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Level 1
Jan 15, 2020 10:39 PM UTC
Question

Car Loan

I have an opportunity coming up to have enough money to pay off my 30,000 car loan completely. Should I do this or just pay enough to not be upside down. Thinking of trading for a lease car. I like drive new cars.  I don't mind the note but sometimes the note on a lease is less than financing.

    1 reply

    Level 15
    Jan 16, 2020 12:00 AM UTC

    There is a calculator available at the link below. 

     

    https://www.bankrate.com/calculators/auto/early-payment-payoff-calculator.aspx

     

    Some of the various ramifications (to consider) are set forth at the link below.

     

    https://www.creditkarma.com/auto/i/paying-car-loan-early/