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Here are sometips to be able to manage both, according to experts.
Evaluate Your Interest Rates
Interest rates can differ widely, so it is crucial to compare.
To minimize overall interest payments, prioritize paying off the higher interest rate debt first, Sexton recommended.
Even when paying off these loans, dont forget about setting aside some savings for unexpected expenses or emergencies.
His rationale: Car loans do not offer different repayment plans or potential for forgiveness or forbearance.
And refinancing can be expensive.
Alternatively, he said, find out from your lender just how much you owe on the car.
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