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Updated over 4 years ago,

User Stats

52
Posts
13
Votes
Connor Mullen
  • Indianapolis
13
Votes |
52
Posts

Need help with a financial decision!

Connor Mullen
  • Indianapolis
Posted

I'm closing on my first property at the end of the week. Needed help on my next financial decision.

My car loan payoff is currently ~$7200 at a 7.09% apr ($179/month). The loan payoff date will be 05/2024, assuming I stick with the minimum payment. 

Should I:

A) Pay off the loan with the $179/bill

B) Increase my payments to pay it off sooner (2-3 years)

C) Just pay it off with a lumpsum payment?

My first duplex is on an FHA loan, so I won't be able to do another property with a low down payment, unless I get creative, but the higher interest rate on the car is killing me.

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