{"id":314,"date":"2026-05-15T05:18:56","date_gmt":"2026-05-15T05:18:56","guid":{"rendered":"https:\/\/www.way.com\/auto-refinance\/guide\/?p=314"},"modified":"2026-05-15T05:18:56","modified_gmt":"2026-05-15T05:18:56","slug":"how-to-pay-off-car-loan-faster","status":"publish","type":"post","link":"https:\/\/www.way.com\/auto-refinance\/guide\/how-to-pay-off-car-loan-faster\/","title":{"rendered":"How to pay off car loan faster"},"content":{"rendered":"<p><i><span data-contrast=\"auto\">There\u2019s\u00a0nothing more\u00a0depressing than paying high\u00a0monthly\u00a0amounts on your auto\u00a0loan for years on end. Use\u00a0these tips to\u00a0pay off\u00a0your car loan\u00a0faster, improve your\u00a0credit, and save money\u00a0in the long\u00a0run!<\/span><\/i><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335551550&quot;:2,&quot;335551620&quot;:2,&quot;335559738&quot;:240,&quot;335559739&quot;:240}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">Here are a couple of quick numbers for you-\u00a0the average length of car ownership in\u00a0the\u00a0US\u00a0is<\/span><span data-contrast=\"auto\">\u00a08.4 years for new vehicles and about\u00a04 to 6 years for used vehicles<\/span><span data-contrast=\"auto\">.\u00a0However, did you\u00a0know\u00a0that almost 69 of those months (or 5.7 years) are spent paying\u00a0car loan payments?\u00a0That\u00a0essentially means\u00a0that Americans\u00a0actually\u00a0\u201cown\u201d\u00a0the car they\u00a0drive\u00a0for less than\u00a0a\u00a0year before\u00a0replacing it!<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559738&quot;:240,&quot;335559739&quot;:240}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">While taking on a long loan term may seem great because of the low monthly payments, you will often end up paying more than the principal\u00a0in the long run! If you would rather pay off your car loan in the fastest way possible, then\u00a0you\u2019re\u00a0in the right place.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559738&quot;:240,&quot;335559739&quot;:240}\">\u00a0<\/span><\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_82_2 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.way.com\/auto-refinance\/guide\/how-to-pay-off-car-loan-faster\/#Should_you_pay_off_your_car_loan_faster\" >Should you pay off your car loan faster?\u00a0<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.way.com\/auto-refinance\/guide\/how-to-pay-off-car-loan-faster\/#How_to_pay_off_your_car_loan_early\" >How to\u00a0pay off your car loan early\u00a0<\/a><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.way.com\/auto-refinance\/guide\/how-to-pay-off-car-loan-faster\/#Refinance_your_auto_loan_for_a_lower_term\" >Refinance your auto loan for a lower term\u00a0<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.way.com\/auto-refinance\/guide\/how-to-pay-off-car-loan-faster\/#Review_any_add-on_expenses_in_your_car_loan\" >Review any add-on expenses in your car loan\u00a0<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/www.way.com\/auto-refinance\/guide\/how-to-pay-off-car-loan-faster\/#Choose_bi-weekly_payments\" >Choose bi-weekly payments\u00a0<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/www.way.com\/auto-refinance\/guide\/how-to-pay-off-car-loan-faster\/#Ensure_extra_payments_go_towards_paying_off_the_principal\" >Ensure\u00a0extra\u00a0 payments\u00a0go towards paying off the principal\u00a0<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/www.way.com\/auto-refinance\/guide\/how-to-pay-off-car-loan-faster\/#Use_methods_to_prioritize\" >Use methods to prioritize\u00a0<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/www.way.com\/auto-refinance\/guide\/how-to-pay-off-car-loan-faster\/#Round_up_your_payment_to_the_nearest_50\" >Round up your payment to the nearest $50\u00a0<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/www.way.com\/auto-refinance\/guide\/how-to-pay-off-car-loan-faster\/#Use_pay_raisesbonusesrefunds_to_pay_off_your_loan\" >Use\u00a0pay\u00a0raises\/bonuses\/refunds to pay off your loan\u00a0<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/www.way.com\/auto-refinance\/guide\/how-to-pay-off-car-loan-faster\/#Earn_additional_income\" >Earn\u00a0additional\u00a0income\u00a0<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/www.way.com\/auto-refinance\/guide\/how-to-pay-off-car-loan-faster\/#Pay_each_month\" >Pay each month\u00a0<\/a><\/li><\/ul><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/www.way.com\/auto-refinance\/guide\/how-to-pay-off-car-loan-faster\/#When_should_you_not_pay_off_your_car_loan_early\" >When should you not pay off your car loan early?\u00a0<\/a><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/www.way.com\/auto-refinance\/guide\/how-to-pay-off-car-loan-faster\/#If_there_is_a_prepayment_penalty\" >If there is a prepayment penalty\u00a0\u00a0<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/www.way.com\/auto-refinance\/guide\/how-to-pay-off-car-loan-faster\/#If_you_signed_up_for_a_pre-computed_interest_loan\" >If you signed up for a pre-computed interest loan\u00a0\u00a0<\/a><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2 aria-level=\"2\"><span class=\"ez-toc-section\" id=\"Should_you_pay_off_your_car_loan_faster\"><\/span><span data-contrast=\"none\">Should you pay off your car loan faster?<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;134245418&quot;:true,&quot;134245529&quot;:true,&quot;335551550&quot;:0,&quot;335551620&quot;:0,&quot;335559738&quot;:299,&quot;335559739&quot;:299}\">\u00a0<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span data-contrast=\"auto\">To decide whether you want to pay off your car loan soon, analyze the following factors and see if you can save more money\u00a0in the long run.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559738&quot;:240,&quot;335559739&quot;:240}\">\u00a0<\/span><\/p>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"1313\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559683&quot;:0,&quot;335559684&quot;:-2,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"1\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">Remaining loan term:<\/span><\/b><span data-contrast=\"auto\">\u00a0Generally, any\u00a0loan term longer than\u00a072 months\u00a0will incur high-interest charges. If you\u00a0had\u00a0taken a 72-month, 84-month, or 96-month loan, it makes sense to pay it off soon.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559738&quot;:0,&quot;335559739&quot;:0}\">\u00a0<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"1313\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559683&quot;:0,&quot;335559684&quot;:-2,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"3\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">Current remaining balance:<\/span><\/b><span data-contrast=\"auto\">\u00a0Still have a large loan balance after 3-4 years of monthly payments?\u00a0You\u2019ll\u00a0save more money by closing it as soon as possible.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335551550&quot;:0,&quot;335551620&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0}\">\u00a0<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"1314\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559683&quot;:0,&quot;335559684&quot;:-2,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"1\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">Prepayment penalties:<\/span><\/b><span data-contrast=\"auto\">\u00a0Lenders receive\u00a0interest for\u00a0every month of the loan term, so they typically do not encourage early payoffs. If the prepayment penalty is negligible compared to the savings\u00a0you\u2019ll\u00a0make, then\u00a0it\u2019s\u00a0better to pay off the loan.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559738&quot;:0,&quot;335559739&quot;:0}\">\u00a0<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"1315\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559683&quot;:0,&quot;335559684&quot;:-2,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"1\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">Calculate how much you can save:<\/span><\/b><span data-contrast=\"auto\">\u00a0Use an auto loan calculator\u00a0to find out your gross savings quickly. Even if it\u00a0isn\u2019t\u00a0as much as you expected, closing the loan may have other knock-on\u00a0effects like a\u00a0bump in credit score, etc.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559738&quot;:0,&quot;335559739&quot;:0}\">\u00a0<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"1316\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559683&quot;:0,&quot;335559684&quot;:-2,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"1\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">Current credit score situation:<\/span><\/b><span data-contrast=\"auto\">\u00a0Paying off a loan early can help your credit score by lowering the amount of credit you use. The less debt you have, the more likely it is that your credit score will go up. Lenders prefer borrowers with a low credit\u00a0utilization\u00a0ratio, showing that you can make payments on time and not use up\u00a0all of\u00a0your credit.\u00a0<\/span><span data-contrast=\"auto\">However, it could negatively affect your credit score if you have no other open installment loan options.\u00a0<\/span><\/li>\n<\/ul>\n<h2 aria-level=\"2\"><span class=\"ez-toc-section\" id=\"How_to_pay_off_your_car_loan_early\"><\/span><span data-contrast=\"none\">How to\u00a0pay off your car loan early<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;134245418&quot;:true,&quot;134245529&quot;:true,&quot;335551550&quot;:0,&quot;335551620&quot;:0,&quot;335559738&quot;:299,&quot;335559739&quot;:299}\">\u00a0<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h4 aria-level=\"3\"><span class=\"ez-toc-section\" id=\"Refinance_your_auto_loan_for_a_lower_term\"><\/span><span data-contrast=\"none\">Refinance your auto loan for a lower term<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;134245418&quot;:true,&quot;134245529&quot;:true,&quot;335551550&quot;:0,&quot;335551620&quot;:0,&quot;335559738&quot;:281,&quot;335559739&quot;:281}\">\u00a0<\/span><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p><span data-contrast=\"auto\">Auto refinancing is\u00a0a great way\u00a0to reduce your loan term and pay off the loan easily. Refinancing your car loan involves taking on a new loan with better terms and conditions than your current loan. The new lender will pay off the existing loan balance, and you\u00a0get\u00a0to pay reduced payments due to a lower APR, shorter loan term, or both. Keep in mind that this only works if the new loan term is smaller than the current one.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559738&quot;:240,&quot;335559739&quot;:240}\">\u00a0<\/span><\/p>\n<h4 aria-level=\"3\"><span class=\"ez-toc-section\" id=\"Review_any_add-on_expenses_in_your_car_loan\"><\/span><span data-contrast=\"none\">Review any add-on expenses in your car loan<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;134245418&quot;:true,&quot;134245529&quot;:true,&quot;335551550&quot;:0,&quot;335551620&quot;:0,&quot;335559738&quot;:281,&quot;335559739&quot;:281}\">\u00a0<\/span><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p><span data-contrast=\"auto\">Paying off your current loan will take longer than usual if you have\u00a0additional\u00a0expenses and plans bundled into the loan amount. Some examples of these add-ons include:<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559738&quot;:240,&quot;335559739&quot;:240}\">\u00a0<\/span><\/p>\n<ul>\n<li><span data-contrast=\"auto\">Extended Warranties<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559738&quot;:0,&quot;335559739&quot;:0}\">\u00a0<\/span><\/li>\n<li><span data-contrast=\"auto\">Vehicle Service Contracts<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559738&quot;:0,&quot;335559739&quot;:0}\">\u00a0<\/span><\/li>\n<li><span data-contrast=\"auto\">Guaranteed Asset Protection (GAP)<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559738&quot;:0,&quot;335559739&quot;:0}\">\u00a0<\/span><\/li>\n<li><span data-contrast=\"auto\">Tire, wheel, and maintenance warranties<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559738&quot;:0,&quot;335559739&quot;:0}\">\u00a0<\/span><\/li>\n<\/ul>\n<p><span data-contrast=\"auto\">Depending on which ones are important, you can exclude unnecessary items and reduce the total loan amount to\u00a0be paid. Different dealers may have their own procedures for excluding these add-ons, so reach out to them if\u00a0you want to economize.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559738&quot;:240,&quot;335559739&quot;:240}\">\u00a0<\/span><\/p>\n<h4 aria-level=\"3\"><span class=\"ez-toc-section\" id=\"Choose_bi-weekly_payments\"><\/span><span data-contrast=\"none\">Choose bi-weekly payments<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;134245418&quot;:true,&quot;134245529&quot;:true,&quot;335551550&quot;:0,&quot;335551620&quot;:0,&quot;335559738&quot;:281,&quot;335559739&quot;:281}\">\u00a0<\/span><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p><span data-contrast=\"auto\">Bi-weekly payments allow you to make one extra payment every year.\u00a0If you choose monthly payments, you will make only 12 full payments in a year.\u00a0However, choosing the bi-weekly\u00a0option\u00a0means that\u00a0you\u2019ll\u00a0pay 26 half-payments or 13 full payments. This\u00a0can\u00a0help\u00a0you\u00a0make one\u00a0additional\u00a0payment in a year and close the loan earlier.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559738&quot;:240,&quot;335559739&quot;:240}\">\u00a0<\/span><\/p>\n<h4 aria-level=\"3\"><span class=\"ez-toc-section\" id=\"Ensure_extra_payments_go_towards_paying_off_the_principal\"><\/span><span data-contrast=\"none\">Ensure\u00a0extra\u00a0 payments\u00a0go towards paying off the principal<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;134245418&quot;:true,&quot;134245529&quot;:true,&quot;335551550&quot;:0,&quot;335551620&quot;:0,&quot;335559738&quot;:281,&quot;335559739&quot;:281}\">\u00a0<\/span><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p><span data-contrast=\"auto\">Unless explicitly mentioned, most of the extra payments you make go towards repaying the interest charges and not the principal. However, making more payments to your principal can quickly reduce the amount of time you spend paying off the loan.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559738&quot;:240,&quot;335559739&quot;:240}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">This\u00a0is\u00a0because\u00a0auto\u00a0loans use simple interest to calculate\u00a0monthly\u00a0payments. Repaying the principal\u00a0first helps\u00a0reduce\u00a0the\u00a0loan\u00a0balance\u00a0faster,\u00a0thereby\u00a0bringing down the time\u00a0spent\u00a0repaying the loan.\u00a0Ensure the extra\u00a0payments are marked\u00a0\u201cprincipal-only\u201d\u00a0when paying.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559738&quot;:240,&quot;335559739&quot;:240}\">\u00a0<\/span><\/p>\n<h4 aria-level=\"3\"><span class=\"ez-toc-section\" id=\"Use_methods_to_prioritize\"><\/span><span data-contrast=\"none\">Use methods to prioritize<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;134245418&quot;:true,&quot;134245529&quot;:true,&quot;335551550&quot;:0,&quot;335551620&quot;:0,&quot;335559738&quot;:281,&quot;335559739&quot;:281}\">\u00a0<\/span><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p><span data-contrast=\"auto\">The Snowball Method of debt payments involves making extra payments to the smallest debt you owe until it\u00a0is completely paid off. If you have multiple loans, you can start with repaying the smallest and\u00a0work\u00a0your\u00a0way to the next largest debt, and so on. This is\u00a0a great way\u00a0to motivate yourself to pay off your pending\u00a0loans.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559738&quot;:240,&quot;335559739&quot;:240}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">However, if you want to save money right off the bat, you can use the Avalanche Method of debt payments.\u00a0This\u00a0prioritizes the loan with the highest interest, ensuring it is paid off first before moving to low-interest\u00a0loans.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559738&quot;:240,&quot;335559739&quot;:240}\">\u00a0<\/span><\/p>\n<h4 aria-level=\"3\"><span class=\"ez-toc-section\" id=\"Round_up_your_payment_to_the_nearest_50\"><\/span><span data-contrast=\"none\">Round up your payment to the nearest $50<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;134245418&quot;:true,&quot;134245529&quot;:true,&quot;335551550&quot;:0,&quot;335551620&quot;:0,&quot;335559738&quot;:281,&quot;335559739&quot;:281}\">\u00a0<\/span><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p><span data-contrast=\"auto\">If you feel\u00a0it\u2019s\u00a0unlikely you can make any extra\u00a0payments in\u00a0a year, commit to rounding\u00a0up\u00a0your\u00a0monthly payments to the\u00a0nearest\u00a0$50. For example, if your payment is $207\/month, round it off to $250. This\u00a0is\u00a0a small\u00a0enough increase that it\u00a0doesn\u2019t\u00a0affect your monthly\u00a0finances, but\u00a0will still help you cumulatively repay\u00a0the\u00a0loan quicker.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559738&quot;:240,&quot;335559739&quot;:240}\">\u00a0<\/span><\/p>\n<h4 aria-level=\"3\"><span class=\"ez-toc-section\" id=\"Use_pay_raisesbonusesrefunds_to_pay_off_your_loan\"><\/span><span data-contrast=\"none\">Use\u00a0pay\u00a0raises\/bonuses\/refunds to pay off your loan<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;134245418&quot;:true,&quot;134245529&quot;:true,&quot;335551550&quot;:0,&quot;335551620&quot;:0,&quot;335559738&quot;:281,&quot;335559739&quot;:281}\">\u00a0<\/span><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p><span data-contrast=\"auto\">Your finances are usually a test of your willpower, and it is most tested during a pay raise or bonus! If you find yourself getting windfall gains at work, put them to work by making as many extra payments on the car loan as you can. While it may hurt not to increase spending in the short run, you can get more savings in the long run by closing the auto loan sooner<\/span><\/p>\n<h4 aria-level=\"3\"><span class=\"ez-toc-section\" id=\"Earn_additional_income\"><\/span><span data-contrast=\"none\">Earn\u00a0additional\u00a0income<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;134245418&quot;:true,&quot;134245529&quot;:true,&quot;335551550&quot;:0,&quot;335551620&quot;:0,&quot;335559738&quot;:281,&quot;335559739&quot;:281}\">\u00a0<\/span><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p><span data-contrast=\"auto\">If you\u00a0can\u2019t\u00a0find extra\u00a0money in your budget to\u00a0put toward your\u00a0car loan, think of creative\u00a0ways\u00a0to make\u00a0some extra cash. This\u00a0could\u00a0mean selling or renting\u00a0things you\u00a0own or\u00a0getting\u00a0extra\u00a0work. Here are\u00a0some options:\u00a0\u00a0<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335551550&quot;:0,&quot;335551620&quot;:0,&quot;335559738&quot;:240,&quot;335559739&quot;:240}\">\u00a0<\/span><\/p>\n<ul>\n<li><span data-contrast=\"auto\">You could\u00a0rent out\u00a0a room in your home.\u00a0<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335551550&quot;:0,&quot;335551620&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0}\">\u00a0<\/span><\/li>\n<li><span data-contrast=\"auto\">Help friends and neighbors with their yard work.\u00a0<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335551550&quot;:0,&quot;335551620&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0}\">\u00a0<\/span><\/li>\n<li><span data-contrast=\"auto\">You can sell things like old musical instruments, tools, jewelry, and workout gear on the Internet. \u00a0\u00a0<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335551550&quot;:0,&quot;335551620&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0}\">\u00a0<\/span><\/li>\n<li><span data-contrast=\"auto\">Take on a short-term job that pays tips, like\u00a0ride-sharing\u00a0or working in a restaurant.\u00a0<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335551550&quot;:0,&quot;335551620&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0}\">\u00a0<\/span><\/li>\n<li><span data-contrast=\"auto\">Try to find a new job or talk to your boss about a raise or promotion.\u00a0<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335551550&quot;:0,&quot;335551620&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0}\">\u00a0<\/span><\/li>\n<\/ul>\n<h4 aria-level=\"3\"><span class=\"ez-toc-section\" id=\"Pay_each_month\"><\/span><span data-contrast=\"none\">Pay each month<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;134245418&quot;:true,&quot;134245529&quot;:true,&quot;335551550&quot;:0,&quot;335551620&quot;:0,&quot;335559738&quot;:281,&quot;335559739&quot;:281}\">\u00a0<\/span><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p><span data-contrast=\"auto\">You should still pay your loan every month, even if you are ahead of schedule.\u00a0This\u00a0will stop interest from building up, so more of what you pay goes toward the\u00a0principal,\u00a0and\u00a0less goes toward interest. And making regular payments even when you\u00a0don\u2019t\u00a0have to will help you pay off your car loan faster. \u00a0<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335551550&quot;:0,&quot;335551620&quot;:0,&quot;335559738&quot;:240,&quot;335559739&quot;:240}\">\u00a0<\/span><\/p>\n<h2 aria-level=\"2\"><span class=\"ez-toc-section\" id=\"When_should_you_not_pay_off_your_car_loan_early\"><\/span><span data-contrast=\"none\">When should you not pay off your car loan early?<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;134245418&quot;:true,&quot;134245529&quot;:true,&quot;335551550&quot;:0,&quot;335551620&quot;:0,&quot;335559738&quot;:299,&quot;335559739&quot;:299}\">\u00a0<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span data-contrast=\"auto\">If you pay off your car loan early,\u00a0you\u2019ll\u00a0have a few hundred dollars more every month. But in some situations, you could hurt\u00a0your finances more than help them. So, it\u00a0might not always be the best thing to do.\u00a0Don\u2019t\u00a0pay off your loan too soon if your\u00a0loan situation falls under any of the following:\u00a0<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335551550&quot;:0,&quot;335551620&quot;:0,&quot;335559738&quot;:240,&quot;335559739&quot;:240}\">\u00a0<\/span><\/p>\n<h4 aria-level=\"3\"><span class=\"ez-toc-section\" id=\"If_there_is_a_prepayment_penalty\"><\/span><span data-contrast=\"none\">If there is a prepayment penalty\u00a0<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;134245418&quot;:true,&quot;134245529&quot;:true,&quot;335551550&quot;:0,&quot;335551620&quot;:0,&quot;335559738&quot;:281,&quot;335559739&quot;:281}\">\u00a0<\/span><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p><span data-contrast=\"auto\">You\u00a0have to\u00a0pay a prepayment penalty if you pay off your loan early or make extra payments.\u00a0It\u2019s\u00a0the\u00a0lender\u2019s\u00a0way of making up for the interest you would have paid on time. If there is\u00a0a penalty for paying off the loan\u00a0early, make sure it\u00a0won\u2019t\u00a0cost you more than the interest\u00a0you would pay otherwise.\u00a0<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335551550&quot;:0,&quot;335551620&quot;:0,&quot;335559738&quot;:240,&quot;335559739&quot;:240}\">\u00a0<\/span><\/p>\n<h4 aria-level=\"3\"><span class=\"ez-toc-section\" id=\"If_you_signed_up_for_a_pre-computed_interest_loan\"><\/span><span data-contrast=\"none\">If you signed up for a pre-computed interest loan\u00a0<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;134245418&quot;:true,&quot;134245529&quot;:true,&quot;335551550&quot;:0,&quot;335551620&quot;:0,&quot;335559738&quot;:281,&quot;335559739&quot;:281}\">\u00a0<\/span><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p><span data-contrast=\"auto\">With precalculated interest, more of the interest you pay each year is due in the first month than in the last month. Paying off your loan early\u00a0won\u2019t\u00a0make\u00a0a big difference\u00a0in how much it costs. In this situation, it is best to follow the loan schedule.\u00a0<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335551550&quot;:0,&quot;335551620&quot;:0,&quot;335559738&quot;:240,&quot;335559739&quot;:240}\">\u00a0<\/span><\/p>\n<p aria-level=\"3\"><span data-contrast=\"none\">If you\u00a0don\u2019t\u00a0have much debt<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;134245418&quot;:true,&quot;134245529&quot;:true,&quot;335551550&quot;:0,&quot;335551620&quot;:0,&quot;335559738&quot;:281,&quot;335559739&quot;:281}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">Even though it might not make sense, your credit score is based on your debt types and how long\u00a0you\u2019ve\u00a0had them. Since car loans are long-term debt, making regular payments for years will help\u00a0keep your credit score high.\u00a0<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335551550&quot;:0,&quot;335551620&quot;:0,&quot;335559738&quot;:240,&quot;335559739&quot;:240}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">One thing to keep in mind is that paying off your loan could lower your credit\u00a0utilization\u00a0ratio, which makes up about 30% of your credit score. If you have other debts and a high ratio of debt to income (DTI), getting rid of one account should help your score.\u00a0<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335551550&quot;:0,&quot;335551620&quot;:0,&quot;335559738&quot;:240,&quot;335559739&quot;:240}\">\u00a0<\/span><\/p>\n<p aria-level=\"2\"><span data-contrast=\"none\">How\u00a0to lower your monthly car payment<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;134245418&quot;:true,&quot;134245529&quot;:true,&quot;335551550&quot;:0,&quot;335551620&quot;:0,&quot;335559738&quot;:299,&quot;335559739&quot;:299}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">You can defer your payments if you\u00a0don\u2019t\u00a0want to refinance your loan.\u00a0With deferment, you can skip a payment if you are\u00a0having short-term money problems. Lenders may give you\u00a0an extra one to three months to pay\u00a0back your debt. But deferring\u00a0your\u00a0payments just moves them to the end of your loan, so you will still have to pay them back. You will also\u00a0have to pay\u00a0interest\u00a0so\u00a0it will cost you more\u00a0in\u00a0the long run.\u00a0<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335551550&quot;:0,&quot;335551620&quot;:0,&quot;335559738&quot;:240,&quot;335559739&quot;:240}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">Your loan may be harder to change, but it\u00a0doesn\u2019t\u00a0hurt to ask. Loan modification is\u00a0similar to\u00a0refinancing in that it changes\u00a0the terms of your loan by either making it\u00a0last longer or lowering your interest rate. If you can get your loan changed, you might be able to lower your monthly payment\u00a0without needing to find a new lender.\u00a0<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335551550&quot;:0,&quot;335551620&quot;:0,&quot;335559738&quot;:240,&quot;335559739&quot;:240}\">\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>There\u2019s\u00a0nothing more\u00a0depressing than paying high\u00a0monthly\u00a0amounts on your auto\u00a0loan for years on end. Use\u00a0these tips to\u00a0pay off\u00a0your car loan\u00a0faster, improve your\u00a0credit, and save money\u00a0in the long\u00a0run!\u00a0 Here are a couple of quick numbers for you-\u00a0the average length of car ownership in\u00a0the\u00a0US\u00a0is\u00a08.4 years for new vehicles and about\u00a04 to 6 years for used vehicles.\u00a0However, did you\u00a0know\u00a0that almost&hellip; <a class=\"more-link\" href=\"https:\/\/www.way.com\/auto-refinance\/guide\/how-to-pay-off-car-loan-faster\/\">Continue reading <span class=\"screen-reader-text\">How to pay off car loan faster<\/span><\/a><\/p>\n","protected":false},"author":5,"featured_media":321,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[18],"tags":[],"class_list":["post-314","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-auto-refinance","entry"],"acf":[],"yoast_head":"<!-- This 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