Question: What’s the best way to save the most money?

I owe 10,000 dollars on my car, but car is worth 4,000 dollars. I do want to keep my car, I am just worrying about protect my investment not lose too much money.

I have GAP insurance as part of loan. Now question is should I pay 10,000 now to pay off loan to save interests on top of 10,000? 

Or just pay minimum just in case if accidents happened and car is totalled then it mean I can walk away with not pay anything on top of 10k cuz car insurance and GAP pay it off for me. 

Now if I go ahead pay off 10,000 on car loan now then accident happens shortly afterwards, I only gonna get 4,000 because car is worth 4,000. 

So what’s best investment save the most money? Pay off loan or just pay minimum just in case if car got totalled?

Leave a Reply

Your email address will not be published. Required fields are marked *