Which should I try to pay off first: car or student loan?

I only have two debts--- my new car loan that is still at about $24, 000 (8-9% interest 72 months) and then my student loan that is about $6,300 (10.25 % interest). I am making the minimum payments on each right now. As of next month, I will have a little extra money to pay more. Which should I focus on paying off first?

Which should I try to pay off first: car or student loan?

Assuming that there is no penalty for paying off your car note early you may be better off paying that down first. Paying down the principal on your car note will save you more money in the long run because that is interest you can't get back.

The interest you are paying on your student loan is tax deductible if you are no longer a dependent. Because this interest helps to offset your tax burden (meaning more money in your pocket and not the governments) it isn't as painful of a debt for you to payoff.

Which should I try to pay off first: car or student loan?

Car Loan Guide: http://carloanguide.automobile... Report It

Which should I try to pay off first: car or student loan?

Student loan, it has the higher interest rate.

Which should I try to pay off first: car or student loan?

Your car because you need your car to get around in.

Which should I try to pay off first: car or student loan?

The student loan, because it is the one with the higher interest (the faster you pay it off, the less interest you pay) and because it's the smallest, so as soon as you pay it off, you can apply that payment to the car.

Good luck!

Which should I try to pay off first: car or student loan?

Pay off the student loan, it is a smaller amount and a higher interest rate.

Which should I try to pay off first: car or student loan?

Pay off the student loan. It has a higher interest rate and it is quicker to pay off, so the money you WERE paying on it could go to something else (like paying off the car)....

Which should I try to pay off first: car or student loan?

Student loan. It has nothing to do with the interest rate. It is the lowest balance.

Which should I try to pay off first: car or student loan?

It is never a question. Always pay the debt with the highest interest rate off first because it costs YOU less.

Which should I try to pay off first: car or student loan?

Well defenetly pay off the loan you can pay a little less with your car and pay later but the bank probably wants that money now! :)

Which should I try to pay off first: car or student loan?

You always want to pay down the one with the highest interest rate first

Which should I try to pay off first: car or student loan?

Pay off the car first! The interest from the student loan is tax deductible so that interest may actually help you instead of hurting you like the car interest does. When you file your taxes you will see why this is the better choice.

Which should I try to pay off first: car or student loan?

Student loan

Which should I try to pay off first: car or student loan?

pay off the car first. with student loans you can write off the interest paid on taxes. car loans are looked at just another loan.

Which should I try to pay off first: car or student loan?

Car.

Student loan interest is DEDUCTIBLE....