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What should I do to pay off my car loan faster?
What’s the best way to pay off my car loan fast? I want to pay off my car loan more quickly, but I'm not sure where to start. What are some tips or hacks?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Paying your
car loan
off more quickly is a no-brainer! You suddenly have no monthly payment, you own the car outright, and you don’t have to pay interest. Getting there just requires a plan.In most cases, paying off your car loan faster means putting more money towards the principal or the monthly payment itself. Some tips include:
- Making a lump-sum payment quarterly or yearly
- Doubling up on payments each month
- Making one principal-only payment on top of your monthly payment
- Rounding up on your monthly payment to the nearest $50 or $100
The only hardship is finding out where to find extra cash. However, you can cut your expenditures, eat out less, or even take a glance at your
car insurance
policy.With the
Jerry
app, you can compare rates from 50+ car insurance companies to find the best rates for the coverage you need. The average Jerry user saves $879 a year!View full answer
- Gregory R.
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Jerry partners with more than 50 insurance companies, but our content is independently researched, written, and fact-checked by our team of editors and agents. We aren’t paid for reviews or other content.
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