Save or Pay Off Your Car Loan || What's Smarter for Your Wallet? || Hack Your Finances
There is no answer to that question as such but you can maximize it with the help of this video where we tell you, should you pay off your auto loan early or save the extra and invest. In this article, we will weigh the financial pros and cons of each, inclusive of interest rates and opportunity costs, to ensure that you are making the right choice for your wallet. Want to try these strategies with different numbers? Play with our calculators & find out for youself! Get more tips on how to manage your money, pay off debt, and achieve financial independence Subscribe here
Timestamps:
0:00 -Intro Weigh: Pay vs Save Car Loan
0:26 - What is Opportunity Cost in Financial Decisions
0:53 - Video Overview and Subscription Prompt
1:24 - Scenario Setup: Car Loan vs. Saving Money
1:59 - Example Details: New Car Loan Terms
2:37 - Paying Off Car Loan Faster: Different Scenarios Explained
3:11 - The Effects of Extra Payments on Loan Duration and Interest
4:16 - Scenario Analysis: $100 vs. $200 Extra Payments
5:26 - Alternative Strategy: Investing Extra Money
5:54 - Assumed Interest Rates and Tax Rates for Investments
6:23 - The Analysis Btwn Savings vs. Investment Returns
8:10 - How Interest Rates Affect Decision Making
8:50 - Changing Variables: Different Loan and Investment Rates
10:24 - Conclusion: Variables That Impact Financial Outcomes Shockingly
10:45 - Final Thoughts and Call to Action
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Interest calculator:
https://hackyourcreditcards.com/calculators/interest-calculator/
Auto Loan:
https://hackyourcreditcards.com/calculators/auto-loan-calculator/
Auto additional principal:
https://hackyourcreditcards.com/calculators/auto-loan-payoff-calculator/
Marginal Tax Calculator :
https://turbotax.intuit.com/tax-tools/calculators/tax-bracket
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Calculators: Credit Card, Mortgage and more:
➤ All Calculators : https://hackyourcreditcards.com/calcs
Brokerages (Stocks)
➤ Interactive Brokers : https://hackyourcreditcards.com/ibkr
➤ Fidelity : https://hackyourcreditcards.com/fidelity
Gold & Silver
➤ Vaulted : https://hackyourcreditcards.com/vaulted
IRAs for Crypto
➤ iTrustCapital : https://hackyourcreditcards.com/itrustcapital
➤ Bitcoin IRA : https://hackyourcreditcards.com/bitcoinira
➤ BitIRA : https://hackyourcreditcards.com/bitira
Crypto Purchasing
➤ Coinbase : https://hackyourcreditcards.com/coinbase
➤ Crypto.com : https://hackyourcreditcards.com/crcom
➤ BitUnix (has most coins) : https://hackyourcreditcards.com/bitunix
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DISCLAIMER: This description may contain links from our affiliates, sponsors, and partners. If you use these products, we will get compensated - but there's no additional cost to you. Always do your own research. This video content is intended only for informational, educational, and entertainment purposes. Brian Longest is not a registered financial advisor. Your use of his YouTube channel and your reliance on any information on the channel is solely at your own risk. Moreover, the use of the Internet (including, but not limited to, YouTub and E-Mail) for communications with Brian does not establish a formal business relationship.
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