i have $19,600 loan at 6.5% APR. currently making $450 payments per month. Im eligible for a reenlistment bonus soon, about 25k after taxes. should i dump it into my brokerage account or into my auto loan?
if i pay off the loan, ill end up putting that 450 payment into my brokerage account instead, but at the same time i can have that 20k invested early and i can keep making the car payments. thoughts?
Pay off Car loan or invest?
byu/CommanderShrimp7 inMilitaryFinance
Posted by CommanderShrimp7
3 Comments
6.5% risk free return on paying off the car loan, and the psychological benefit of being debt free.. I’d do that.
Don’t count your eggs before they hatch. Army Hrc changed the bonuses a few weeks ago overnight and hosed me out of a tier 8 bonus SMH.
Loan.