Which option makes more financial sense?

[Cinco]

You mentioned your savings; hows that looking, u should have some months expenses stacked up for if something happens.

Seeing that u took out the 401k loan unless it was to purchase property,I'd say build your savings up.

If that's not the case I'd use the cash to pay down the principal on the highest interest (car loan)

 

[babelipsss]

I would pay on the car. A car depreciates in value, paying it off faster kinda keeps it even.

 

[Koltrain]

Whats the interest rate on the car loan?

From the information given, it looks like paying down the car would save you the most long term.

 

[Koltrain]

If you have a high interest rate on the car and good credit, then it might be worth looking into refinancing your auto loan.

Speaking hypothetically.......refinancing your car may give you a new loan that'll probably be for 60 months. Its longer than your current term, but it would lower your payment and interest rate.

Say they give you a loan with a payment of $325 monthly over 60 months.... as long as there is no prepayment penalty, you could still pay the $400 you paying now, with the additional $75 going towards interest. Use that $3000 down on your new loan and you'd really be saving a lot.

 

[Idiopathic Joker]

Do whatever you want

 

[shit_happens]

The market is bananas right now. In July I made more than I did in all of 2016. Every extra dime you have should pay off your 401k loan first. You are leaving long term growth on the table. You could be getting a 5 - 10% return right now. Pay 2000 - 2500 on your 401k and put the rest in savings.

 

[BIGG WILL]

You mentioned your savings; hows that looking, u should have some months expenses stacked up for if something happens.

Seeing that u took out the 401k loan unless it was to purchase property,I'd say build your savings up.

If that's not the case I'd use the cash to pay down the principal on the highest interest (car loan)

I have 19K in my E-Fund and 8K in a 2nd savings Acc. I would like to get the car loan out of the way, but I don't want to dip to much into my E-Fund.

 

[BIGG WILL]

The market is bananas right now. In July I made more than I did in all of 2016. Every extra dime you have should pay off your 401k loan first. You are leaving long term growth on the table. You could be getting a 5 - 10% return right now. Pay 2000 - 2500 on your 401k and put the rest in savings.

Yea, man...July is crazy right now. I want to cash in on the market right now.

 

[T. Sanford]

This thread gave me idea

@Sion yo fam, I gotta pm you about something

 

[BIGG WILL]

This thread gave me idea

@Sion yo fam, I gotta pm you about something

Post up!

 

[zzombie]

You should never have got a car that you have to pay off in the first place.

 

[King Erauno]

save half that $3k in savings.. invest the other 1500. since you said both of those loans arent really hurting your pockets

 

[blakfyahking]

You mentioned your savings; hows that looking, u should have some months expenses stacked up for if something happens.

Seeing that u took out the 401k loan unless it was to purchase property,I'd say build your savings up.

If that's not the case I'd use the cash to pay down the principal on the highest interest (car loan)

I have 19K in my E-Fund and 8K in a 2nd savings Acc. I would like to get the car loan out of the way, but I don't want to dip to much into my E-Fund.

save that extra $3K and look for another investment

savings is always >>>paid off loan

especially since u already have enough to pay off both loans

and cars are a depreciating asset so it make sense to take ur time paying it off cuz u are already getting the best years out of it

 

[Moore7s]

Pay toward the one w the most interest.

Looks like the car loan

 

[BIGG WILL]

If you have a high interest rate on the car and good credit, then it might be worth looking into refinancing your auto loan.



Speaking hypothetically.......refinancing your car may give you a new loan that'll probably be for 60 months. Its longer than your current term, but it would lower your payment and interest rate.

Say they give you a loan with a payment of $325 monthly over 60 months.... as long as there is no prepayment penalty, you could still pay the $400 you paying now, with the additional $75 going towards interest. Use that $3000 down on your new loan and you'd really be saving a lot.

Was looking at this already. Went by the bank today and filed the paper work. If its approved, my payment will decrease by $50 and my interest will fall from 4.4% to 2.75%. Length of the loan will remain the same.

 

[BIGG WILL]

The market is bananas right now. In July I made more than I did in all of 2016. Every extra dime you have should pay off your 401k loan first. You are leaving long term growth on the table. You could be getting a 5 - 10% return right now. Pay 2000 - 2500 on your 401k and put the rest in savings.

shit still popping!

 

[Qiv_Owan]

If you have a high interest rate on the car and good credit, then it might be worth looking into refinancing your auto loan.



Speaking hypothetically.......refinancing your car may give you a new loan that'll probably be for 60 months. Its longer than your current term, but it would lower your payment and interest rate.

Say they give you a loan with a payment of $325 monthly over 60 months.... as long as there is no prepayment penalty, you could still pay the $400 you paying now, with the additional $75 going towards interest. Use that $3000 down on your new loan and you'd really be saving a lot.

Was looking at this already. Went by the bank today and filed the paper work. If its approved, my payment will decrease by $50 and my interest will fall from 4.4% to 2.75%. Length of the loan will remain the same.

...18 months later....

Give us that good news

 

[BIGG WILL]

loan was paid off and the market is being kind to me.

the car will be paid off by July.

 

[2stepz_ahead]

Didn't see this thread..

Piece of mind trumps everything to me.

 

[nawledge_god]

Option D (Pause)

-A Nice Corner Suite At VDara In Vegas (The Other 4-5 Star Resorts Are Rip-Offs)

-4-5 Grams of Unstepped On Perico (Should Last The Whole Weekend Unless Your A Savage)

-2 Bad Escorts From The Floor Of The Bellagio (Better Caliber Rent-Some-Pussy)

-A Nice Bottle Of Brown Liquor Of Your Choice

-VIP Admission To Marquee Or Ominia@Ceasar's

*Anybody Telling You That Fremont/Downtown Vegas Is Lit And Better Than The Strip Is Poor