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Should I pay off my student loans first or my 4% car loan?
"I have $50,000 in student loans and a 4% car loan on a balance of $20,000.
Should I pay off my car loan first, or should I put that money toward my student loan principal?"
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“There are two schools of thought here.
The first is to pay off your high-interest debt first. If you want to pay some principal, apply it to whichever loan has a higher interest rate.
The other idea is to pay off the smaller balance first. This is a good practice if you have problems with cash flow and you want to get rid of one of your monthly bills.
You’ll have to decide which is best for your needs.”
View full answer
- Gregory R.
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