Wednesday, November 9, 2011

I have a car loan on me that is paid almost half and I have ten thousand dollars remaining on it.?

Is it better to pay off the prinicpal or totally pay off the loan or leave it as such and keep giving the monthly payments? The interest rate is 5.6 % per annum on the car loan. The car is Honda Civic 2007 EX. Should I leave the extra cash I have to buy my first home or wait for the housing market to stabilize and use my savings to pay off my car loan? Please advise.

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