# $$$ Question... **URL:** \ **Category:** NYSpeed Off Topic\ **Created:** [February 6, 2009, 8:37am UTC](https://forums.speedlife.net/t/question/62584 "2009-02-06T08:37:18Z")\ **Posts on this page:** 13\ **Page:** 1
**Author:** ![BluBalls](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/bluballs/32/7212_2.png) [@BluBalls](https://forums.speedlife.net/u/BluBalls)\ **Post date:** [February 6, 2009, 8:37am UTC](https://forums.speedlife.net/t/question/62584/1 "2009-02-06T08:37:18Z")
lets say I had a few extra bucks… I have two options. A) Put it towards my student Loan B) Put it towards my Car Loan Here are the factors… - Say that I don’t care about helping my credit rating - Lower interest rate on Car loan - I can write off the interest from my student loan - Both loans are ~ the same amount. Where do it put it? Student loan or car loan and why? :tup: ---
**Author:** ![boardjnky4](https://avatars.discourse-cdn.com/v4/letter/b/96bed5/32.png) [@boardjnky4](https://forums.speedlife.net/u/boardjnky4)\ **Post date:** [February 6, 2009, 8:38am UTC](https://forums.speedlife.net/t/question/62584/2 "2009-02-06T08:38:39Z")
can you put it into some sort of investment in which the interest rate is higher than the interest rate on your car/student loans? ---
**Author:** ![Fry](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/fry/32/7284_2.png) [@Fry](https://forums.speedlife.net/u/Fry)\ **Post date:** [February 6, 2009, 8:39am UTC](https://forums.speedlife.net/t/question/62584/3 "2009-02-06T08:39:23Z")
> [@BluBalls"](#): > > lets say I had a few extra bucks… I have two options. > > A) Put it towards my student Loan > B) Put it towards my Car Loan > > Here are the factors… > > - Say that I don’t care about helping my credit rating > - Lower interest rate on Car loan > - I can write off the interest from my student loan > - Both loans are ~ the same amount. > > Where do it put it? Student loan or car loan and why? > > :tup: How much lower interest is the car loan? ---
**Author:** ![BluBalls](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/bluballs/32/7212_2.png) [@BluBalls](https://forums.speedlife.net/u/BluBalls)\ **Post date:** [February 6, 2009, 8:44am UTC](https://forums.speedlife.net/t/question/62584/4 "2009-02-06T08:44:54Z")
Car loan is 2% interest Student loan is 5%. ---
**Author:** ![Blue\_Eyed\_Devil](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/blue_eyed_devil/32/7292_2.png) [@Blue\_Eyed\_Devil](https://forums.speedlife.net/u/Blue_Eyed_Devil)\ **Post date:** [February 6, 2009, 8:49am UTC](https://forums.speedlife.net/t/question/62584/5 "2009-02-06T08:49:42Z")
Be an American, pay for your car. They can’t take away your edumaction. Seriously though, pay the student loan because the interest is more than double. ---
**Author:** ![BluBalls](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/bluballs/32/7212_2.png) [@BluBalls](https://forums.speedlife.net/u/BluBalls)\ **Post date:** [February 6, 2009, 8:50am UTC](https://forums.speedlife.net/t/question/62584/6 "2009-02-06T08:50:44Z")
> [@Blue Eyed Devil](#): > > Seriously though, pay the student loan because the interest is more than double. True, but I get to deduct the interest. ---
**Author:** ![Blue\_Eyed\_Devil](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/blue_eyed_devil/32/7292_2.png) [@Blue\_Eyed\_Devil](https://forums.speedlife.net/u/Blue_Eyed_Devil)\ **Post date:** [February 6, 2009, 8:52am UTC](https://forums.speedlife.net/t/question/62584/7 "2009-02-06T08:52:10Z")
Do the math but, I doubt it would be that much. Maybe. ---
**Author:** ![Joe](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/joe/32/7219_2.png) [@Joe](https://forums.speedlife.net/u/Joe)\ **Post date:** [February 6, 2009, 8:53am UTC](https://forums.speedlife.net/t/question/62584/8 "2009-02-06T08:53:55Z")
your income tax rate isn’t 50+%. Student loan. ---
**Author:** ![BluBalls](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/bluballs/32/7212_2.png) [@BluBalls](https://forums.speedlife.net/u/BluBalls)\ **Post date:** [February 6, 2009, 8:56am UTC](https://forums.speedlife.net/t/question/62584/9 "2009-02-06T08:56:08Z")
k, student loan it is. Thanks :tup: I could help stimulate the economy but nahhh 😃 ---
**Author:** ![ubengineering](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/ubengineering/32/5171_2.png) [@ubengineering](https://forums.speedlife.net/u/ubengineering)\ **Post date:** [February 6, 2009, 8:59am UTC](https://forums.speedlife.net/t/question/62584/10 "2009-02-06T08:59:55Z")
you could divide it evenly between both, even though youve aready made up your mind ---
**Author:** ![theblue](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/theblue/32/5074_2.png) [@theblue](https://forums.speedlife.net/u/theblue)\ **Post date:** [February 6, 2009, 9:02am UTC](https://forums.speedlife.net/t/question/62584/11 "2009-02-06T09:02:30Z")
if you really have a car loan at 2% don’t pay it off fast. don’t pay off your student loan either unless you have 6 months savings in the bank and the money really is burning a hole in your pocket. put the money into CDs or a high interest savings account. don’t avoid debt - manage it! ---
**Author:** ![Nikuk](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/nikuk/32/7254_2.png) [@Nikuk](https://forums.speedlife.net/u/Nikuk)\ **Post date:** [February 6, 2009, 10:23am UTC](https://forums.speedlife.net/t/question/62584/12 "2009-02-06T10:23:24Z")
> [@theblue](#): > > don’t avoid debt - manage it! THIS. ALTHOUGH IM GUESSING YOU’RE DOING OKAY REGARDLESS ---
**Author:** ![walter](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/walter/32/7202_2.png) [@walter](https://forums.speedlife.net/u/walter)\ **Post date:** [February 6, 2009, 10:29am UTC](https://forums.speedlife.net/t/question/62584/13 "2009-02-06T10:29:09Z")
Pay the car loan. I’d be willing to bet you are putting out more money/month in interest on the car loan AND the student loan interest is deductible.