I totalled my truck on Monday. Just got the estimate back from the repair shop and went through all the hoops of finding out how much I would be getting back. The insurance company is going to give me a check for $17k I only owe 7910. So I would be "netting" 9k. I owe 2600 on my boat and 3500 in student loans. Both at 6.6% interest. I have no credit card debt. I have been approved for a loan of 25k at 3% interest. It would be in my best interest to pay off both of my higher interest loans and put less towards the new vehicle correct? Higher monthly payment for the truck, but less total payments and lower interest rates. Or at least pay the boat off because student loan interest is tax deductible?
Submitted October 19, 2018 at 07:03PM by observer2017 https://ift.tt/2S1btzy
