TallPollins
Registered User
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I need to replace the family car. Both myself and my wife are public sector permanent employees. (gross 100k) We have 3 kids under 7. We have 10k in kids education fund with 420 being saved every month.
We have an additional 20k in savings. My credit union will allow me to borrow 20k at 2% if I deposit the 20k with them.
1. Should I just use the savings to buy the car and not bother with loan?
2. Or just borrow the 20k at the 2% and have my 20k back at the end of the 5 years. The 300 euro montly repayments will mean a serious tightening of the belt.
3. Use 10k savings and borrow 10k
Maybe I've answered my own question... But I'll open it to the floor anyway.
Thanks.
We have an additional 20k in savings. My credit union will allow me to borrow 20k at 2% if I deposit the 20k with them.
1. Should I just use the savings to buy the car and not bother with loan?
2. Or just borrow the 20k at the 2% and have my 20k back at the end of the 5 years. The 300 euro montly repayments will mean a serious tightening of the belt.
3. Use 10k savings and borrow 10k
Maybe I've answered my own question... But I'll open it to the floor anyway.
Thanks.