I have two loans I'm paying on and I was moving towards getting them paid in full by the end of 2017 (paying extra on car loan). Now, I just received a lil over $3000 that I wasn't expecting, so I figure I can do something with it.
My 1st Loan is against a 401k type of Account and I owe $4800 on it.
The Monthly payment is $109 a month w/ about $4 going to interest and a yearly $50 Loan Fee. The Payment is taken from my checkings account automatically, so I never really miss the money.
My other loan is a Car loan which I owe about $14000 on w/ a payment of $400 a Month with about $35 going to interest.
Both loans have over 36 Months left over the life of the loan.
Paying off the Nationwide Loan doesn't benefit me to much now (and doesn't hurt my pockets that much), but I will be earning a few extra dollars per Quarter because my balance will be higher.
Paying off my car loan eases up $400 a month, but hurts my savings short term.
Which payoff makes more sense?
My 1st Loan is against a 401k type of Account and I owe $4800 on it.
The Monthly payment is $109 a month w/ about $4 going to interest and a yearly $50 Loan Fee. The Payment is taken from my checkings account automatically, so I never really miss the money.
My other loan is a Car loan which I owe about $14000 on w/ a payment of $400 a Month with about $35 going to interest.
Both loans have over 36 Months left over the life of the loan.
Paying off the Nationwide Loan doesn't benefit me to much now (and doesn't hurt my pockets that much), but I will be earning a few extra dollars per Quarter because my balance will be higher.
Paying off my car loan eases up $400 a month, but hurts my savings short term.
Which payoff makes more sense?