pay off auto loan or pay it off via a 401k loan?
Hello all
I have a current balance of $19,000 on my CapitalOne auto loan at 6.25% interest. The original balance was $23,578.34.
I am on my 47th month of the 60 month loan. I am currently paying $459.06 per month. My question.
Would I be better taking a 4 year loan from my Thrift Saving Plan (401k-type plan for federal employees) at 3.625% interest at $426.00.00 a month?
I did some estimates using the TSP calculator: http://www.tsp.gov/calc/loan/calculate.html
Loan amount: $19,000 Type: General purpose Term: 4 Year(s) Repayment frequency: Monthly Interest rate: 3.625 Payment amount: $426.00 Number of payments: 48 Total interest (finance charge): $1,448.00 Total loan cost (total payment): $20,448.00
and I don’t see any upside to this. I thought I would be saving a lot more money.
shawnj985, Try getting an online auto loan quote. http://www.autoadviceonline.com/Auto-Loans.html The automated questionaire will let you know if you can be approved. It’s free and you can get an answer in minutes.
Excel Project 4 – Loan Payment Calculator Part 2
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