Help on Auto Loan vs. Student loan/Mortgage
Just want to see if my financial decision making is rational. Any help would be appreciated
Some financial facts:
- I have a $175K mortgage at 4% fixed
- I have a $53K student loan at 6.55%
My combined salary w/ my wife is $155K.
I am planning to purchase a lease buyout for a 2010 Honda Accord. The Honda has around 35K miles and is in good condition. The value according to Blue Book is around $12.5K and the cost to purchase the Honda is around $12.2K.
I have around $14K in savings now so I could purchase the Honda if I wanted to. However, would it make sense for me to purchase an used auto loan, for example, through Penn Fed? They have a used auto loan for 2.49% / 60 month.
My logic is that since I can use the money from the 2.49% auto loan to pay off the two higher interest loans (mortgage + student loans)
Any suggestions? Has anyone ever used Penn Fed for an used auto loan?
Thanks in advance!