jimbohoward69
Recycles dryer sheets
- Joined
- Feb 25, 2007
- Messages
- 70
I currently have a 0.9% car loan with roughly $10K left on the loan (loan goes to 12/01/2022). I'm debating on whether to just pay it off since my emergency fund ($50K in a Capital One MM account) only earns 0.8% in interest.
I've looked at other high yield accounts to transfer my cash to but the change in interest rate would be a minuscule rise in interest accrual due to the amount. I also read somewhere that paying off a car loan early could be a "ding" on your credit report...but am not sure whether to believe that or not. My FICO score is 800+ and I wouldn't want to jeopardize that.
Thoughts?
I've looked at other high yield accounts to transfer my cash to but the change in interest rate would be a minuscule rise in interest accrual due to the amount. I also read somewhere that paying off a car loan early could be a "ding" on your credit report...but am not sure whether to believe that or not. My FICO score is 800+ and I wouldn't want to jeopardize that.
Thoughts?