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How can I get rid of the loan for my 2019 Ford Escape faster?
I want to get rid of the loan for my 2019 Ford Escape as quickly as possible. What’s the best approach to take?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
If you want to get rid of your
car loan
for your Escape faster, you simply need to make bigger payments on your principal. While this may require you to shrink your budget for other items in the short term, you’ll benefit from less interest owed in the long run.Here are some strategies for making your principal payments faster:
- Make multiple payments or double up on your loan each month
- Round your car loan payments up to the next $50 or $100
- Make principal-only payments throughout the year
- Make a lump-sum payment a few times a year
Obviously, the more you pay toward the principal, the faster your outstanding balance will shrink. Just be wary of
prepayment penalties
, which can cost you money for paying off your loan too early or too quickly. (Thankfully, they are rare, and some states have outlawed them.)If you want to free up some more cash to pay off your Escape, make sure you’re not overpaying for car insurance. Use the
Jerry
app to compare rates from over 45 car insurers and get the best rates available. View full answer
- Gregory R.
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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.
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