Pay off auto loan... or save toward down-payment on a house?

I was recently thinking about the auto loan that I currently have and whether I should pay it off. The interest is very low, at only 5.0%. I thought I was doing pretty good since I have most of my savings earning 4.8% through HSBC. Why not keep making the small monthly payment of $187 and use the remaining balance of $5616.05 toward the down-payment on the house we will soon buy?

The piece of the puzzle that I have been over looking is that I am paying taxes on the 4.8% interest that I am earning through HSBC. If I were to use a portion of that money to pay off my auto loan, wouldn't I be better off?

That is what I want to thoroughly examine here...