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  #1  
December 29th, 2007, 05:54 PM
Jennifer707's Avatar Veteran
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Would you pay off your car?

We have one car paid for and still have 40 months of payments on the other. The APR is 8.87% and we owe about $13,600. If we could come up with the money, should we pay it off?
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  #2  
December 29th, 2007, 06:00 PM
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OF COURSE!!!!!!!!!! I am all about having no debt and no payments.
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  #3  
December 29th, 2007, 06:01 PM
gctattoo
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Our ugly, junky car is paid off. That's the only good thing about it.

I would for sure try to pay off your car early if you can. It'll end up saving you a bundle on interest in the long run.
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  #4  
December 29th, 2007, 06:03 PM
soninole's Avatar Platinum Supermommy
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I would totally pay my car/cars off. I could use that extra money every month to pay off my other debt.
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  #5  
December 29th, 2007, 06:10 PM
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First, do you have any other higher % debt?
Second, you aren't planning to pull the money from a 401K, right?

If you paid it off ASAP you would save yourself nearly 2K in interest charges over the 40 months! As long as you don't have a higher % debt and you aren't taking the money from a 401K then DO IT!

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  #6  
December 29th, 2007, 06:15 PM
MandiK's Avatar Platinum Supermommy
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As long as you aren't holding up the First National Bank or something, yea, for sure pay off the car ... unless you owe on something with a higher interest rate ... in which case you should pay that first. Have you been over to Financial? I can't remember if we've done a budget for you or not. If we have, there's usually a debt pay off order attached to the end. If the car is next on that list, go for it.
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  #7  
December 29th, 2007, 08:46 PM
Nicole_M's Avatar Platinum Supermommy
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I agree, pay off debt whenever you can.
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  #8  
December 29th, 2007, 09:12 PM
dingledine's Avatar Platinum Supermommy
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I ditto what Kris said. Fortunately our car loan interest was only 2. something. I cannot believe 8%. Our home mortgage is only 6.25.
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  #9  
December 29th, 2007, 09:13 PM
~Jess~'s Avatar Platinum Supermommy
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Ditto the other ladies. If you have credit cards or personal loans, pay them off first. But if you only have the auto loan, pay it off, by all means. One of the reasons I can be a sahm is because we don't have any car payments.
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  #10  
December 30th, 2007, 08:15 AM
MandiK's Avatar Platinum Supermommy
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Not having a car payment is super cool, by the way. I've never had one, ever. DH has one right now, much less cool.
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