How do I pay a car off quicker?

I have a car loan with about $10,000 left on it. About a month ago, I went to Costa Rica and I decided I want to travel rather than be stuck in one place. How can I pay off my car loan quicker so I can indulge my wanderlust?

Answer
Traveling is one of the most exciting adventures you can have! So if you want to remove the shackles of the typical white-picket-fence lifestyle, paying off your car loan is a great first step. To pay it off faster, just pay more toward the car than your monthly note.
To contribute more toward your car loan each month, you may have to cut expenses from other areas. Avoiding a Starbucks coffee each day, cooking for yourself, or ignoring the temptation to shop can all help.
Once you’ve figured out how to save some cash and budget, follow one or more of these steps to pay your car off quicker.
  • Double up on payments each month.
  • Make a lump-sum payment about once a quarter on top of your monthly payments.
  • Make frequent principal-only payments or at least when you can afford them.
  • Round each monthly payment up to the nearest $100.
If you want to save even more money to pay your car loan off quicker, take a look at your car insurance policy and then compare quotes with Jerry.
As a licensed broker, Jerry can help you find and compare quotes from over 50 top providers in minutes. When you find a better rate, Jerry can help you buy your new coverage and even cancel your old policy!
Eric Schad
Answered on Nov 25, 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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