 TITLE: What to Do Once You Pay Off Your Car CONTENT: Consider Saving the Extra Funds\n-------------------------------\nAnother benefit of paying off your loan is that now you can use the money you put toward your car payment for other things. This is a great opportunity to save or invest, as you've already proven you can function without the extra cash.\nOf course, how you use this money will depend on your financial situation: You may have other debt you want to pay off or need to use the extra money for other necessities. If you can afford to save this money each month, however, you could use it to build up general savings, put more toward your 401(k) retirement plan, add the extra funds to your child's college savings plan, pay more principal on your mortgage each month or set aside the extra funds for a vacation.\nYou might also consider investing the extra money in securities, such as stocks and bonds, that may offer higher yields than a savings account over time. You could invest in a Roth IRA or a traditional IRA if you want to increase your retirement savings; work with a financial advisor or \"robo-advisor\" (digital financial advisor); or purchase your own stocks, bonds or mutual funds through a brokerage account. See \"How to Start Investing\" for more information.\nNo matter whether you begin to save, invest or utilize the extra money for something else, you can have peace of mind that you successfully paid off your loan and are now the sole owner of your vehicle. END