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How To Pay Off Your Car Loan Faster

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How To Pay Off Your Car Loan Faster - PowerPoint PPT Presentation

  • Uploaded on Find Out The Payout Amount On Your Car Loan Getting this big picture perspective is the first step you must take before you can make a well thought out plan.

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Tips to Pay Off Your Car Loan Faster

1. Find Out The Payout Amount On Your Car LoanGetting this big picture perspective is the first step you must take before you can make a well thought out plan. Sign into your personal profile on your lender’s website or contact your financial institution directly to obtain your bank loan statement.

2. Check To See If There Are Penalties Involved With Paying Off Your Loan EarlyBanks or financial institutions may charge you fees or penalties if you decide to pay off your loan sooner than the original negotiated arrangement. Speaking with your loan advisor regarding these penalties and any conditions of the loan is an important step to take before you begin making extra payments.


3. Ask About Payoff RecommendationsConsulting with your loan advisor can be very helpful in determining the right course of action when deciding how to pay off a loan faster. Sometimes financial institutions will decrease the remaining balance on your loan if you decide to pay it off in one payment.

4. Inquire To See If You Can Make Additional Payments To The Principal Balance OnlyWhen dealing with auto loans, there are usually two ways that they are paid off. One way will charge you fixed monthly interest while the other way will charge you interest on every payment you make. Find out which of the two ways interest is calculated on your loan and if your interest is calculated the first way then you are in luck. If you can make extra payments each month directly to the principle of the loan without paying interest, then you can save some money in  interest over the long-term.


5. Use Extra Earnings Towards Paying Off Your Car LoanNext time you receive a bonus, a tax refund, or a cash gift, consider using the extra money towards your loan.

6. Use Frugality And A Budget To Help Pay Off The LoanLastly, an obvious but largely underutilized step is just to save money so you can put more towards paying off your loan. Eliminating or cutting down the costs of bills you are paying can help with this. Many people these days do not use cable television or their landlines enough to warrant the money they put towards them. Try paying for things with cash and being more money conscious when making decisions about places to eat or things to purchase. Cutting down costs or eliminating waste entirely can be a really effective way to find some extra money to pay off your loan.