*Loan,banking and credit>>>auto loan

I just opened a auto loan. I have an extra 5k. should I put this amount towards my principal?

There is no right answer for everybody...
If you put it toward principal you'll save in general but will be left with nothing as of right now.
So if you got a good financing I wouldn't do it just throw in an extra hundred or so a month toward your principal and keep your savings for emergencies.

i would definitely suggest it because then you are also saving money on the interest you will pay for that money. i was in the same situation about five years ago, and i didn't do that. afterwards i wish i had.
There are a number of factors to look to look to look at before making a decision.

Do you have credit card debt with a higher interest rate that could be paid down?

How stable is your job? Do you have something to fall back on if you become ill, laid off or unemployed?

How high is your interest rate? Is the savings on interest worth the "investment."

Have you checked your credit score lately? A new car loan can pull it down. Depending on the loan balance, paying a few thousand down could increase your score in the event you intend to make request an extension of credit in the near future.

Are you creative, a self starter, highly motivated, hard working? Some of the most successful companies in our country were started with far less than $5,000. You might try investing in yourself and make far more than you will save on the interest.

see the site below for ideas and more info.
MoneyExposed.com
I would personally put a percentage of the 5k on the principal to reduce the interest and the pmts .I would still continue making usual pmt like i have not put in the extra pmts and then the remainder from the 5k I will keep it for a rainy day.In essence I will always be ahead in pmts but still have some cash to get me through on a bad month or something like that.I would not put all my eggs in one basket.