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post #1 of 6 (permalink) Old 01-18-2010, 11:36 AM Thread Starter
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I Have $2000 and Want to Either...

A: Put it down on my loan:

The interest rate is 6.25%, 3.25 percent is variable while the 3.00% is compound now I know variable is bad... but having money saved up for if the car broke down is a great idea, or if i lost my job ect

This is what I pay every month I have 59 payments left.

Interest Amount -$21.68
Loan Principal pymt -$167.76

So what would I save if I put down the $2000.00

Current balance: $9,572.27

Or

B) Put the money in a tax free interest savings account through ING direct Canada at 3%.
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post #2 of 6 (permalink) Old 01-18-2010, 11:45 AM
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prabaly option b....cuz u already have a steady income to pay off the payments.
the savings is so u can make more money with out doing anything and if u need it u can just take it out...

my dad did this kind of stuff when he was younger and now he has over 200k usd....the gay thang about it is that when u hav a whole lot of money u wont wana take it out
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post #3 of 6 (permalink) Old 01-18-2010, 01:26 PM
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post #4 of 6 (permalink) Old 01-18-2010, 03:21 PM
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Option B. You are already making your loan payments and are used to it. This is an opportunity to "make some money." Why not?

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post #5 of 6 (permalink) Old 01-18-2010, 03:27 PM
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post #6 of 6 (permalink) Old 01-18-2010, 07:36 PM
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Well I can tell you I put $4,000 into a CD @ 3.5% for 13months and it's about mature (March 10). I only make about $11-$12 a month though. So the whole time I can't touch my $4,000. If you have cash in hand and you want to pay some of your car off, I'd do so, because then your interest on your car won't be as high, as your amount owed isn't as high. I guess figure how much the interest is going to make sitting in the account vs. the interest you'd be paying on for your car.

Great thing about my car is I choose 0%. So my payments may be higher a month, but I feel like I'm paying for the car and not paying the bank.

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