Paying off your car loan faster can free you up financially in so many ways it will honestly make you laugh. Once you know how much you can save from paying off your car faster the easier it will be on you financially.
You won’t have to worry about those no money down car dealer near you or have to Google no money down cars near me to look at purchasing a vehicle.
Make more than one payment per month on the used car
A few ideas that I have that you need to keep in mind when paying off your car early is pay an extra payment per month. It’s okay to pay down the car loan more than once a month.
Pay your car loan ever other week
Do bi-weekly payments instead of paying the car loan once a month in a lump sum, you can pay half the first to weeks and the second part the last two weeks of the month its common.
Refinancing is always an option on a used car
You can look at refinancing your car loan. This can be the easiest way to lower your car payment and save on interest and pay down the car loan in half the time.
Use your tax refund to pay down the car loan
Use your tax refund. Instead of buying something you don’t need with your tax money think about paying down your car loan. Or if you don’t have a car and are looking to purchase a used car at a near by car lot use your tax money as the down payment to keep the monthly payments low.
Paying off loans such as a car loan can help your credit score and also help you with future purchases that you will need a secure loan for.