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How can I pay off my car faster?
Do you have any tips on how to pay off a car loan faster? I want to buy a new SUV eventually, but need to take care of my auto loans first. What’s the fastest way to pay off my loan?
Carlos Kirby · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Kudos to you for wanting to get this
car loan
out of the way! The easiest way to do this is to round up your monthly payment to the next $100.Paying half of your monthly payment every two weeks can also work effectively to cut off extra interest accrued on your monthly payment cycle. In addition to that, there are several other ways to pay faster such as:
- Making one large extra payment per year
- Making at least one large payment over the term of the loan
- Never skip payments
- Refinance your loan for better interest rates
It’s also important to constantly monitor competitive
car insurance
quotes in order to get the best deals and save on your car insurance policy.One of the easiest ways to do this is through the
Jerry
app. We’ll get you personalized quotes from top-of-the-line providers, so that all you need to do is pick the plan that works best for you. And once you’ve picked one, we’ll even help you switch!Best of luck with getting your loan paid off—you’ve got this!
View full answer
- Gregory R.
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