jimbohoward69
Recycles dryer sheets
- Joined
- Feb 25, 2007
- Messages
- 70
I currently have 22 months left on a 60-month auto loan at 0.9% interest (for a vehicle I purchased in 2017). It didn't seem practical to pay the loan off early with my savings since interest rates at the time were well over 1%.
Fast forward to today. My Capital One MM account is now paying 0.3% interest and I don't see that rate increasing anytime in the foreseeable future...which is now leading me to consider paying off the loan early due to the 0.6% rate differential. Plus, I plan on moving soon and may want to apply for a mortgage in my new city.
Would any of you pay off the loan early? Or am I just squeezing pennies?
Fast forward to today. My Capital One MM account is now paying 0.3% interest and I don't see that rate increasing anytime in the foreseeable future...which is now leading me to consider paying off the loan early due to the 0.6% rate differential. Plus, I plan on moving soon and may want to apply for a mortgage in my new city.
Would any of you pay off the loan early? Or am I just squeezing pennies?