Updated over 5 years ago on . Most recent reply
Need help with a financial decision!
I'm closing on my first property at the end of the week. Needed help on my next financial decision.
My car loan payoff is currently ~$7200 at a 7.09% apr ($179/month). The loan payoff date will be 05/2024, assuming I stick with the minimum payment.
Should I:
A) Pay off the loan with the $179/bill
B) Increase my payments to pay it off sooner (2-3 years)
C) Just pay it off with a lumpsum payment?
My first duplex is on an FHA loan, so I won't be able to do another property with a low down payment, unless I get creative, but the higher interest rate on the car is killing me.
Most Popular Reply
Make sure u have enough reserves for your REI and are contributing to your 401k enough to get any company match. Then payOff any credit card debt and then the car loan. next save up for down payment for your next REI. Maybe consider a house hack.