Depends on what you want to get out from your physics class. Calc-based physics is usually more rigorous than the algebra-based one because you will derive more formulas. Some of the formulas in first-year physics requires calculus to see why they work out that way, so if you take algebra-based one, your class will give you formulas assuming that they work. At my school, a lot of life science and health science people take the algebra based, but I know a few who decided to take the calculus based because they felt like they weren't learning as much as they wanted to learn from the algebra based.
I would personally recommend the calc based--if you have calc 1 and 2 under your belt, math shouldn't be much of a problem, and the physics that you learn will make more sense. Physics I (Newtonian mechanics ) is almost like applied calculus, anyway.