TIPS TO PAY OFF AN AUTOLOAN FASTER

[MillennialTeaV]

Any tips on how to pay an auto loan off faster? Especially if the interest is between 10%-16%...

[Jnbmom]

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@MillennialTeaV wrote:

Any tips on how to pay an auto loan off faster? Especially if the interest is between 10%-16%...

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2 options .

refiance for a better rate

Make extra payments towards your principle 

[Murph5065]

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@MillennialTeaV wrote:

Any tips on how to pay an auto loan off faster? Especially if the interest is between 10%-16%...

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If you can afford to do it make 1 full extra payment a month, when u make that payment call customer service snd let them know you just made extra payment and want it applied to the principal 

[disdreamin]

If you are paid weekly, pay 1/4 of your monthly loan payment weekly. If bi-weekly, pay 1/2 of your monthly loan payment biweekly. Either of those will pay the loan off faster because you are making one additional payment per year.

If, in addition to that, you can add $100 per month (or more) to your loan payment, it will make a huge difference if your loan term was longer (60 or 72 months). I'd recommend finding a loan calculator and running numbers for your actual rate, term, and amount.

Lastly, if at all possible, I'd consider refinancing if you still have a significant length of time (or money) left on the loan. Good luck!

[MillennialTeaV]

Thank you!

[Mdowning30]

It might also help if you are able to make bi weekly or even weekly payments to pay off the interest faster.