Quote:
Originally Posted by BK911
Refinanced my truck a few years ago to payoff my retirement cabin lot.
Still owe just under $10k on the truck at around 2.5% interest.
Not sure what my monthly payment is, but I pay $1k every month.
So it will be paid off by the end of the year.
Thinking to just pay it off to get it over with, but at 2.5% it is almost free money.
Quick math says the interest is *only* $20 per month.
But $10k in the bank isn't making $20 per month!
I really wouldn't miss the $10k and do not need to buy anything else with it.
So what do you smart fellers think?
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Only banks make money on loans. With the current market, I would pay it off
This is my personal opinion and not the opinion of my firm. (Yes I have to use that disclaimer)