📈 Should you pay off your car loan or invest?
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👋 Overview
You have $10,000 in savings and a choice to make. Do you use $5,000 to wipe out your car loan today, or put that money into a retirement account like an IRA? Paying off debt gives you guaranteed peace of mind. Investing could build more long-term wealth. This calculator compares both options side-by-side over the remaining life of your car loan to see which leaves you richer.
🚗 Car Loan
Enter the details of your current car loan. If you use your savings to pay this off today, you free up your monthly car payment to invest instead.
📈 Investment
If you invest the lump sum today, what return do you expect? A diversified index fund in a tax-advantaged IRA might average 7% to 10% over the long haul.
Hidden Calculations
🔗 See Also
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Calculator updated by heyfinfam (v26.8.0) · View history
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