Paying off my car loan...

[ScrimpAndSave]

As most of you know (from my obsessive car searching), I bought a 2006 Infiniti G35 about a month ago. I financed about $14,500 at 4.99% interest for 3 years. This makes my payments $433 a month.

For right now, I am paying $600 a month on the car payment.

I don't have any credit card debt, I have $5,000 earmarked to max out my Roth for 2010 and I have a 12 month emergency fund. I know that I can take money out of savings to pay off the car - but I think I would rather keep my savings in tact and just make $600 payments to the loan each month. Does this make sense?

I am also throwing an extra $50 to each mortgage payment that I pay monthly.

According to a bankrate.com calculator...I will have the car paid off in around 2 years.

[disneysteve]

If I recall, you also have a retirement plan through work as a teacher and the Roth is on top of that, so you are probably saving plenty for retirement. You've got a great EF. Your expenses are low. I think saving 5% by prepaying the car loan makes perfect sense.

[ScrimpAndSave]

Hi Steve...yes 7.5% of my income goes toward my teacher's pension. I'm just trying not to depend on that at all because who knows what will happen in 30 years.

[nck4857]

How do you like your G35? I almost bought one a couple years ago, but ended up not getting it in the end..

[ScrimpAndSave]

I absolutely love it. Handles very well, comfortable...and beautiful to boot!