Why You Should Never Pay Off Your Car Loan Early

Why You Should Never Pay Off Your Car Loan Early

Thinking about paying off your car loan early? I’ll tell you why you should never pay your car loan off early. It has to do with your credit score, being able to make more money and more. But, also, I understand that Personal Finance is a lot more personal than it is finance, so I do share some scenarios where you may want to pay off your car loan early.

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#carloanexplained #carloanoptions #carloanpayments #FinancialFreedom #TiffanyThomasYourWealthMentor

[WealthyTiffany]

Thanks for watching! 😘 Comment below with your favorite way to make your money work for you!

[livingunashamed]

Yeah its best to buy a used car and in cash. Debt scares me, just knowing I owe somebody else its not a good feeling. Proverbs 22:7 :).

[ask_why]

People always assume "investments" will be accretive. Which is far from true.
Ask FTX investors or Theranos or Enron or Crypto at the top of the market... just pay off the car and move on.

[Mr.Alia]

I don't know Tiffany but I prefer to pay a loan as soon as possible just to eliminate the worries and sleep better at night

[BoBurson]

Hi Tiffany. I don’t think I’ve ever had a loan that I didn’t pay off wayyyy early but I get your point. I think folks would be better off to buy a 2 or 3yo vehicle with cash. I never plan to finance a new one again.

[Ben-ywbe]

Money is a wonderful slave but a terrible master.

[DionTalkFinancialFreedom]

It’s great to see some common sense investing advice.
Thank you.

Tip: I look at the interest rate on bad debt (when I had it)
If it’s over 6% I would refinance to a lower rate or focus to pay it off.
If under 6% I would focus on acquiring cash flowing assets with a better return. To use the return to pay off the debt later.

[jrocha]

Hi, I hold my Cars or Truck for a while and only pay cash for them .. you never make money on vehicles !!! as always i love watching your videos and you look fabulous as ever my Red headed Lady very pretty Lady :)

[loverjoeyable]

Thank you lady, you are awesome, your advise is does makes sense

[lynnwalker]

Making sense! =) I'm with you, I'd put the money in an index fund instead of paying down my loan. Thanks Tiffany!

[lolomissa]

thanks for the video! 🙏 i paid off my car early. really got it done because i like the idea that i could live in my car if need be. also, it was in prep for my student loan payments to begin which (luckily?) was postponed due to the Rona. otherwise i would have been spending more than i made (most months). personal finance is personal for sure. i like that you've explored some different reasons why it may not be ideal. thanks for the video! 🙏

[berthalackey]

Making sense! Thanks for another great video Tiffany!