"Building an emergency savings fund is an important personal finance pillar," Amy Thomann, head of consumer credit education at, tells CNBC Make It. "If you feel as though you have a good repayment schedule in place for your auto loan, you may decide to put the cash into a savings account. This can help limit the need to use debt to finance an unexpected, large expense in the future.
If you have a solid emergency fund, and you're deciding between paying off your car loan or investing for retirement, Patterson, of Exencial Wealth Advisors, says that the math likely favors investing, assuming your auto loan rate is relatively low. Historically, the stock market has returned around 10% on average, though"The difference in the percentage rate on your loan and the return from your investments would be the 'opportunity cost,'" says Patterson.
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