Should I Pay Off My Car Loan Early Reddit
Olivia Luz
Free up funds for other expenses if paying off your car loan early provides you with extra money each month you could use some or all of that cash to pay down other debt like your mortgage or student loan or to build up an emergency fund.
If you plan to pay it early there really is no reason not to agree to the longer term. If you have a high interest auto loan and no opportunity to refinance it s likely worth losing a little cash flow for a while to save on interest. There is never a penalty for paying off a loan early. If you have a healthy emergency savings and a healthy income you may find that your cash flow works out a lot better by not paying off your car loan immediately.
Interest accrues daily during each 30 billing cycle. But even if you have a low interest rate a strong aversion to debt is a good enough reason to pay off your car loan early. You only pay for the use of the money for the amount of time you use it. One thing you shouldn t worry about gaming your loan to boost your credit.
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