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Ask The Banker: Paying off loans

KEZI 9 News spoke to Oregon Pacific Bank President and CEO Ron Green to learn more about paying off loans.

Posted: Oct. 15, 2018 5:43 PM

EUGENE, Ore. -- Interest rates are on the rise, and that means you could pay more for things like cars, boats and even your house.

KEZI 9 News spoke to Oregon Pacific Bank President and CEO Ron Green to learn more about paying off loans.

Should I pay more every month than the amount due on my loans?

If you can make an additional payment over and above your regular payment, it’s a good idea. You will certainly pay less interest over the life of your loan.

However, if you’re managing your budget month to month and you only have so much cash, Ron Green said he thinks it’s important to maintain a certain amount of cash in savings for emergencies.

RELATED: Ask The Banker: Preparing for a financial emergency

It’s important to keep savings in mind, but if you can make an additional payment, you’ll probably pay thousands of dollars less over the life of your loan.

If you have banking or finance questions for Ron Green, click here.

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