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Auto loan at 6.5% or pay cash
Auto loan at 6.5% or pay cash My wife and I are new to the US and were given a pre-approval for a 6.5% auto loan rate. While we have enough to pay cash (the loan is $25k), I’ve also read that for short term auto loans, you essentially pay half the interest over its lifetime for short (<5y loans). This is because payments go towards amortization of the loan (paying down the p...
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