Probably one of your largest monthly expenses is your car payment. Even with one of the best auto loan rates, you can still save a lot of money by figuring out how to pay off your loan faster. The Guides Auto Team will offer you methods for paying off your car loan early and explain whether doing so is appropriate for your financial circumstances.
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FAQ
What happens if I pay an extra $100 a month on my car loan?
If you pay more, your car payment won’t decrease but the loan will be paid off sooner. Depending on how quickly you pay off the loan and how high your interest rate is, making additional payments may also help you save money on interest.
Is it better to make 2 car payments a month?
Money can be saved by dividing the payment in half and making two payments per month (semi-monthly). Why? On an auto loan, interest compounds daily. You can actually reduce the principal faster by paying half of your payment early, which lowers the amount of compound interest you will pay over the course of the loan.
Read More :
https://www.lendingtree.com/auto/refinance/how-to-pay-off-your-car-loan-faster/
https://www.bankrate.com/loans/auto-loans/how-to-pay-off-a-car-loan-faster/