Is there any benefit to doubling up on your car loan payments each month?
I was thinking of paying double the amount of my monthly car note. Is there any benefit to doing so?
Apr 27, 2021
Answer provided by
Answered at Apr 27, 2021
“Doubling the amount you put toward your car loan is a great idea to save money. However, you’ll need to make two separate payments to maximize your savings.
First, you should pay your normal car note on the day it’s due. Then, make a separate payment that goes straight toward the principal, known as a principal-only payment. By doing so, you can pay your loan off faster and put more money in your pocket.
To add to your savings, you might also want to shop for car insurance quotes online to get the best bang for your buck.”
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