I have $15,000 in my Auto loan and $30,000 in Home equity loan. I have $20,000 in cash which I wan to use to payoff one of these loans. Which one should I payoff?
I am not sure about investing this money as it is risky.
5 Comments Already
May 19th, 2010 @1:44 am
If I were you, pay off the auto loan first.
Home equity loan, you could file tax deduction on the INTEREST
May 19th, 2010 @2:37 am
hi
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May 19th, 2010 @3:10 am
Its just that auto loans seem hard to get in hand recently. The websites places are easy to check and I have heard the are easier to quailify sometimes.
I suggest http://auto.deal4-you.com
May 19th, 2010 @3:59 am
Make sure you have an emergency fund of a few months’ bills in case of job loss, medical emergency or car accident. Pay off the auto loan and put the rest toward the mortgage. As the previous answer said, mortgage interest is tax deductible. Then increase the monthly mortgage payment by the amount you were paying to the auto loan. You’ll have them both paid off early savings loads in interest. Once you’re debt free, you can worry about where to invest your money.
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Pay off any that have a high interest rate.