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 - Third Brush Generators - by Chris Pratt. While I love straightening sheet metal, cleaning, and painting old tractors, I use every excuse to avoid working on the on the electrics. I find the whole process sheer mystery. I have picked up and attempted to read every auto and farm electrics book with no improvement in the situation. They all seem to start with a chapter entitled "Theory of Electricity". After a few paragraphs I usually close the book and go back to banging out dents. A good friend and I were recently discussing our tractor electrical systems when he stated "I figure it all comes back to applying Ohms Law". At this point
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