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Paying truck advice

Discussion in '2nd Gen. Tacomas (2005-2015)' started by 07regtacoman, May 7, 2011.

  1. May 7, 2011 at 11:39 AM
    #1
    07regtacoman

    07regtacoman [OP] Well-Known Member

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    Davis Ca
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    07 Silver REG Cab
    Painted arm rests, 2011 front grille,Readylift for 5lug.
    If you had some money saved up would you pay off your truck or would you keep it for security.Paying off the truck would wipe half my savings out.What would you do?
     
  2. May 7, 2011 at 11:47 AM
    #2
    rys99z

    rys99z Member

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    It depends on your interest rates. If the interest rate on the truck loan is more than what your savings account interest rate is pay off the truck. Just make sure you pay back your savings every month with the money that you would have paid on the loan. Why pay someone else the interest, if you don't have too. :cool:
     
  3. May 7, 2011 at 11:51 AM
    #3
    charles08tacoma

    charles08tacoma Well-Known Member

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    White Snug Top shell
    Depends on what your loan interest rate is vs your savings interest rate. I could pay mine off early (I have 12 mos left out of 48), but my loan interest rate is 1.9%, so I won't. I don't know what your interest or savings rates are. I know savings interest rates are super low. It always pays to have money in the bank during these economic times & job uncertainty. It all depends on which makes most economic sense to you and what your economic situation is.
     
  4. May 7, 2011 at 11:58 AM
    #4
    07regtacoman

    07regtacoman [OP] Well-Known Member

    Joined:
    Dec 14, 2008
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    651
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    Male
    Davis Ca
    Vehicle:
    07 Silver REG Cab
    Painted arm rests, 2011 front grille,Readylift for 5lug.
    My apr is 4.9% and my payment is about 3 hundred a month.Last payment is in Jan.
     
  5. May 7, 2011 at 12:11 PM
    #5
    tombiosis

    tombiosis Well-Known Member

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    Ottawa Canada
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    2016 TRD offroad access
    2016 Tacoma Access Cab, Super White, TRD Off Road package,//OEM Running Boards//TriFold2.0 Tonneau Cover//FJ Cruiser TRD SE Black TrailTeams replca wheels!
    4.9 is pretty high right now...you could probably borrow the money cheaper...I would pay it off. If you need $ for emergency, get a LOC now before paying it off, then your covered.
     
  6. May 7, 2011 at 12:12 PM
    #6
    tombiosis

    tombiosis Well-Known Member

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    2016 Tacoma Access Cab, Super White, TRD Off Road package,//OEM Running Boards//TriFold2.0 Tonneau Cover//FJ Cruiser TRD SE Black TrailTeams replca wheels!
    ooops- you're.
     
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