What are some tips to pay off your car loan faster?

I want to pay off my car loan faster to focus on saving for a home. What are some tips I can use to pay the car loan off faster?

Answer
Paying off your car loan faster can often give you a leg up on your finances.
If you want to rid yourself of added debt, follow these tips:
  • Refinance the car loan if your interest rate is currently high
  • Double up on monthly payments
  • Make lump-sum payments
  • Round your loan amount up
Doing all of these things or a combination thereof should put you on the fast track for getting rid of your car loan. Keep in mind, however, some lenders have prepayment penalties, so you may want to check before you pay off your entire loan.
To save more money, you should take a look at your car insurance rate. The best way to do this is by comparison shopping with Jerry. Sign up in minutes and find the savings you need to pay your car loan off early.
Eric Schad
Answered on Nov 03, 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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