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How can I pay off my car loan in a year?
I got a 48-month car loan, but I'm trying to figure out ways to pay it off in a year. How can I pay off my car faster?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
To be debt-free in just 12 months, start by using an online auto loan early payoff calculator. That way, you can determine how much extra you’ll need to pay toward the principal each month to knock three years off your 48-month loan.
Once you’ve determined how much extra to pay, you have several options:
- Put the extra amount toward the loan in a lump sum payment each month
- Pay twice a month
- Place money in a savings account each month and make a lump sum payment on month 12
Unless you have a high-paying job, low cost of living, or some other incredible financial situation, your biggest challenge will be figuring out how to earn the money to pay off the loan so fast. One of the best strategies is to cut expenses. The
Jerry
app can help!If you want cheap car insurance quotes fast, go to Jerry. A licensed broker that offers end-to-end support, the Jerry app gathers affordable quotes, helps you switch plans, and will even help you cancel your old policy. The best part? The average Jerry user saves $879 a year on car insurance.
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- 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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