How do I pay off my car loan quicker?

What are some ways that I can pay off my car loan quicker? I want to get rid of it as soon as I can since I’m about to go back to school and get into way more debt.

It’s wise of you to plan for your new financial situation!
Here are a few tactics you can use to pay off your car loan quicker:
  • Refinance your loan. Try to find a loan with a shorter repayment period. You’ll probably need to make larger payments each month, but you’ll be on track to pay off the loan faster.
  • Instead of making the recommended payments, round up each payment to the nearest $50 (or $100) to pay your loan off quicker.
  • Make at least one large payment extra each year.
  • Don’t skip payments, even if your lender offers you the option.
  • Watch out for prepayment penalties to avoid paying fees for paying off your loan early.
  • Talk to your lender to learn about other options available to you. Many lenders will be willing to work with you to help you accomplish your goal!
You might also want to try saving money on other bills, such as your car insurance. The Jerry app can help you save hundreds each month on your car insurance bill. Just answer a few quick questions about your policy to see quotes from over 50 top insurance companies, including Nationwide, Allstate, and Travelers. Just select the policy you want and Jerry will sign you up and help cancel your old policy for you. The average Jerry driver saves $879 a year on car insurance!
Liz Jenson
Answered on Nov 11, 2021

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