Pay off loan or supercharge

[krahooligan]

How many of you with superchargers have a loan on your car? I recently came into some cash and I think I should pay it to my loan instead of adding a power adder to a car that is technically not my own.
Thanks

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[sharp21]

Pay off the car man. I've got the need for speed as bad as the next guy, but financial freedom trumps it.
S.

 

[Zemedici]

pay off the car.

 

[Z_Rocks]

Pay off the loan.

 

[krahooligan]

if I pay it to my loan it will cut my premium in half. ill go from owing 26 to 13. that is a good feeling too!

 

[Process]

Whats your interest rate? Depends all on that. A lot of people push for pay off, but paying low interest against a depreciating asset can be better than putting in a lot of liquid cash against an asset with low interest.

Also you'd need to look at your monthly cashflow, obviously it shouldn't be a problem since you can afford the payments and have excess cash laying around.

 

[Todd15Fastback]

^^^^This! If you have 2.5% or below, I would not pay off your loan. That is my own personal opinion.

 

[evo8904]

Whats your interest rate? Depends all on that. A lot of people push for pay off, but paying low interest against a depreciating asset can be better than putting in a lot of liquid cash against an asset with low interest.

Also you'd need to look at your monthly cashflow, obviously it shouldn't be a problem since you can afford the payments and have excess cash laying around.

This!!! For me, it all depends on the interest rates. The only car loan that I have is on my mustang. I use my cash to invest in real estate; I average 25% to 30% ROI. Example, I just bought a triplex for $30k that rents out for a total of $1200 per month.

 

[Todd15Fastback]

This!!! For me, it all depends on the interest rates. The only car loan that I have is on my mustang. I use my cash to invest in real estate; I average 25% to 30% ROI. Example, I just bought a triplex for $30k that rents out for a total of $1200 per month.

Damn. That is great. How often does it stay rented? Close to 100% a year?

 

[krahooligan]

Whats your interest rate? Depends all on that. A lot of people push for pay off, but paying low interest against a depreciating asset can be better than putting in a lot of liquid cash against an asset with low interest.

Also you'd need to look at your monthly cashflow, obviously it shouldn't be a problem since you can afford the payments and have excess cash laying around.

1.9 percent. I want to keep it to bump my credit score up. paying it off and having 500 extra a month is a perk also. but I don't know a lot about credit and how it would affect score.

 

[evo8904]

Damn. That is great. How often does it stay rented? Close to 100% a year?

Yeah bro, it is always rented. I use a property management company to handle all of the aspects of leasing. They only charge 8% since I have multiple units threw them. I actually bought this triplex rented lol. I plan to buy at least 1 per year now.

 

[Grim_Reaper]

I would keep the loan, put half that money back if you can and then put the other half into the car. If that means you have to save a little longer to get the FI kit you want, makes it worth it to have some extra cash in the bank for a rainy day.

I'm only 24 though so I don't have a lot of life experience with this haha. Just my opinion.

 

[krahooligan]

damn. I need to get into what youre doing evo. im not doing bad for a 26 year old but would love to be in triple digits by the time im 30.

 

[evo8904]

1.9 percent. I want to keep it to bump my credit score up. paying it off and having 500 extra a month is a perk also. but I don't know a lot about credit and how it would affect score.

I wouldn't pay it off at that rate bro. Also, I paid off 2 cars at once a year ago. My score dropped 25 points because of that. Now I keep a auto loan open but have everything else paid off.

 

[krahooligan]

I would keep the loan, put half that money back if you can and then put the other half into the car. If that means you have to save a little longer to get the FI kit you want, makes it worth it to have some extra cash in the bank for a rainy day.

I'm only 24 though so I don't have a lot of life experience with this haha. Just my opinion.

thanks man. maybe ill just do the IG fame kit (headers and bags) and call it good. FI when I pay it off. I just don't want to pay it off, throw a centri on a car with 100k miles and harm the engine.

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