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How do I quickly get rid of car loan debt?
I hate paying extra money for a car loan. Is there any way I can pay off my car loan early to avoid extra interest?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Getting rid of
car loan
debt quickly takes a plan and some discipline, but if you’re serious about paying it off, you shouldn’t find the process too difficult.To pay off your car loan quickly, consider adopting one of the following strategies:
- Double up your payments each month
- Make principal-only payments
- Contribute a lump-sum payment quarterly or annually
- Refinance the loan if you can find better rates (may result in more interest in the long run)
Other experts recommend rounding up your monthly payment to the nearest $50 or $100 if you don’t have enough cash to double up. You might be surprised how much this small increase can contribute.
If you’re looking to free up some extra cash, it’s easy to find a cheaper car insurance policy without sacrificing essential coverage.
Jerry
can help you save hundreds of dollars a year by helping you compare competitive quotes and switch policies in-app.View full answer
- Gregory R.
WHY YOU CAN TRUST JERRY
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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