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Put savings into Credit Union loans?

R11 · 2021-04-07 13:52:43

I've 2 credit union loans, car loan and home improvement. Car loan has about 3.5 years left(roughly €9.5k left), home improvement has about 7.5 years left(roughly €11k left). Car loan is more expensive as its over a shorter term, costs about €70 per fortnight more than the home improvement loan. When its paid off, I plan…

07-04-2021 1:52pm

#1

R11

Registered Users, Registered Users 2 Posts: 585 ✭✭✭

Join Date: December 2016

Posts: 530

I've 2 credit union loans, car loan and home improvement. Car loan has about 3.5 years left(roughly €9.5k left), home improvement has about 7.5 years left(roughly €11k left). Car loan is more expensive as its over a shorter term, costs about €70 per fortnight more than the home improvement loan. When its paid off, I plan to put all the car repayments into the HI loan and pay it off as quickly as possible. I also have regular savings of about €6k with a cleared balance of about €4k.
So, basically, should I use some or all of that cleared balance to put into the car loan? Or should I just wait until my savings are able to fully clear the car loan? I like knowing I have some savings to dive into if the need arises. But obviously would like to pay off these loans ASAP.
Sorry about the long winded intro but thought it might help!

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