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.

No. 1

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

No. 2

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.

No. 3

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.

Swipe up to learn more.

Other stories

How to Start a Blog That Makes $1,000 Per Month (In 7 Steps)