How to Handle Auto Loans

DIY Money | Personal Finance, Budgeting, Debt, Savings, Investing

Bleav + Quint Tatro & Daniel Czulno, CFP® a passionate look at everything money from budgeting, savings, investing, stocks, bonds, debt. For those that enjoy Dave Ramsey, Jill On Money, Smart Money, BiggerPockets it’s worth a listen!

Real Estate, Education, Investing, Self-improvement, Business, Money

4.6 • 858 Ratings

🗓️ 13 May 2020

⏱️ 11 minutes

🔗️ Recording | iTunes | RSS

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Summary

In this week's episode Quint and Daniel discuss how to pay off car loans and if its a good idea to borrow from a 401(K).

Transcript

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0:00.0	Hey there, this is Daniel. Thanks for listening to DIY Money. Now, if you haven't already, be sure to give us a five-star review so your friends know that this is a show that they can learn from. Follow us on Instagram at DIY.money. Now, enjoy this episode.
0:21.8	Welcome, ladies and gentlemen, you are listening to another edition of D.I.
0:27.9	Money.
0:29.4	DiA.
0:30.6	Okay, Daniel, let's get right to it.
0:33.0	We got a doozy.
0:34.1	We got a doozy from Brian.
0:36.5	Brian, hit us with your question. What do you got?
0:39.2	DIY. Hi, DIY Money. This is Brian from Jacksonville, Florida. And my question is somewhat of a two-part
0:46.9	question. We've taken care of all of our bad debt that you've talked about. No credit card, no student
0:53.0	loans. The last piece of debt we have
0:55.7	is my wife's car payment, which we're currently paying 3.5%. Last year, our 401k
1:03.3	returned about 12 or 13%. I wanted to know your thoughts if we should continue, obviously obviously paying car payment and then putting extra to it but really focus in a lot of money to our 401k and the second part is how do you feel about taking loans out against your 401k to perhaps pay a future mortgage down payment.
1:28.3	I know you pay a higher interest rate, but you pay yourself back.
1:32.7	Do you advise that or would you stay away from it?
1:36.2	I appreciate all of your insight.
1:37.9	Take care, guys.
1:40.0	Okay.
1:41.1	That was more like a four-part question, Brian.
1:43.6	Come on.
1:44.7	You gave us the two-parter and then you went into a couple other scenarios.
1:48.7	Brian, you ruin everything.
	...

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Generated transcripts are the property of Bleav + Quint Tatro & Daniel Czulno, CFP® a passionate look at everything money from budgeting, savings, investing, stocks, bonds, debt. For those that enjoy Dave Ramsey, Jill On Money, Smart Money, BiggerPockets it’s worth a listen! and are distributed freely under the Fair Use doctrine. Transcripts generated by Tapesearch are not guaranteed to be accurate.