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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."

avatar
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“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.”
MORE:
How To Determine The Retail Value Of Your Used Car
Car LoansCar Buying
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