What should I do if I have money left over on my car loan check?

"I got approved for $22,000 for a car loan. But when I went to buy the car, the guy only charged me $19,000.

Now I have $3,000 in cash and I'm not sure what to do with it. I'm thinking of tinting the windows and getting a sound system for the car."

Answer
“A car is already a depreciating asset. Unfortunately, adding a sound system and tinting the windows won’t add any value to your car.
While you might like the upgrades, spending the money on that is basically the equivalent of throwing away cash.
Your best bet would be to take that $3,000 and invest it in something that’s low-risk—and if possible, something that provides more interest than your current car loan rate.
Or you could just give the money back. Both are sound financial decisions.
If you really want the upgrades to your vehicle, pay in cash. By doing so, you won’t have to pay interest. I hope this helps!”
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Eric Schad
Answered on Jun 03, 2021
Eric Schad has been a freelance writer for nearly a decade, as well as an SEO specialist and editor for the past five years. Before getting behind the keyboard, he worked in the finance and music industries (the perfect combo). With a wide array of professional and personal experiences, he’s developed a knack for tone and branding across many different verticals. Away from the computer, Schad is a blues guitar shredder, crazed sports fan, and always down for a spontaneous trip anywhere around the globe.
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