L
Lilo Lil
Guest
Hi - have a car loan of about 9,000. The car is a 2004 ford focus which I paid 15,000 for. I pay 310 EUR each month on this loan at APR of about 10%.
I get a bonus every 3 months with work - should I pay my loan off with my next 3 bonuses or should I put this into my mortgage ( have a variable mortgage which I have started making some overpayments on - deducting these from the capital amount).
I have always thought that paying off a car loan is not wise as it is a depreciating asset. But my parents were saying why not pay off the car loan as am paying 10% on it - the mortgage is only 3.35%. My argument is that at least my house had increased in value - my car has not. Help!
I get a bonus every 3 months with work - should I pay my loan off with my next 3 bonuses or should I put this into my mortgage ( have a variable mortgage which I have started making some overpayments on - deducting these from the capital amount).
I have always thought that paying off a car loan is not wise as it is a depreciating asset. But my parents were saying why not pay off the car loan as am paying 10% on it - the mortgage is only 3.35%. My argument is that at least my house had increased in value - my car has not. Help!