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Reply to "Payoff Car Loan vs. Keep/build up savings?"
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[quote=Anonymous]We are working to re-build our savings after buying a house this year. We have about 15k in the bank (separate, well funded retirement & college funds). That's a 3-4 month emergency fund (assuming we'd drop out of day care). We put in $250 a month, plus our FSA reimbursements (7500/year). This account is also used to fund unexpected things, like when we had to replace our heat pump. We have a car loan of 8k, with 2.9% interest. I'm tempted to pay off the car note now, and then work to rebuild the savings. The monthly payment is 350, so that would help build it back up. It would bring our emergency fund down below the "acceptable" range, but seeing the percent of our car payment that goes to interest makes me cringe! Thoughts?[/quote]
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