Greetings everyone. In essence, it's all the same money, but does timing make a difference? I have around a year left on my vehicle loan, about $2400, and I'm saving for a house. I have x amount saved up preferably considered savings for the house. The vehicle is developing problems and at this point I would rather get rid of it instead of loading the parts cannon. Do I pay it off now? Wait for it to kick the bucket? If I pay it off now, then I'll start putting away money I took from savings. If I wait and it dies before I'm done paying it off then I have to pay that off and then drop money for a down payment for another vehicle, all from my savings. Again it's all the same money but can be at different times. Does the timing matter?
Edit: in the title "am I doing it right?" My initial plan was to use the tax return to pay it off and then when the time comes take money from my savings as a down payment for another vehicle. Opposed to IF the time comes while I'm still paying for it I'm taking all that money out, at one time, to finish that loan and a down payment.
Submitted January 04, 2019 at 07:52PM by souldefiler http://bit.ly/2GVAnPN
