How do I settle my car loan debt more quickly?

I want to settle my car loan debt as quickly as possible to start traveling the world debt-free. How can I do this?

Answer
If you want to pay off your car loan early, you’re going to need a plan of attack and financial discipline. Then you’ll be free to explore to your heart’s content!
In most cases, you’re going to need to pay more than your scheduled payments each month, provided the lender doesn’t charge prepayment penalties. Consider the following options:
  • Doubling up on your payment each month
  • Making a larger lump-sum payment each quarter
  • Making principal-only payments
  • Rounding up your monthly car note to the nearest $100
Trying one or more of these strategies will help you reduce your balance quickly, bringing you closer to your goal of being debt-free with each payment.
If you’re looking for a way to put more money toward your car loan, try finding a cheaper car insurance policy. Jerry is here to help you compare customized quotes from up to 50 top insurers. Through quote comparison, the average Jerry user saves $879 a year!
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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