Message Font: Serif | Sans-Serif
No. of Recommendations: 0
<<I only have about $1600 left to pay off my car loan (at 6% interest) Is it better to go ahead and pay it all off now, so I'll have an extra $290 each month? (which I could do if I wanted to) or keep paying gradually and keep the extra money in my checking account?>>

Looking at the numbers, you have about 6 months left to pay the car off. If the money is part of your emergency fund, then I would keep it in the savings account since the car loan interest rate is low. If it is not part of your emergency fund, you may want to invest it instead if the money is not needed in the short term.
Print the post  


Beware Flood-Damaged Cars
Know what you are getting, don't get stuck with a Katrina victim. Check these links before you buy.
Disclaimer - Please Read
A message about professional advice.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.