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?

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.
Eric Schad
Answered on Oct 20, 2021
Eric Schad has been a freelance writer for nearly a decade, as well as an SEO specialist and editor for the past five years. Before getting behind the keyboard, he worked in the finance and music industries (the perfect combo). With a wide array of professional and personal experiences, he’s developed a knack for tone and branding across many different verticals. Away from the computer, Schad is a blues guitar shredder, crazed sports fan, and always down for a spontaneous trip anywhere around the globe.

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