Drain savings to pay off car loan?

[35706474Participant]

27 and currently working, with high probability of continued employment. I bought a car in 2021 after mine was totaled. I put 15K down and still have roughly $16K left to pay. My savings is currently at $22K. My car note is $350 but I pay $400 every month, with a 4.54% interest rate. My question is, would it be smart to pay off the car loan with my savings? I’m hesitant to drain that much, but I also don’t have plans to buy a house or make any large purchase any time soon. Plus it would free up the $400 a month that I could put in savings instead. I do have roughly $30K in other investments as well, that I could get if I really needed it.

[35916311Participant]

Hi all, I was also recently trying to find a good company to get a loan from. It took me a long time to find one and in the end I couldn’t find anything good. Thankfully, I was lucky enough to stumble across is credit9 lending legit. These guys helped me get a loan. Their interest rate is quite low and they give me plenty of time to repay the loan.

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[OliverParticipant]

It is not recommended to drain your savings to pay off a car loan. Taking out an online loan could be a better option for consolidating your car loan and paying it off with a lower interest rate. Online loans have competitive interest rates and are often simpler and faster than traditional loans. I personally took a online loan for payday loans emergency, and it was a good service. So, I am suggesting this for you.

• This reply was modified 1 week, 2 days ago by  Oliver.

[Paul SmithParticipant]

I don’t think this is the best solution in this situation, there are alternatives

[Author]

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