Paying off debt VS saving for a house
Im 25 and recently received my back pay and monthly stipend from my VA disability claim. I was paid a lump sum of $20,000. I have a truck with a 70 month loan left at 7% interest. Payments are $560 a month. The VA is giving me $1,130 a month also. My gut is telling me to pay off the rest of my truck with that lump sum but I’m also thinking about saving it and using it in a few years as a down payment on a house. I have no problem affording my truck payment currently but would like to be debt free. I’m just not sure what the best option here is.
I’m moving out of my parents house in a few months and know that I can still afford the truck payment with all costs of living with my new VA checks monthly. Any and all feedback or options are appreciated.