Alright. The Fiancee was hit from behind
and her car is a write off. She is getting a cheque for 10.5k from the insurance company and there is 6.5k left on the loan. It is an open loan so there isn't a penalty for paying it off earlier but I am wondering if there is a benefit to paying it off early.
Will there be any sort of break on the interest? I don't really know how car loans work.
What is the advantage of paying 6500 in one lump sum rather than putting that money in a high interest savings account and slowly paying the loan off from there?
Should I just go into the bank? I always feel when I talk to account managers that I am being lied to right to my face and there is nothing I can do about it.
PLZ HELP ME.