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How do I get out of my car loan early?
I need extra money for my bills every month, so one expense has to go. How do I get out of my car loan early so I can save the money?
Matthew Macgugan · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
- Make larger payments. While you’re tight on money, this tip can help if you’re able to pull it off. Adding $50-$100 to your minimum payment amount every month can help you pay back the entirety of your loan quickly. It will also save on interest.
- Make an extra payment once a year. If you can put some money aside, making an additional $400 payment, or whatever you can afford, every year will reduce your loan amount fast.
Beyond these, there are other ways to save on car ownership costs without trying to get out of your car loan early. One of them is to download the
Jerry
app! Just answer a handful of questions that will take you roughly 45 seconds to complete and you’ll immediately get car insurance quotes for coverage similar to your current plan. Jerry customers save an average of $879 a year!View full answer
- 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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