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 Posted: Fri Jan 26, 2007 11:55 am Subject: Pay Higher Interest or Higher Payment??? |
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If you have the opportunity to pay ahead on a car loan, and you have two, would you pay ahead on the one w/ a higher interest rate, or a higher payment. For Example, one is $290 @ 7% the other is $275 @ 15%. I owe roughly about the same amount on each. Could I just have an opinion, please, what would you do. This situation doesnt happen to me very often...lol
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toohotnky
Joined: 10 Jan 2007
Posts: 18
Debtcc Points: 578
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| Posted: Fri Jan 26, 2007 1:08 pm Subject: |
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Budget if you can $5-$$10 on each one, the lower int rate has a high dollar, high int rate, lower dollar....make sure you stipulate to the company in writing before you do, that you want the extra amount you pay credited to the principle amount.
Holler at me if I'm wrong, lol.
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texasconsumeractivist
Debt Samaritan
Joined: 23 Jan 2007
Posts: 680
Debtcc Points: 553
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| Posted: Fri Jan 26, 2007 1:55 pm Subject: |
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It looks like $275 @ 15% is going to cost more. Pay this one at the earliest so that you save money in interests. With the money saved, pay off the other loan.
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fatb88
Joined: 20 Dec 2006
Posts: 221
Debtcc Points: 1571
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