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Can you pay extra on a car loan?

I recently won a sizable amount of money in my fantasy football league and want to use it for something beneficial rather than waste it. I’ve been thinking of putting it towards my car loan, but can you pay extra on a car loan?

avatar
Jack Walsh · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Congratulations, it’s always nice to have some extra money. Choosing to use it for something beneficial is a great idea! In general, you can pay extra on a
car loan
, but policies vary by lender.
Before making an additional payment, you should contact your lender to:
  • Confirm extra payments are allowed.
  • Ask if there are any
    prepayment penalties
     that could negate any benefit of making an extra payment.
  • Confirm it would go towards the principal and not an extra interest or early payment.
Keep in mind that if you have other debts, it may be beneficial to make a pros and cons list to determine how you can use the money most effectively.
If you’re interested in adding even more money to your extra payment, you could save money on your
car insurance
 by using
Jerry
.
Jerry is an insurance comparison app that shops for low prices with over 50 different insurance companies for free, and if you’re hesitant to switch plans or insurance providers because you’re worried about the work involved, don’t be. Jerry does all the paperwork for you and even helps cancel your old policy!
MORE:
How to calculate total interest paid on a car loan
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