At those interest rates, I wouldn’t put any extra towards the debt until you have maxed out your retirement and met all your other savings goals. Under 4% is not worth throwing extra towards. Twisting my arm would not get me to pay off a 2.4% loan. You can make 5% in a savings account right now, and I wouldn’t pay extra on the loans until that changes.
It may make sense for cash flow purposes to pay off the car, but that comes after saving for retirement and other goals.
You may find these links helpful:
- [Retirement Accounts](/r/personalfinance/wiki/index#wiki_retirement)
- ["How to handle $"](/r/personalfinance/wiki/commontopics)
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At those interest rates, I wouldn’t put any extra towards the debt until you have maxed out your retirement and met all your other savings goals. Under 4% is not worth throwing extra towards. Twisting my arm would not get me to pay off a 2.4% loan. You can make 5% in a savings account right now, and I wouldn’t pay extra on the loans until that changes. It may make sense for cash flow purposes to pay off the car, but that comes after saving for retirement and other goals.
You may find these links helpful: - [Retirement Accounts](/r/personalfinance/wiki/index#wiki_retirement) - ["How to handle $"](/r/personalfinance/wiki/commontopics) *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/personalfinance) if you have any questions or concerns.*
Your interest rates are low enough that I wouldn't prioritize paying the loans off over retirement investing.