Question on best use/placement of savings

[luvmy3boys]

I paid off my one and only car loan two years early and I didn't have to pay the interest. I never knew there were car loans like you are describing. I would never get a loan that I could not pay off early w/o an interest penalty.

[phlack]

I just paid my car loan off, and saved me a bunch on interest. I figured they were all that way.

-Mike

[BzyBee DH]

I am not aware of any car loans that can't be paid off early....but I'm sure they exist,

There are home loans the have pre-payment penalties, so I would assume that there are car loans that way as well.

[phlack]

I thought they did away with all those mortgages with prepayment penalties?

-Mike

[MariaT]

Both our cars were paid off early... way early.
And we have a plan in place to pay off our mortgage too. DH and I are working to have the house paid off in 10 years of the 30 year mortgage we signed.

In the corporate world I work in, employees are constantly being laid off. I truly, truly think the only reason that I am still here is because of the friendships that I've forged throughout the years. The friendships with executives and upper management that came merely by coincidence but have lasted and now are working to my advantage.

As Bzybee and her DH have said, I like the peace of mind I am getting each month knowing that if I were to suddenly lose my position it would not be an entire catastrophe. And when our mortgage is paid than we have that much more money to put into savings for our future.

So - I would work at paying off the loan with the higher interest rate first and work your way to the next.

[BzyBee DH]

I thought they did away with all those mortgages with prepayment penalties?

-Mike

I don't know about that...I've read that they are common on subprime loans...