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Tucson, AZ 85719

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How to Pay Off Your Car Loan Faster

  1. Refinance: This is the process of applying for a new auto loan to pay off your existing loan, hopefully with a better interest rate or team
  2. Cancel any add-ons: Common auto loan add-ons include GAP waivers, service contracts or extended warranties, tire and wheel warranties and more — you may have agreed to these when you bought your car without understanding the full cost. Canceling them will decrease how much you owe on your auto loan, allowing you to pay off your car loan faster.
  3. Make payments every two weeks: Instead of paying once a month, take your existing car payment and split it in half. Paying every two weeks means your loan balance is continually decreasing, which has the effect of paying less interest over the course of the loan.
  4. Make extra payments to the principal