I don't understand the calculations in the comments by the OP.
My monthly savings after mandatory expense is around USD 2000. This includes rent, expenses, emergency fund savings, and the monthly required payment of my auto loan. (emphasis added)
He has $2000 USD left over
after monthly expenses (which includes rent, food, utilities etc, contribution towards emergency funds, and the required monthly payment on the auto loan).
He claims that by applying the $2000 USD per month towards reducing the
debt, it would take him 30-36 months to be debt-free.
But is it not the case that applying the $2000 to
the student loan of $18K+ (while continuing to make the auto loan
payments) will pay the student loan off in less than 10 months?
If no payments are made on that $18K+ student loan,
the accrued interest of about $2K in 10 months (this is
(18.25*13.7%*)(10/12) for a total of $20K+). In actuality, with
the loan being paid down, the interest will be much less.
Once the student loan is paid off, the extra $2000 can go towards
what is left of the $10K auto loan each month and
pay it off in another 4 or 5 months or so. So we are talking of 15 months
max instead of 30-36 months.
Of course, as Carlos Briebiescas points out, the car is more
valuable as an asset than can be sold in case of job loss
creating a need for cash etc, and so paying it off first
might be better, but that is a different calculation.