About to close on a refi of our personal property. Saving $250/mo plus getting about $12k cash back in closing. Current vehicle payment is $398/mo with about 9000 left to pay (2.5% interest rate).

Initial thought is go use the cash to payoff the vehicle to increase our monthly cash coming in, and decrease our DTI (only debt besides the vehicle is our rental/pri res/boat) and use the next 6-9 months to see what happens with the election before picking up another door, however having the extra 12k on top of that 6-9 months is also a great boost for a down payment.

What are you doing in this scenario? Getting rid of debt, or keeping the payment because the interest rate is so low?