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What are some tips to pay off my car loan faster?
I want to pay my car loan off as fast as possible to free up money for some travel. What are some steps I can take to do this?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Travel is an awesome way to spend your money! Experiences often feel far more intimate than objects, so it’s a good goal to have. To pay off your car loan as fast as possible, the first step is to see if you can refinance the
car loan
.Refinancing is when you get another car loan at a more favorable interest rate to pay off your old car loan. This can save you some money each month or allow you to shorten the length of the loan, both of which can result in a shorter payoff time.
If this isn’t a possibility, or if you’ve already refinanced, the next step is to make more payments toward the loan. Options might include:
- Making multiple payments a month
- Paying a lump sum every quarter or year
- Rounding your payment up to the next $50 or $100
You also need to find a source of extra income, whether it’s moonlighting, cutting out unnecessary expenses, or switching your car insurance. If you think you’re paying too much for car insurance, head over to the
Jerry
app. We’ll get you the best coverage and price for your needs, and once you find a plan you like, we’ll even help you switch! With any luck, you should be dipping your toes in the sand in Tahiti in no time.Bon voyage!
View full answer
- Gregory R.
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