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      02-07-2007, 11:56 AM   #7
Gripster
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Drives: F10 535 M-Sport
Join Date: May 2005
Location: San Diego

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I got a pretty good rate when I bought my car (4.75%), but my finance guy still advised to pay the thing off as quickly as possible.

While conventional wisdom suggests not tying up your money in a depreciating asset, by keeping the loan open, any profit you make you make is offset by the money you are loosing on the loan.

This is a personal decision, so do what feels right. If you have financial advisor that you trust discuss it with him. We're not exactly financial experts here - we bought a car for $40k+ when you buy perfectly good transportation for less than half that
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