Should I pay off the loan?
Should I pay off loan?
Here’s my situation:
I owe $17,000 on a vehicle that costs me $538 a month. The interest rate is a 5.49. I have around $100k available in savings. If left as is, the loan would be paid off in 2028.
I am also trying to buy a house, which is what creates my hesitation. I am hoping to put as much down as possible.
I have one other loan with a payment amount of $381 but I owe much more, so not looking to pay off at this time.
All this considered, does it make sense to pay off the 17k vehicle loan, or keep the money as a down payment on a house?