I have bought a car for 10,000. Went to my credit union at weekend to get 10,000 from my savings, the teller advised me it was better for me to get a loan, he said over 5 years it would cost me around 1200 interest (thats with 40% rebate of that). Seeing that the dividend this year by credit union will be about 2.5%, I dont know what to do.
Would appreciate any suggestions.
What is the payback per month? (interest charged)
How long will it take you to save $10,000. again?
Do you need the money for anything in the near future?
How much interest does the money receive while on deposit?