Pay off car loan or keep the savings?

Question

I have a $11k car loan with a 4 percent interest rate. It’s a 6 year loan and I have 4 years left on it. I currently have $34k in a HYSA. Would it be better to pay off the car loan or keep the savings?

Answer

If you have well over the car amount, personally I’d pay it off to be done with it.

Answer

Depends. What is the interest on your HYSA? If it’s higher than 4%, you may be making more interest by keeping the money there than you’re paying on the car loan.

Answer

I paid my car off 4 years ago and have been able to save so much more not paying that payment. Pay it off and in return you’ll be paying less interest vs paying on it the next 4 years. So so worth it!

Answer

Pay the car that’s what Dave Ramsey would tell you to do congratulations 🎉 your on your journey to financial freedom

Answer

Pay off your car

Pay off car loan or keep the savings?

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