Is it a good idea to utilize your coronavirus stimulus check on your auto loan?
The answer is a definite maybe in this case. You should definitely prioritize your fundamental needs first, which include food, housing, electricity and insurance expenditures. This is because automakers have made several initiatives to reduce the financial strain of automobile loan payments in recent years. Do you have any credit cards on which you are paying interest? These interest rates are notoriously high, so do yourself a favor and pay off the outstanding debt as quickly as possible. Do you have an emergency fund to use in the event of an unforeseen expense? If you aren’t in immediate need of the money from your government stimulus cheque, consider putting it into that fund.