Pay it off?

I’m sort of in the same boat. But my interest is about half what you’re paying. I opted to put most of my savings in a high yield interest savings account with wealthfront. At the time they were paying 2.57 percent apy, and my loan is 2.47. But with the fed rate cuts the savings has dropped down to 1.82. I’m still keeping my safety net in the account collecting interest thats just a hair under what my truck is.

 

Human factor in knowing the loan is paid off can be worth it too. Yes the money may earn you some, and it is also a nice safety net. But if you have other safety net, huge weight off shoulders to pay it off. Worth considering.

 

I paid mine off early. Zero regrets.

 

Definitely don't discount the potential good feelings that paying off a vehicle can bring...

 

Wat

 

I'd have said 7 figures...lol

 

Oops, yes 7 figures. Damn sausage fingers.

 

That's pretty much the assumed figure for the average 3rd Gen owner, goes without saying

 

No you don’t. It’s 1.5%.

 

That is true, i'm not too stressed or stretched too thin as it is, but i'm also funding my roth IRA, so that's another reason I haven't paid my truck off, But knowing I won't have an extra three hundred to pay a month does sound nice, even if it sets me back with my roth in the short term.

 

And for the record, I agree.

 

Nah max the Roth, 20 years from now that'll pay off way more than paying the truck early.

 

I don't know why I was completely convinced it was 5%... Huh.

I guess my Amazon card is 5% and I spend way too much there so maybe that's why I got it mixed in my head.

 

I’m a Banker, been loaning money for 25 plus years, I would pay it off.

 

Max that Roth first and then pay it off. And if you make too much, do the back door Roth and then pay it off.

 

YES..Pay it off! Pay yourself back with interest. if you need money badly you can refinance the truck win-win,,, I would guess you have more than 6-month living expenses in savings

 

What color pro did u go with? I'm ready to get one. They have MGM one due in by end of year or I can still send in 500 to another to lock down army green due in feb. My wife doesnt like green but I think it will look good. And OP pay it off. Unless toyota gets me 1.9 . I can get 2% on short 6 mo cds if I could get that

 

Cracks me up. Everybody posting here is sitting on tons of cash has a 900 credit score and no debt. Two houses, two wives three trucks 6 kids and live debt free.

 

Don't judge... just because the majority of us won our trucks outright via bench press competition, you peasant!

 

No judging. Mines paid for to but some people make life out way better than it is.