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Jordan Siemens/Getty Images
4 min read Published 17 August 2022
Authored by Kellye Guinan Written by Personal and Business Finance contributor

Kellye Guinan is a freelance editor and writer with over five years ' experience within personal finances. She's also a full-time worker at her local library where she helps her community access information about financial literacy, as well as other topics.







Edited by Rhys Subitch Edited by Auto loans editor

Rhys has been editing and writing for Bankrate since the end of 2021. They are passionate about helping readers gain the confidence to manage their finances with clear, well-researched data that break complicated topics into bite-sized pieces.









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If your lender doesn't charge a prepayment penalty and you can pay it off faster, this is an excellent way to save money. This means you pay less interest -- and when you finish, you should have an extra few hundred dollars left in your budget each month. But getting there can be challenging. There are some strategies you can utilize to pay off your loan off faster. Even if you can do it, it may make you in a much worse financial situation if not aware of your strategy. 6 strategies to pay off your car loan faster There is no single way to pay the car loan prior to the timetable. In fact, it is sensible to change your approach. Once you've got an idea of what you want to do, you can benefit from a variety of strategies to pay off your vehicle loan quicker. 1. Refinance with a new lender could be a simple option to pay off your loan more quickly. If you decide to take a shorter loan term, you may be able to keep the same monthly installment -- provided you score lower interest rates. Even if you do not make extra payments or increase your monthly payments, you will naturally finish the car loan more quickly. 2. Pay biweekly, even though it might seem small, paying twice a month instead of just once will get you to the finish line faster. It also helps save on . It's because interest will be less likely to accrue before you make an installment as well as because you'll be able to consistently reduce your overall loan balance. It helps move you toward an earlier payoff date, without substantially increasing the amount you contribute to your loan every month. 3. Round your payments to the nearest hundred Similarly, rounding up your payments will have a small impact month-to-month but a substantial change over the long run. If you round up your payments to the nearest 100, or at least the nearest to the entire number, you'll slowly lower the principal amount of your car loan. Additionally, you'll be ahead of schedule and stay ahead of interest rates and ease you into a faster repayment. 4. Get rid of unnecessary extras If you want to opt out of gap insurance, an extended warranty or a service contract to your loan, contact your provider and ask them to cancel these. You'll receive a prorated refund for the remaining amount, while also lowering the amount you pay each month. But rather than putting that refund into your pocket use it towards your loan. This way, you'll owe less overall and will benefit from the lump sum. 5. You can make a significant additional payment Tax returns, bonuses and other big lumps of money could go towards your vehicle loan. Anytime you can lower the amount of your principal by a couple of hundreds of dollars, it's worth doing. Like rounding your payments and making payments biweekly this will stop interest from accumulating. When your loan amount decreases, more of your payment will be used to pay for principal, leading to an early payoff. 6. Each month you should pay your loan even if you are ahead of schedule and you are ahead of schedule, you must still pay your loan each month. This prevents interest from rising -- which means more money goes towards principal and thereby reducing the amount of cost of interest. In addition, making regular payments even when they aren't required will lead to paying off your car loan in a timely manner. If you don't want to pay off your car loan in time. Making the decision to pay off your vehicle loan early can mean a few hundred dollars that you can put in your account each month. However, in certain situations, you could negatively impact your finances more than help -- so it may not always be the best decision. Avoid paying your loan off early when there is a penalty for early payment. The penalty is basically a way to punish you for making extra payments or for paying off your loan early. The lender is trying to make up for the interest you would have incurred in the event you had kept to your schedule. If there is a prepayment penalty, be sure that it doesn't cost more than you would otherwise pay in interest. Your loan makes use of pre-calculated interest . front-loads the interest you pay every year, so you pay for the month that is accounted for a larger portion than the month following. When you pay off your loan early, you won't drastically reduce price of the auto loan. In this scenario, it may be better to adhere to the loan schedule. You don't have much debt. Although it might seem odd but your credit score is calculated based on the kind of debt you've accumulated and the length of the debts. Because auto loans are long-term debt that require regular payments over many years will maintain your credit score. One caveat: paying off your loan could reduce your credit utilization ratio which accounts for around 30 % of the credit scores. If you are in debt with other creditors and have an excessive percentage of your income to debt (DTI), then removing one of them will improve your score. Ways to lower your monthly car payments Aside from refinancing your loan, there are two methods to cut down your monthly payment by deferring them or requesting the loan modification. Deferment permits you to avoid payments if you're experiencing short-term financial hardship. Loan providers may give you one to three months of deferment to ease your burden. However, deferment will only move the payments to the close of your loan, so you will be required to pay them back in the future. Additionally, you will be accountable for interest, so in the end it's more costly. Lenders may be less willing to change the terms of the terms of your loan however, it's not going to hurt to ask. Similar to refinancing, it can alter the terms of your loan by either extending your duration or lowering your rate. If you are able to negotiate a modification to your loan and reduce your monthly payment without needing to sign a new loan with an entirely new lender. What next? It might not always be the most beneficial option to make the payment on your car loan early. If you're facing penalties for prepayment or a possible negative impact to your credit score, the savings aren't enough to justify the expense. But if you want to pay off your the burden of car loans, getting rid of them is one of the quickest ways to make room in your budget. Refinancing -- or simply paying extra monthly payments is the most effective way to pay off your car loan faster. Even if it's only an extra few dollars per month, you will lower your debt, and possibly reduce a few months from your loan. Learn more


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Written by Personal and business finance contributor

Kellye Guinan is a freelance editor and writer who has more than five years of experience in personal financial matters. She also works full-time as a employee at the library in her town in which she helps the community access information about financial literacy, in addition to other topics.



The edit was done by Rhys Subitch Edited by Auto loans editor

Rhys has been writing and editing for Bankrate since late 2021. They are dedicated to helping readers gain confidence to manage their finances by providing concise, well-researched, and well-studied data that breaks otherwise complex topics into manageable bites.






Auto loans editor




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