Should I Pay Off the Car?
Jill on Money with Jill Schlesinger
Audacy
4.6 • 1.9K Ratings
🗓️ 14 August 2018
⏱️ 7 minutes
🔗️ Recording | iTunes | RSS
🧾️ Download transcript
Summary
Who really likes having a car loan? No one is the answer. If you have some cash in the bank, enough to pay off the car, should you pull the trigger and free yourself of the debt? As I told Devin from Pittsburgh on the latest BONUS call, it all depends on your unique situation. Have a money question? Email me here. “Better Off” is sponsored by Betterment. We love feedback so please leave us a rating or review in Apple Podcasts. "Better Off" theme music is by Joel Goodman, www.joelgoodman.com. Connect with me at these places for all my content: http://www.jillonmoney.com/ https://twitter.com/jillonmoney https://www.facebook.com/JillonMoney https://www.instagram.com/jillonmoney/ https://www.youtube.com/c/JillSchlesinger https://www.linkedin.com/in/jillonmoney/ http://www.stitcher.com/podcast/jill-on-money https://apple.co/2pmVi50
Transcript
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| 0:00.0 | Welcome to the Better Off Bonus Call of the Week. We're sponsored by Betterment, the largest independent online financial advisor. |
| 0:11.0 | Remember, you've got two chances every week to get on the air. Well, I shouldn't say every |
| 0:14.9 | week, most weeks to get on the air, because sometimes I blather on, blather blather, Mark's making the big |
| 0:19.9 | talk sign on Thursdays with a guest. But if I keep that interview nice and |
| 0:25.5 | tight then we are able to give you some time to ask a question. And then here |
| 0:31.3 | on Tuesdays we do the Better Off Bonus Call of the week. |
| 0:33.4 | If you'd like to get on the show with us, all you have to do is send us an email. |
| 0:38.5 | Ask Jill at better off podcast.com. |
| 0:41.6 | Ask Jill at Better Off Podcast.com, That's what Devon did. He is calling from Pittsburgh. |
| 0:47.2 | Welcome to the program. What can I do for you, Devon? I just have a quick question for |
| 0:51.4 | you. I think it's fairly basic but some of your takes on debt and paying down debt are interesting to me so I wanted to ask you this quick question. |
| 1:00.0 | Basically, I have a car note and it's a nice low, I think it's 1.9% per year. |
| 1:07.0 | And I, but I, so I owe about, let's call it 14 on the car. |
| 1:11.4 | Okay. |
| 1:12.4 | And I have a, I have a kind of a cash savings bucket and there's about |
| 1:15.9 | let's call it 28k in there and I'm really really tempted to pay off the car with that |
| 1:20.8 | cash. Because you hate that. You hate it. |
| 1:23.0 | You hate it. |
| 1:24.0 | You hate the car. |
| 1:25.0 | I just want to get rid of it because that's the only debt that I have right now. |
| 1:28.0 | Okay, well that's great. |
| 1:29.0 | And I just want to be debt free and it's really just a psychological thing. |
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