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Though its tempting to splurge with this money, finance experts say to do these smart moves first.
Read on to see how to make the most of extra moneyafter finally paying off your car loan.
Start Saving
Paying off a car can prevent people from putting money in savings.
Most people pay off a car after four to six years and the car is older.
This usually means there will belarger car repair expenseson it in the next couple years.
Contributions are tax-deductible and uses of the funds forqualifying medical expensesare tax-free.
This way, money can grow effortlessly over time.
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