PriceProtect™
DriveShield™
GarageGuard™
Services
Insurance
Car Insurance
Compare Car Insurance with Jerry
Jerry’s Expert Advice
Car Insurance Estimates
Home & Renters Insurance
Renters Insurance
Loans
Car Loan
Compare Car Loans with Jerry
Jerry's Expert Advice
Car Loan Guides
Repairs
Car Repair Estimates
Repair Estimates for Popular Services
Advice
Read Car Content
Browse Jerry Car Advice
Check Out Expert Car QnA
Learn About How We Create Content
Jerry Data & Research
Can I save money by paying off my car loan early?
My great uncle passed away and left me some money. I'm thinking of using it to pay off my debts, like my car loan. But I've still got a couple of years left on it. Will I save money by paying off my car loan ahead of time?
Lauren Smith · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
I’m sorry for your loss. Losing a family member is so tough.
It’s very financially responsible of you to consider putting the money you were gifted toward your car. You may or may not be able to save money by paying off your car loan early, depending on your loan agreement.
Before attempting to pay off the loan, read your loan paperwork carefully or call your lender to ask about
prepayment penalties
. Because you will be saving years’ worth of interest, some lenders charge fees for paying off the loan balance early.Whether you pay off your loan early or not, you can save money on other car expenses with
Jerry
. Jerry is an insurance comparison app that shops for low prices with over 50 different insurance companies for free. You will get quotes in seconds, can make changes at any time, and if you ever have any questions, agents are just a text away!The average Jerry user saves $879 a year on car insurance.
View full answer
- Gregory R.
WHY YOU CAN TRUST JERRY
Jerry partners with more than 50 insurance companies, but our content is independently researched, written, and fact-checked by our team of editors and agents. We aren’t paid for reviews or other content.
Join 4M+ members in lowering their car insurance
You Might Also Be Interested
Read Advice From Car Experts At Jerry
What Others Are Asking
Browse More Content
Insurance for Your Car
Insurance in Your State
Easiest way to compare and buy car insurance
No long forms
No spam or unwanted phone calls
Quotes from top insurance companies
