Hi all,
Just wondering if i could get some advice, i have an outstanding carloan for 16k which i could clear with my savings, should i clear this off?
The problem is that my job is looking a bit dodgy ( not recession, we just lost a big contract to a competitor ) so not sure what will happen, should be ok for next 6 months but after xmas, who knows.
My thought was that i am better off piling money into my savings now so i have something in case i lose my job, and if i do, just sell the car and clear the loan, car is worth approx 6-7k more than the loan, or am i better to clear the loan now,and save the 490 / month it costs to repay?
Is it generally advised to clear loans if possible?
Just wondering if i could get some advice, i have an outstanding carloan for 16k which i could clear with my savings, should i clear this off?
The problem is that my job is looking a bit dodgy ( not recession, we just lost a big contract to a competitor ) so not sure what will happen, should be ok for next 6 months but after xmas, who knows.
My thought was that i am better off piling money into my savings now so i have something in case i lose my job, and if i do, just sell the car and clear the loan, car is worth approx 6-7k more than the loan, or am i better to clear the loan now,and save the 490 / month it costs to repay?
Is it generally advised to clear loans if possible?