Got about $6000 left on a truck note. If I get $75,000 cash inheritance do I pay it off? Do I cancel the insurance I've been forced to pay? Afraid the bank's will fail so I'm wanting assets. Will buy gold, food, ammo of course. What about $4000 for a wolf hybrid. You feel me?

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[–] • 1 pt

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You cannot cancel the insurance your loan requires unless you pay off the loan, period. If the banks fail, you might be better off on a loan anyway. Below I will give you the most concise course of options you have. These are them, short of breaking laws or doing really strange, unconventional shit, this is what you got

You have to check into your contract for making this decision. Depending on the contract, you may or may not have to crunch some numbers.

First, you call the owner of your loan and ask if there is a penalty for paying off your loan early (check your copy of the contract, you don't need to ask if it's obvious,) It is a common thing in loan contracts.

IF there is no penalty, pay it off now, and you save money. Done deal.

IF there is a penalty, you need to figure out if the fee is greater or less than what you save on interest by paying it off. The loan agent should be able to tell you this, but if not, you can use an online calculator for loans to get a rough estimate. Just set it to the $6k, your interest rate with no down payment, and the remaining months on your loan.

Alternatively, you can research 'time value of money,' and try to find an investment that would earn you more money off the $6k than the loan would make. That option is more of a gamble though, and you would likely lose if your are not a seasoned investor, not gain.

Edit: If you pay it off, it would be smart to continue the payments into a savings or investment. You don't get large sums of money thrown into your lap often. Treat it like it almost never happened. Pay your credit cards mostly off before a vehicle. Then use about %20 of your credit cards each month, and pay them off by the date that your provider says will avoid the interest charge. If you do this, I promise your credit will grow fast. Once your credit gets in the 700s, or if it is there already, buy a home. Don't go crazy with the home, look for something that will have payments lower than your current rent. If you play it right, your credit will be gold when the market drops.

You cannot cancel the insurance your loan requires unless you pay off the loan, period. If the banks fail, you might be better off on a loan anyway. Below I will give you the most concise course of options you have. These are them, short of breaking laws or doing really strange, unconventional shit, this is what you got You have to check into your contract for making this decision. Depending on the contract, you may or may not have to crunch some numbers. First, you call the owner of your loan and ask if there is a penalty for paying off your loan early (check your copy of the contract, you don't need to ask if it's obvious,) It is a common thing in loan contracts. IF there is no penalty, pay it off now, and you save money. Done deal. IF there is a penalty, you need to figure out if the fee is greater or less than what you save on interest by paying it off. The loan agent should be able to tell you this, but if not, you can use an online calculator for loans to get a rough estimate. Just set it to the $6k, your interest rate with no down payment, and the remaining months on your loan. Alternatively, you can research 'time value of money,' and try to find an investment that would earn you more money off the $6k than the loan would make. That option is more of a gamble though, and you would likely lose if your are not a seasoned investor, not gain. Edit: If you pay it off, it would be smart to continue the payments into a savings or investment. You don't get large sums of money thrown into your lap often. Treat it like it almost never happened. Pay your credit cards mostly off before a vehicle. Then use about %20 of your credit cards each month, and pay them off by the date that your provider says will avoid the interest charge. If you do this, I promise your credit will grow fast. Once your credit gets in the 700s, or if it is there already, buy a home. Don't go crazy with the home, look for something that will have payments lower than your current rent. If you play it right, your credit will be gold when the market drops.

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[–] • 1 pt

>You cannot cancel the insurance your loan requires unless you pay off the loan, period.

Right I know. That's one reason why I want to pay it off.

>If the banks fail, you might be better off on a loan anyway.

That's true, and the key word there is 'might.'

Great advice, thanks. Yes, definitely have some credit cards to pay off.

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