is to save on interest charges Emptying money from accounts that no longer are worth having. Santander as one example used to make about £50 a month. With interest so low it now only makes under a tenner and by the time they charge the £5 fee thats under a fiver for having 20k in that one.
By settling now, it will save me there about to 4K in interest (had the car just over a month) and since I will be getting a model Y and keeping the M3, that money can go towards that.
Its a case of cutting expenses as to make more money.
The way I see it is that I have there abouts to 25 years to retirement (maybe more if the government has its way) and if I live that long!... so spending this money I have no need for now gives me joy, comfort and more savings until then. Besides, No point being the richest man in the graveyard and the kids/mrs can do as they please with my toys when Im gone
Short version to the answer
Blackhorse early settlement is a bit too proactive. you click the request early settlement figure and it pings up a figure and says "we've sent you confirmation in writing" and a letter turns up two days later. Now I don't want to click it to check as I don't want them sending out unnecessary letters
Regarding Tesla shares, it's way too volatile for me to suggest someone puts a lot of money into, kinda high risk high gain. And while I'd say it has a higher probability of rising long term than falling, it's still a gamble. I've done well from my gamble but I didn't throw in large amounts of money, I was just lucky enough to get in early. For savings of up to 20k though I think I'd personally put them into a shares ISA and pick a FTSI tracker or I've done well from global clean energy which tracks multiple companies in the clean energy sector, something that's almost guaranteed to do well over the next few years. Just on the basis that things are fairly *sugar* at the moment and I really hope we'll be in a better place in 5-10 years. Day and swing trading are like gambling and can be dangerous if you don't know what you are doing. position or long term trading is more like an investment.. still a risk but less like gambling.... it's not like there's going to be a global pandemic or anything!
Having said all that the sensible option is as you have described, pay off something that has a set interest, thus guaranteeing you a saving.
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