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pay off auto loan or pay it off via a 401k loan?

Hello all

I have a current balance of $19,000 on my CapitalOne auto loan at 6.25% interest. The original balance was $23,578.34.
I am on my 47th month of the 60 month loan. I am currently paying $459.06 per month. My question.

Would I be better taking a 4 year loan from my Thrift Saving Plan (401k-type plan for federal employees) at 3.625% interest at $426.00.00 a month?

I did some estimates using the TSP calculator: http://www.tsp.gov/calc/loan/calculate.html


Loan amount: $19,000 Type: General purpose Term: 4 Year(s) Repayment frequency: Monthly Interest rate: 3.625 Payment amount: $426.00 Number of payments: 48 Total interest (finance charge): $1,448.00 Total loan cost (total payment): $20,448.00


and I don't see any upside to this. I thought I would be saving a lot more money.


shawnj985, Try getting an online auto loan quote. http://www.autoadviceonline.com/Auto-Loans.html The automated questionaire will let you know if you can be approved. It's free and you can get an answer in minutes.

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Tutorial video showing how to use the features of the auto loan calculator found at www.morecalculators.com . The auto loan calculator is located ...

Auto Loan Refinance – Cheap Car Loan Rates for Your Vehicle Payments Subprime Blogger (blog)

If you currently have an auto loan outstanding and you have not refinanced in the last year there is a very good opportunity for you to save with a lower interest rate. Unfortunately, the only way you’ll know what interest rate you qualify for is to go to the auto loan refinance application process. After submitting an application you can then find out our 100% accurate rate quote.

After you have found out your rate quote you can then use a financial calculator to determine just how much money you would save by refinancing . It is important to note that refinancing takes time and effort and there are often costs involved. If you are not going to save several hundred dollars over the next year then it might not be worth it to refinance your auto loan.

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