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Brett Grimm
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More Down Payment or Pay off Car Loans

Brett Grimm
Posted

So, I am purchasing a new home, I have plenty for the 20% down payment to avoid any PMI and I have locked in a wonderful rate. I have a credit score over 800.... I have enough in savings to actually put MORE money in as a down payment. However, I do have a Car Loan, it is a decent rate and I have 2 more years of payments. I can't decide if would be better off putting more money towards the down payment of my house? Or if paying off my Car loan and freeing up that money for other options? Especially during this time of uncertainty.... I am looking for your thoughts or some suggestions??

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