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?

Answer
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 car as 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.
Eric Schad
Answered on Oct 26, 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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