Comments on: Should We Pay off Our Car Loan?

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By: Curt

Curt — Wed, 27 Feb 2008 09:01:58 +0000

Just to let you know you will be negatively affecting your credit rating/score by opening and closing out these accounts. Creditors look for repayment over a period of time. The longer an account is open and in good standing the better your credit rating will be. Why don’t you just pay the loan off outright and not even bother opening another credit card account and waiting a year. What if something happens and you are not able to pay off that credit card like you wish. Once interest kicks in you will be stuck with a high interest rate large balance. If you just pay it off then you will have that extra $650.00 a month that you can easily save. Its just my opinion but it does not make much sense to me taking out a credit card to pay off a car loan when you already have the money in hand. Good Luck

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By: Grant

Grant — Sat, 15 Dec 2007 19:38:16 +0000

Make sure your auto lender will allow you to pay off the loan using a credit card before you open another account!

Also, is opening a 0% Balance transfer card worth the hassle? Why not just increase the monthly payment and be done with the whole deal?

-Grant

By: Sun

Sun — Sat, 15 Dec 2007 19:05:19 +0000

Yes, even at 5.0+% APY, I am paying more for the loan then what I get from the banks. I want to pay if off early, but have to wait it reach a level that won’t put too much pressure on us. Now it’s about at that level

Jonathan: Adding another card won’t help simplify my life as I wanted. But this new card is probably for the balance transfer purpose only and I will probably just close it after the promotional period. $17,000 is not an
amount that I want to pay right away if I don’t have to. Getting another card and using the borrowed money to pay for the loan just give me a little more time to hold on the money.

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By: Jonathan C

Jonathan C — Fri, 14 Dec 2007 17:45:19 +0000

how does adding yet another credit card to the mix help you reach your goal of simplifying your finances?

By: fivecentnickel.com

fivecentnickel.com — Fri, 14 Dec 2007 03:19:30 +0000

Even before the rate cuts, 5+% interest after taxes is less than the loan rate, so you were likely losing money by holding the cash in the bank.