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Car loan or mortgage?? Which to put money into

jimmers23 · 2020-01-24 17:16:14

Hi all, We have a car loan of aprox 16,000 and a mortgage approx 130,000. We have been gifted 6000 euro and will be gifted this each year by my parents going forward. Are we better off paying the 6000 into the car loan and try to clear it or into the mortgage? Thanks a million.

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24-01-2020 6:16pm

#1

jimmers23

Registered Users Posts: 73 ✭✭

Join Date: July 2016

Posts: 54

Hi all,
We have a car loan of aprox 16,000 and a mortgage approx 130,000. We have been gifted 6000 euro and will be gifted this each year by my parents going forward. Are we better off paying the 6000 into the car loan and try to clear it or into the mortgage?
Thanks a million.

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#2 24-01-2020 6:18pm
dar_cool

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Posts: 1229

Car loan will cost alot more so get rid of that first

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#3 24-01-2020 6:19pm
Mickeroo

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Posts: 30378

Agreed. Sooner car loan is gone the better.

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#4 24-01-2020 6:22pm
jimmers23

Registered Users Posts: 73 ✭✭

Join Date: July 2016

Posts: 54

Thanks a million for your replies. Very helpful

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