Personal Development for Smart People Forums - View Single Post - Borrwed money for a car

Toefur · 04-27-2008, 01:35 PM

I realise this may not have been the best financial decision. I have $25,000 in the bank, and I finally caved in decided to buy a car. I didn't want to, but it will make life much easier. The car cost $12,500. I took out a loan for it.

I hate the pressure of owing money, though through saving I can have it paid off within a year. But is there any sense in maintaining this loan at all, since I could pay it off right now, and not pay any of the interest as well.

But on the other hand, having a significant chunk of money in the bank makes me feel comfortable, and secure in my situation in life.

Should I just stop being so tight with my money, and pay the loan off?

04-27-2008, 01:35 PM	#1 (permalink)
Toefur Junior Member Join Date: Jan 2008 Posts: 19	Borrwed money for a car - but I have savings! I realise this may not have been the best financial decision. I have $25,000 in the bank, and I finally caved in decided to buy a car. I didn't want to, but it will make life much easier. The car cost $12,500. I took out a loan for it. I hate the pressure of owing money, though through saving I can have it paid off within a year. But is there any sense in maintaining this loan at all, since I could pay it off right now, and not pay any of the interest as well. But on the other hand, having a significant chunk of money in the bank makes me feel comfortable, and secure in my situation in life. Should I just stop being so tight with my money, and pay the loan off?