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How do I reduce the amount of interest I pay on a car loan?
I hate paying more money for things than necessary. How can I reduce the amount of interest I pay on a loan for my Ford?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Limiting the amount of interest you pay on a
car loan
is always a great idea! There are several ways to do it:- Shopping around for the best interest rate
- Getting a shorter-term car loan
- Paying more toward the principal each month
- Making double payments on your due date
- Making a lump-sum payment one or more times per year
- Refinancing the caras necessary
Any of these should substantially reduce your interest.
If you want to save even more cash, use the
Jerry
app to find great deals on car insurance from up to 50 top insurance companies. In just a few minutes you’ll be able to find a policy that cuts your costs and provides the coverage you need. View full answer
- Gregory R.
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