10 Easy Tips for Paying Off a Car Loan Faster
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Paying off a car loan debt early can sound tempting if you want to save money and free up cash for other financial goals.
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Tips for Paying Off a Car Loan Faster
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Review Your Loan Terms
Revisiting the terms and conditions is a useful first step as you’re assessing your options for fast repayment.
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Never Skip Payments
Missing an auto loan payment could lead to late fees and accrued interest on the principal, thus increasing the total cost in the long run
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Cancel Unnecessary Auto Services and Warranties
It may be more cost-effective for you to pay for services, like oil changes or tire rotations, out of pocket.
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Besides finding ways to chip away at your loan principal, you can also try refinancing your auto loan to secure a lower interest rate and shorter term.
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