As the title suggests, I need some input with deciding if I should pay off my car loan all at once.
I bought a car last year and currently have about $29k left on the car loan at 6.125% interest rate per year and 5 years left.
My current financial situation is that after paying my mortgage, bills, and all expenses every month I save about $2k every month. My current car loan monthly payment including the interest is $565, so obviously this $565 would go towards either my savings or investments every month after the pay off. I would use my current savings to pay off the loan, leaving me with ~$10k in saving account. If it helps, I have about ~140k in personal investments and retirement accounts, although I wouldn’t consider those to be part of any short term buffer or safety net.
original posted by RichWatercress635 to r/personalfinance on Mon, 15 Apr 2024 13:41:01 GMT.