How can I pay off my car loan early?

"What are some tips to pay your car loan off more quickly? I want to pay my car loan off early, but I'm not sure how to do that."

“You can pay off your car loan early in several ways, including:
  • Making an additional payment to the principal each month
  • Making one larger lump sum payment a year
  • Round up when you pay the monthly car note (example: Pay $500 a month on your $438 car note.)
  • Refinance if it makes sense
If saving money is your goal, consider trading in your vehicle for a cheaper, used car.
Just make sure that your lender doesn’t penalize you for prepayment before you decide to make these payments.”
Eric Schad
Answered on Jul 28, 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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