This will be the first time I've ever paid off a major purchase, so I'm pretty proud of myself.
I currently owe $2,392.76 on my truck, and my monthly payment is $619. The payoff quote I received is $2,397.11.
I have $6,939.74 in savings.
I'm trying to decide whether it makes sense to pay off the truck now and be done with the loan, or keep making the monthly payments and maintain a larger cash cushion.
A few questions:
- Would you pay it off now in my situation?
- Are there any downsides to paying it off early when the balance is this low?
Thanks for any advice. This is my first time reaching the finish line on a vehicle loan, so I'm excited but want to make the smartes
