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Reply to "Payoff Car Loan vs. Keep/build up savings?"
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[quote=Anonymous]2.9% loan + only 3-4 month emergency fund = don't pay off the loan IMO. You should have a much larger emergency fund. First, house repairs, etc., should be part of ongoing planning for O&M, not emergency fund use. That means your cash on hand should be at least 6 months (or more) of living expenses, PLUS the projected annual house repair & maintenance funds ($2-3K may be a good number there, depending on your house). So IMO you're way short on the emergency fund side and should keep using cash flow to build that up rather than pay a decently but not screamingly low interest car loan. [/quote]
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