lkg919 asked:
I have an auto loan with my credit union with a balance of 21,000, the loan term was for six years – began in 10/08, my payments are 370.00/month and I believe my interest rate is around 5%. Should I take my tax refund (6000) and apply it towards my loan?
I have an auto loan with my credit union with a balance of 21,000, the loan term was for six years – began in 10/08, my payments are 370.00/month and I believe my interest rate is around 5%. Should I take my tax refund (6000) and apply it towards my loan?
Does anyone know how much time it would approx. take off the life of my loan? Would this benefit me in the long run? Or should I let my tax refund collect interest in a savings account?
i don’t need a loan!! i already have one.
i am not asking about what kind of loan i should get. i already have an auto loan, i am asking if i should make a large principle payment, and what the pros and cons are.
Keith