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?

Answer
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.
Eric Schad
Answered on Oct 28, 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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