Hello members, I am looking for some direction in whether I should my pay off my car loan or not. My car payment is $414.18 a month, and I have 56 full payments remaining. I currently pay only the monthly balance (fits into my budget) in two payments of 50% each, every two weeks. I will list my financial situation below...

• HYSA 1 - $29,670.00 at 5.06% APY
• HYSA 2 - $17,004.51 at 4.20% APY
• Checking - $2,860.09

I will also state some goals below as well to give a better understanding of my financial situation.

• Need to transfer $7K to ROTH for 2024 max - I plan on doing this out of my HYSA 2 which is my emergency fund (my emergency fund only needs to be at $10K)
• My HYSA 1 is 30% of every monthly paycheck I get (1099 NEC employee) to save for next years taxes. $25K of the HYSA 1 is an 'overage' from 2023 taxes as I have already paid my taxes for 2023.

My current payoff on the car is $17,277.23 and the remaining loan balance is $23,194.08. A difference of $5,916.85 if I pay it off this month vs. overtime. I am leaning heavily towards paying the car off in full as soon as possible. One thing I ran into while doing my taxes this year is that I was unable to receive a full write off on my car as I still had a loan on it. This is strictly a business use vehicle, so the mileage (roughly 30K yearly) really helps me not owe on my taxes. I think that if I were to pay off my car in full, I would be saving money (5.06% / 4.20% APY vs 5.9% car loan) AND I would get a huge tax break with the mileage come 2024 tax filing season.

Please let me know if you have any questions, suggestions, or advice. TYIA <3

ETA: I would be paying this off with the money from HYSA 1 (tax overage). I do have a fairly large trip coming up in September of this year, which I will still need to pay for the flight and rental car.