PriceProtect™
DriveShield™
GarageGuard™
Services
Insurance
Car Insurance
Compare Car Insurance with Jerry
Jerry’s Expert Advice
Car Insurance Estimates
Home & Renters Insurance
Renters Insurance
Repairs
Car Repair Estimates
Repair Estimates for Popular Services
Advice
Read Car Content
Browse Jerry Car Advice
Check Out Expert Car QnA
Learn About How We Create Content
Jerry Data & Research
Should you pay off credit cards or a car loan first?
"My car loan has a 7.25% interest rate and a $15,000 balance. I also have about $12,000 in credit card debt with varying interest rates, but all are 14% or higher.
Should I pay off the car loan or the credit cards first?"
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“As a general guideline, you should always pay off higher-interest debt first. In this case, this will almost always be your credit cards, unless you were to have an exorbitant interest rate on your car loan.
If you’re worried about your current car loan, you might want to consider refinancing your vehicle to save some money while you also pay off your credit card debt.
And, if you continuously find yourself in debt, you can always consider debt counseling.”
View full answer
- Gregory R.
WHY YOU CAN TRUST JERRY
Jerry partners with more than 50 insurance companies, but our content is independently researched, written, and fact-checked by our team of editors and agents. We aren’t paid for reviews or other content.
Join 4M+ members in lowering their car insurance
You Might Also Be Interested
Read Advice From Car Experts At Jerry
What Others Are Asking
Browse More Content
Car Repair Resources
Insurance in Your State
Easiest way to compare and buy car insurance
No long forms
No spam or unwanted phone calls
Quotes from top insurance companies