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Jordan Siemens/Getty Images
4 min read . Published August 17, 2022
Writer: 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 employee at her local library, where she assists people in her community get information on financial literacy, as well as other topics.







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

Rhys has been editing and writing for Bankrate since late 2021. They are committed to helping readers gain the confidence to take control of their finances through providing concise, well-researched, and clear data that break otherwise complex topics into manageable bites.









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If that your lender does not apply a prepayment penalty, paying off your faster is an excellent option to save money. This means you pay less interest -- and when you're finished, you'll have a few hundred dollars left in your budget every month. However, getting there is difficult. There are some strategies you can utilize to pay off your loan off more quickly. However, even when you are able to however, it can cause you to be in a more dire financial position if you aren't aware of your strategy. Six ways to pay off your car loan quicker There's no one path to paying back your vehicle loan ahead of schedule. In reality, it is beneficial to alter your approach. Once you have an idea of , you could take advantage of a few ways to pay off your vehicle loan quicker. 1. Refinancing your loan with a different lender is a great way to pay off your loan quicker. If you decide to take an a shorter loan duration, you might be able to keep the same monthly payments -- if you can secure lower interest rates. Even if you don't make extra payments or round your payments up, you will naturally pay off the car loan faster. 2. Set up biweekly payments. Although it may seem small but paying twice per month rather than just once will get you closer to the finish line. It will also help to save money on . This is because interest will have less time to accrue before you make payments as well as because you'll be able to consistently reduce your overall loan balance. This helps you move towards the date of your early payment without drastically increasing the amount that you put toward your loan every month. 3. Round your payments to the nearest hundred . Similarly, rounding up your payments will result in a minor change from month to month, but will have a significant impact over the long run. If you round up your payments to the nearest hundred, or at the very least, the closest to the entire number, you'll gradually reduce the amount of principal on your car loan. You will also get ahead of your schedule that will help keep you ahead of interest rates and ease you into a faster payment. 4. Avoid unnecessary extras If you want to opt out of gap insurance, an extended warranty or a service contract for your loan Contact your lender and request that they cancel these. You will receive a prorated refund for the remaining amount, while also lowering your monthly payment. But rather than putting that refund into your pocket, apply it to your loan. This way, you'll owe less overall and will benefit from a lump sum payment. 5. Pay a larger amount of additional payments Bonuses, tax returns and other huge lumps of cash can go to your auto loan. If you can cut your principal by a few hundreds of dollars, it's worthwhile. As with rounding your payments, and making biweekly payments to avoid interest from accumulating. When your loan balance shrinks the more of your payments goes towards principal, which can lead to the payment being made early. 6. Make sure you pay each month, even when you're ahead of schedule however, you should still make payments on your loan every month. This will keep interest from accruing which means that more goes toward principal which will reduce the cost of interest. And maintaining regular payments that aren't needed will lead to paying off your car loan in a timely manner. If you decide not to pay off your car loan early Making the decision to pay off your vehicle loan earlier means you'll have an extra few hundred dollars that you can put in your bank each month. But in some cases you may negatively impact your financial position more than you help thus it might not be the ideal option. Avoid paying your loan off in a hurry when there is a penalty for prepayment. The penalty is basically a way to punish you for not making enough payments or fully paying off your loan in advance. The lender is trying to compensate for the interest you would have incurred when you had adhered to the schedule. If there's a prepayment penalty, be sure that it's not more than what you'd normally be paying in interest. The loan uses precomputed interest . It is a way to front load the interest you have to pay each year to ensure you pay for the month that counts for a larger portion than the last month. If you are able to make payments on your loan early, you aren't going to drastically reduce costs of your auto loan. In this situation it's better to adhere to the loan schedule. You don't have much debt. Although it might seem odd, your credit score is calculated based on the type of debt you have and the duration the accounts. Since automobile loans are long-term debt that require regular payments over years can help to keep your credit score up. However, paying off your loan may lower the credit utilization ratio, which represents approximately 30 % of the credit scores. If you have debts that aren't paid off and high percentage of your income to debt (DTI), then removing one of them will improve your score. Ways to lower your monthly car payments Aside refinancing your loan There are two options to reduce your monthly payment: defer them or request an loan modification. Deferment lets you skip the payment if you're facing financial difficulties in the short term. Lenders may offer one to three months of deferment to help you out. However, deferment will only move the payments until the end of your loan, so you will need to pay them back eventually. Also, you'll be accountable for interest, so at the end it's more costly. Some lenders might not be able to change the terms of the terms of your loan however, it's not going to harm to inquire. Similar to refinancing, it can alter the conditions of your loan through either extending your time period or decreasing your interest rate. If you are able to get a modification to your loan and reduce your monthly payments without having to apply with another lender. Next steps It may 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 hit to your credit score, the savings won't be worth the cost. If you're looking to get out of financial burden, reducing your car payment is one of the quickest ways to make room in your budget. Refinancing or making extra payments -- is the most effective way to pay off your car loan faster. Even if you only pay one extra dollar a month, you will reduce your debt and may cut a few months out from your loan. Find out more


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Written by Personal and business finance Contributor

Kellye Guinan is a freelance editor and writer with over five years ' experience within personal finance. She also works full-time as a librarian at the local library in which she helps the community get information about financial literacy, in addition to other topics.



The edit was done 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 confidence to take control of their finances with concise, well-researched, and well-studied information that breaks down complicated subjects into digestible pieces.






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