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Wondering if I should pay truck loan off? Owe about $15000 yet at 2.2% interest. Truck about is still worth about $32000. I have the money to pay it off and still have 8 months emergency fund. Also owe about $78000 on house at 3.25% about 12 years left on 15 year mortgage. Would u just pay alot toward truck and keep savings?
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Yes, you should pay truck loan if you have enough money, and keep the savings, As you have 12 years time to pay home mortgage. Keep your savings for paying home mortgage. -
Pay off the truck loan.
Then SELL the truck before you lose any more money to depreciation.
If you get $29,000 for the truck, then take back out the $15,000 you used to pay off the loan, find another truck you can buy for $10,000 or less CASH (and if it were me, it would be $7000 or less), then take the surplus $4000 that leaves you plus the original $15,000 and INVEST the money.
Good luck!Retired To Win
I blog weekly on frugal living, personal finance & earlier retirement at:
retiredtowin.com
making the most of my time and my moneyComment
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2.2% is cheap money. If you don't mind carrying the loan, then you'd be better off just making your payment and investing the money.
Once paid off, plan to keep the truck for the long haul. At least 10 years. Trucks, especially 4 wheel drive ones, hold their value much better than cars. Even older trucks with higher miles can be sold for much more than a similar car could.BrianComment
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I agree with you. A nice suggestion given by my friend.Originally posted by GeorgetteSpurling View PostComment
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Huh? I guess his truck is too nice and he should get rid of it to meet your frugality standards.Originally posted by Retired To Win View PostComment
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