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Updated over 10 years ago on . Most recent reply

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David Huynh
  • Investor
  • St. Paul, MN
37
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109
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Pay off student loan? 6.5%

David Huynh
  • Investor
  • St. Paul, MN
Posted

Read a post the other day about financing a 10k used car for 2-3% and it got me to thinking about my financial situation

So - I have a student loan out for 7k @ 6.5% (which I think is high) would you pay that off or is this too, considered cheap money? What would you do?

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471
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Wilson Churchill
  • Madison Heights, MI
132
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471
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Wilson Churchill
  • Madison Heights, MI
Replied

I wouldn't pay it, in my opinion. I have a number of rental units, and still have over 10k in student loans that I just make minimum payments on.

Ugh, the car debate. I just buy the cheapest used car that meets my needs. If I do finance a car, I use a 0% balance transfer check. Then I am not required to maintain full coverage (which is certainly an additional cost).

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