Should You Pay Off Car Loan Early
Camila Farah
It is easy to save money by paying your loan off early.
You can also pay more than the minimum amount due each month. Making at least one extra payment on your loan every month or adding more money to your monthly payment may help you pay off your car loan early. The amount of interest you pay every month does decrease a little bit because your balance is going down. The payoff amount includes your loan balance and any interest or fees you owe.
I like to use bankrate s auto loan calculator. Compare this to your car loan and see which is higher. Contact your lender to find out your car loan payoff amount and ask how to submit it. After all if you do they will lose the income that they would earn on the payments that you make.
Use an amortization calculator to determine your savings. One way to pay off your car loan early is to make one lump payment. Lenders lose money when a loan is paid off ahead of schedule. Interest on a car loan can add up quickly.
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Though it may seem counterintuitive not all car loan lenders want you to pay off your loan ahead of schedule.
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