Pay it off?

Pay it off. If you hate not having a car payment, you can always get another one

 

Good work !

 

This is probably gonna open up a can of worms but what do you do for a living? Where do you live? A lot of people can’t pay off a 30-40k truck within the year. Maybe I’m nosey but in regards to money/savings I also get super motivated learning about other people’s situations.

 

I live in Enid ok, I’m a buyer for an independent grocer. I’ve been there 20+ years so I make ok $. I have a 6 yr old and a 1 yr old. I sold a Jeep jk to put towards the taco so I only financed around 15k. I’m pretty frugal with everything I buy except vehicles and parts lol. My wife and I havent done anything super special but we both have degrees and ok jobs. We get up every day and work to pay for our home, kids needs, etc.

 

Good to know, good work man. Keep it up, it’s obviously working !

 

Score is 815 last I checked and I pay off all automobiles four years early (I always take the 5 year loan and pay it off in 12 months).

Do some research on what factors affect it but it’s also not as important as people make it out to be. Just consistently make wise choices over the long run and you’ll be fine.

 

I have no car payment.

Finance sez buy t bills and come out ahead on intrest

 

Keep however much of an emergency fund keeps you comfortable and pay down the debt with the rest. Some people say 3-6 months of income but it’s really a personal number based in too many variables to be that simple honestly.

I used to be happy with 10k when I was more nomadic. My entire life has changed so the number I keep in emergency and savings funds change. Your call. But debt free is good to be.

 

If you've got the cash I'd pay it off. Over 4% is high for a car loan. Also I'd get a better savings account, Capital one 360 Money market has a much better savings rate. Or put it in a Mutual Fund.

 

OP probably paid it off by now.

Keep the $ and use the banks money on the the car that will depreciate over time.

Invest that $ or put towards a retirement account.

 

How some people live their entire lives and never learn about credit amazes me. Paying off a loan early doesn't hurt your credit score. Having otherwise shitty credit that is being propped up by your loan is a different story.

You can learn all you'll ever need to know about credit in about an hour. It only affects every major purchase you'll ever make so screw it right?

 

Where it can hurt is when you don't have a lot of other credit accounts, aka "thin file".

 

Right, but "paying it off early" won't ding you any more than paying it off normally would if you still have no other credit sources.

 

I didn't read the whole thread, but fyi - Edward Jones has very high fees. A 1% fee over your lifetime will more than cut your total in half. It is very much worth it to educate yourself. Countless studies have shown active managers do not add value. (the only exception would be: the Edward Jones guy can talk you out of freaking out and selling during a market crash - if you need that)

With a bit of reading its easy to DIY. Or there are great options that don't require any monitoring or activity on your part, if that's your preference.

 

Paying interest on a depreciating asset is foolish. You basically said, hey, for that $4 hamburger, can I give you $6.50 instead?

 

Trade it in for a Raptor.

 

I paid off my car in a year. It’s all discipline

 

Didn't have time to read the preceding 120 messages. Debt is bad. You can reduce your insurance costs. Pay it off.

 

And you know, Income level.

 

You paid 35k off in 1 year? If so, good for you. But why lol