10 Tips for Paying Off a Car Loan Faster
Paying off a car loan debt early can sound tempting if you want to save money and free up cash for other financial goals.
Tips for Paying Off a Car Loan Faster
Review Your Loan Terms
Revisiting the terms and conditions is a useful first step as you’re assessing your options for fast repayment.
Never Skip Payments
Missing an auto loan payment could lead to late fees and accrued interest on the principal, thus increasing the total cost in the long run
Cancel Unnecessary Auto Services and Warranties
It may be more cost-effective for you to pay for services, like oil changes or tire rotations, out of pocket.
Besides finding ways to chip away at your loan principal, you can also try refinancing your auto loan to secure a lower interest rate and shorter term.
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