4.7% interest right is right on the edge of a recommendation either way. Right now, high yield savings accounts can get you 4%+ which would come close to cancelling out any interest charged.
If you value having money saved and available more, then I would contribute to a high yield savings account.
There’s also an argument to be made that a car is a depreciating asset and should be paid off as soon as possible.
It’s really your choice as long as you’re saving the same amount of money you’d be paying extra.
PurpPanther t1_jaa9ag8 wrote
Reply to Help with advice for 23 yo. by bilferjoij
4.7% interest right is right on the edge of a recommendation either way. Right now, high yield savings accounts can get you 4%+ which would come close to cancelling out any interest charged.
If you value having money saved and available more, then I would contribute to a high yield savings account.
There’s also an argument to be made that a car is a depreciating asset and should be paid off as soon as possible.
It’s really your choice as long as you’re saving the same amount of money you’d be paying extra.