Should I pay off $11K car loan @ 3% interest? : r/personalfinance

TLDR: Should I pay off $11K car loan to free up additional cash towards house down payment? I am considering paying off the remainder of my car loan of $11.4K @ 3% interest. My monthly payment is $460. This was a $33k loan with $0 down for 72 months. There are about 26 …

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Should I Pay Off $11K Car Loan @ 3% Interest? : R/personalfinance

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Should I Pay Off My Car Loan Or Keep Low Interest Debt?

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Save the debt service payment by loaning yourself $11K from your savings, pay off the car, and then use the current car payment to pay off the $11K loan. When the $11K self-loan is paid off, …

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Should I Pay Off $11K Car Loan @ 3% Interest? : R ... - Reddit

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TLDR: Should I pay off $11K car loan to free up additional cash towards house down payment? I am considering paying off the remainder of my car loan of $11.4K @ 3% interest. My monthly …

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LET’S TALK MONEY: Should I Pay Off My Car Loan Early Or Keep It …

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Jan 4, 2025 · Hey Taylor: I have a car loan that I’m financially ready to pay off, but wondering if it’s a smarter decision to keep it around a little longer. Will paying off the remaining $10,000 …

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Auto Loan Calculator: Estimate Your Payments - MoneyGeek

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4 days ago · Based on Federal Reserve data, as of August 2023, the average interest rate for auto loans in the U.S. is 7.88% for a 60-month term and 8.12% for a 72-month term. You can …

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Should I Pay Off My Car Loan From Savings To Save Money?

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Feb 7, 2019 · For your car loan: 4200 * .019 = 79.8/year or next month you will pay about $6.65 in interest. For your savings account: 4200 *.01 = 42/year or next month you would earn $3.50. …

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Got 11k Left In My Car Loan At 4% Interest. I Have The Money To Pay …

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Exactly, CD interests is taxed as ordinary income, could mean up to some 40% to people in mid-high income in California (yes, people who make 250k still care about 10k car loan, that's me) …

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I Owe $11k On My Car - Should I Dump Some Of My Stocks And Pay …

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1 day ago · He’s far better off just getting stuck with car loan interest for a few more years than risking withdrawing the money, never putting it back, and missing out on almost $200K.

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Should I Just Say "F* It" And Pay Off My Car Loan?

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Point is most anything has some risk while paying off the car loan is assured to save you that 2.x% of interest. In the end lets say you ear 5% on the money over the next 2-3 years instead …

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When To Use A Personal Loan To Pay Off Credit Card Debt

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Jan 29, 2025 · If you can secure a personal loan for your total of $12,000 in credit card debt with an APR of 10 percent, you will be able to contribute your $200 each month and start paying off …

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Money Blog: Pound Falls As Bank Of England Deals Major ... - Sky …

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2 days ago · Welcome to the Money blog as the Bank of England announces a cut in the base rate from 4.75% to 4.5%.

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Payoff The Car Loans Or Keep It In High Yield Savings.

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I have 10,173.73 left on my car loan at a 3.99 Interest rate, I got 21 months left on the loan. ... When the car is paid off you'll still have the money and it'll be $11k. Especially if this is your …

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FAQs about Should I pay off $11K car loan @ 3% interest? : r/personalfinance Coupon?

How much would you save if you paid off a car loan early?

4200 * .019 = 79.8/year or next month you will pay about $6.65 in interest. So you would save a little each month by using savings to pay off the loan early. Keep in mind, that once the loan is paid off, you would have $800/month to put into savings. ...

When should I pay off my car loan?

Because the interest amount for each month is calculated based on the loan principal balance, you will pay the most interest early in the loan's life span. Paying off your car loan earlier in the term will save you the most interest, but paying it off at any point can save you a lot. ...

Can a $25 car loan strain your budget?

The $25 won't strain your budget as much, and an even amount is easier when budgeting. You can pay your car loan faster by increasing the frequency of your payments. Instead of a monthly payment, see if your budget will allow for biweekly payments. You will be paying twice your monthly payment and can pay off your loan in half the time. ...

Should I pay off my auto loan?

Paying off your auto loan saves you money in interest. Therefore, paying off your auto loan is a good idea if you can afford it. In some cases, paying off an auto loan might not be ideal. For example, if you have other debt that has a higher interest rate than your car loan such as credit card debt. ...

How do interest & fees work on a car loan?

Interest and fees are generally paid before your payments go towards your loan’s principal. When paying down an auto loan, your monthly payment generally will first be applied to any fees due – for example, late fees. Next, the remaining money from your payment will be applied to any interest due. This includes interest accrued from past payments. ...

What if you pay extra on a car loan?

Below, you can see example payoff information if you paid $100 extra each month on a $20,000 loan with 36 months remaining in the term. Those extra payments would help you finish repaying the loan seven months early and save more than $200 in interest. What if you want to make a large one-time payment on your auto loan? ...