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My take is a little different from Old Toad. First, make sure you have enough reachable cash to survive a stint of unemployment, a minimum of several thousand dollars. Next, consider your own comfort level. If you can do better than the rate you are paying out you might consider amortizing the loans in a normal fashion and putting the excess in the 401(k) on a tax deferred basis. I recently had a fairly large vehicle loan and paid it off in one year rather than five. I did this even though my rate of return on investments far exceeded the rate on the car loan. However, I am self-employed and due to one of my kids going off to school I know I will need another new car next year. Consequently, I made the decision based on comfort level to de-leverage myself. It feels good knowing I don't have to part with $500 every month. Some people do a little of both. Double up on the loan payments and stick the rest in the 401(k). I assume the 401(k) has decent investment alternatives.

Keep in mind that in any comparison you have to make sure you are taking taxes into account. For example, the car loan is not deductible (I assume) so you have to earn the money, pay the tax, and then pay the loan with what's left. The 401(k) puts the taxes out into the future. Consequently, a dollar in the 401(k) allows the deferred income taxes to work for you whereas the car payment requires a current payment of taxes.
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