That interest rate is nice and low and not nearly as bad as 20 years ago. I remember being happy to assume a 7.5% mortgage on my first house when the going rate was 12! Google "amortization schedule" and plug in your numbers to see what your actual interest expenses are. That will help you decide. If you pay part of it down and interests rates climb in 5 years to 10% or higher, you will be happy to be paying that rate. I recently cashed out my car (title loan) at the credit union because I was a little short on $$$ to keep the in-laws out of foreclosure. I could have scraped up the money, but a $12,000 loan for three years cost me only $600 in interest....about a days work for me when I'm out brushhogging.....it's all relevant.
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Today's Featured Article - History of the Nuffield Tractor - by Anthony West. The Nuffield tractor story started in early 1945. The British government still reeling from the effects of the war on the economy, approached the Nuffield organization to see if they would design and build an "ALL NEW" British built wheeled tractor, suitable for both British and world farming.
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