As the title suggests, I am debating whether to pay off my car loan in full.
Here are the details:
- Loan Amount: $13,200
- Interest Rate: 6.74%
- Remaining Term: About 37 months ($357/month)
I am of age and female with no other debt or loans. I share rent with my partner, and our total monthly obligations (excluding car tax) are around $1,600.
I earn approximately $120K annually and have an 802 FICO score.
Currently, I have $70K in the bank and $60K combined in my 401K and Roth IRA.
Should I just pay off the entire loan or stick with the monthly payments?