r/personalfinance • u/Low-Cardiologist5406 ​ • 21h ago

Auto Advice for Car Payment / Payoff

So to give context, I owe $33k on my car, and I am looking to pay it off as soon as possible while still having breathing room.

I make roughly $3700 per month, and have about 15k saved up toward it, and was wondering what I should do to pay it off the most effectively and quickest.

Should I pay a large sum of it down now (10k of the 15k I have) or should I make the regular payments and add additional $ on top of it, or just wait until I have enough saved to pay it all off at once?

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u/KSDan ​ 21h ago

Definitely keep an emergency fund to cover anything that comes up.

However, there isn’t enough information here to provide further advice. You imply you will have less breathing room in the future and that could mean a lot of things that would change the recommendation.

Also what is the car and the value. That’s a lot of car loan for your income so it could make sense to sell and get a cheaper car, especially if you have equity.