@llecs wrote:
There's no downside. Paying it off will save you lots of $$$.
Agreed, since original poster is in the military and therefore unlikely to become unemployed in the near future. In the current economy, while paying down debt is generally an excellent idea most people should also make sure they have an emergency fund. Suze Orman has even made the controversial recommendation that people with no emergency fund let credit card debt run up for a while in order to build up an emergency fund! With credit cards that may not be wise because they can lower limits and raise rates (so I don't entirely agree with Suze), but with a car loan the lender cannot take adverse action so long as payments continue being made. Many people therefore shouldn't pay off a car loan if that would leave them without emergency reserves. Since OP is in the military the risk of being laid off isn't a factor like it would be for most workplaces.
To Original Poster: congratulations on paying off your car note! The day after you pay it off, open a new savings account and every month deposit an amount equal to your car payment in that account. Then keep your car until that account has enough that you pay cash for your next car. Let this be the last car loan in your life.
AND, thanks to OP for serving our country in the military!
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