Need advice on making a smart decision when coming into money

[Emilio Garibaldi Jr]

I have 1 rental property currently which i am refinancing to take $40,000 from to have cash on hand. My problem is i have a car payment that i make from a divorce for $300 monthly. I owe roughly $10,000 on the car and if i continue to make payments on it will have it paid off in less than 3 years. I am not sure if it is a smart decision to use part of the $40,000 to pay off that car and just put the payments into the new mortagage for the next 10 or 15 years or just continue to make the car payment and use that total amount of money im getting for the down payment for my next 1 or 2 investments. What i'm trying to ask is does it make sense to trade off 2-3 years of payments for 10-15 years of lower payments just to get rid of the bill or just use the entire money for my investments?.   

Thank you in advance

-Emilio