Jul 26 2009, 09:18 AM
QUOTE(BrotherHoe @ Jul 26 2009, 08:44 AM)
I bought a car cost 30k , so i took up full loan , every month paying 500 for 5 years
but now i`ve got 30k cash in hand , should i pay up all sum or keep the cash and continue installment ?
BrotherHoe,but now i`ve got 30k cash in hand , should i pay up all sum or keep the cash and continue installment ?
1) In general, you do not get much discount on car loan interest even if you pay off earlier. That is WHY I constantly tell people to be VERY CAREFUL on getting car loan with long tenure (5 years, 7 years, 9 years).
2) It is VERY SIMPLE. Just ask the bank to run the calculation for you. Tell them to check that if you want to payoff the loan at certain date, what is the amount. Then, you can make the decision.
3) It is STUPID to pay off the car loan if you have no emergency fund.
Dreamer
This post has been edited by dreamer101: Jul 26 2009, 09:19 AM
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