How do you pay off a car loan faster?

I’m tired of being bogged down by my car payments, and I really just want to be done with this debt. How do I pay off my car loan faster?

Answer
Great question—loan payments can definitely be frustrating, especially if you have a high interest rate. Here are some easy ways to pay off your car loan more quickly:
  • Pay half your monthly payment every two weeks.
  • Instead of paying the recommended amount, round up to the nearest $10, $25, $50, etc.
  • Plan for and make one large extra payment each year
  • Never skip payments
  • Refinance your loan
Although the above tricks may seem simple, doing something like paying half your monthly bill every two weeks can save you a lot of time and money. Instead of 12 full payments, you’d be making 13, which adds up over the course of years-long plans.
Another way to save money with regards to your car is by finding the best possible insurance rate.
If you want to do this easily, check out the Jerry app. We’ll get you personalized quotes from top-of-the-line providers, so that all you need to do is pick the plan that works best for you. And once you choose one, we’ll even help you switch!
Hope this helps, and happy saving!
Will Baldwin
Answered on Nov 23, 2021
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