Quote:
|
Originally Posted by Gruntina
1. Big Loan: $14,000.00 @ 9% flat interest (This one started at $65,000.00!!)
2. Car Loan: $4,566.21 @ 3.95% interest
Is this a bad idea since the interest rates has a 5% differences?
|
Pay off 9% loan first. Then, only make minimum payments to 3.95% loan. Instead, apply the extra into a high earning interest account or IRA earning more then 3.95%.