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If you had 5k in student loans and 5k left in a car loan and you were about to get a check for 8k?
which loan would you pay off first? And suppose your car payment was $500 / month as well.
By
K
Posted on
04/07/08 Total Answers
4
Answers-
Pay off the one with a higher interest rate. Probably the car loan. Then use the car payment money to pay extra on your student loan each month.
Answer by :
Mr Lizard On Date
2008-04-07 08:08:08
Whichever one has the highest interest rate, I would pay that one off first. Then, put any extra money towards the other loan. Lucky that you only have 5k left in student loans. I still have about 18k.
Answer by :
pittgirl On Date
2008-04-07 08:13:25
The car loan.
Answer by :
ajgthegreek On Date
2008-04-07 08:23:43
More than likely your car loan has a higher interest rate. So thats one I would pay off first, the put the remaining on the student loan.
