BreadWithSpam@[EMAIL PROTECTED]
wrote:
> Mikki <mikki@[EMAIL PROTECTED]
> writes:
>
>> Car 1 -
>> Purchase price $24,000
>> Original loan value $24,000 (no money down)
>> Interest rate - 1.9%, 60 month loan
>> Current balance - $17,000
>>
>> Car 2 -
>> Purchase price $16,000
>> Original loan value $11,200
>> Interest rate - 11.64%, 72 month loan
>> Current balance - $3,500
>
>> Perhaps we have too much invested in them, but we do plan on keeping
>> them until maintenance costs significantly exceed remaining value. The
>> 72 month loan was ridiculous, and the interest rate insane, but that
>> is why I am paying off the car ASAP (most of it has already been paid
>> off in less than one year).
>
> It should be paid off tomorrow.
>
Mikki, you may want to determine if your loans are simple interest
loans. A lot of car loans used to use some other interest calculation
which gives you no benefit for paying off early. I think these other
types of loans have been outlawed in a number of states, but I'm sure
they still exist in some places.
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