Currently have 20k car loan with 3% interest rate, does it make sense to pay off the loan or invest the 20k in SPY?

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If you have flexibility and expect to return over 3% in the market over the loan period investing makes sense. Assuming the car loan is only a couple years likely, it is certainly possible the market could be down. Also don’t invest in SPY, use IVV or VOO if you plan to just hold.

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I’m in the same boat, curious about others’ opinions

This is a personal decision. I think most people will say make the minimum payment given inflation rates and market returns over the last decade. I say it’s a personal decision because some people just don’t like having debt and it’s also a guaranteed 3% vs. what the market will give you.

Buy some I bonds, current rate is 7%

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