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Paying down on debt

I am 62 years old and want to pay down my debt. My new car payment is $472. Per month and total interest is only $500. For a 3 year loan . then I have a line Of credit that is $13000. And pay interst only. Which one should I pay down first?

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Answer #1

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Do you have a “line of credit” or an actual loan of $13,000? You didn’t say what the monthly payment is on the line of credit or what the remaining balance is on the car.

Since you are already locked in on the interest for the car loan, it boils down to how much the interest together with a reasonable amount of principal you would have to pay each month on your line of credit to pay it down. If the interest is quite a bit then paying down that loan first would be most beneficial.

If your finances aren’t a problem, then I’d pay down whichever one had the highest monthly payment.

Answer #2

“then I’d pay down whichever one had the highest monthly payment.”wow…thats cool :)

Answer #3

“then I’d pay down whichever one had the highest monthly payment.”wow…that is so kind of you :)

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