt!!!! |
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mikepongrass
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looks like your allready paying on the principal for the most part, and the faster you pay it off the beter you credit score will be, move out with less debt......its better and easier!
GOOD LUCK |
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