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How to Pay Off Your Car Loan Early!

  1. How to Pay Off Your Car Loan Early
How To Pay Off Your Car Loan Early!
Couple holding car keys

A car loan is a great way to drive a high quality vehicle at a price you can afford, but if you are thinking about paying off your loan early, there are many things you can do to make it happen.

These little tips will help you pay off your auto loan faster, giving you the chance to drive with no payments or move into a newer model sooner!

Follow These Tips to Pay Off Your Loan Faster!

Car loan calendar

Make Bi-Weekly Payments

McGrath Credit can help you set up a bi-weekly payment plan. This will help you save thanks to less interest accumulation, and although it will result in more frequent payments, it can possibly save you several payments over the life of your auto loan.

Call (319) 383-7863 to learn more about
bi-weekly plans.

Check and cash payments

Put Extra Money to Car Loan

If you are dedicated to paying off the loan early, then putting any extra income towards your balance is a great way to reach your goal.

Got a $25 check from Grandma for your birthday? Put it towards the car loan. Worked a little overtime this week? Put it towards the car loan. Do this enough times, and your loan balance will start to shrink quickly.

Rounding up car payments

Round Up Your Payments

Rounding up to the nearest 20, 50, or even 100 dollars is a great way consistently make larger payments and eventually pay off your loan faster.

For example, if your loan is $316.72, you might round it up to $350 or even $400. If you plan this into your monthly budget, you might be surprised at how easy these larger payments can be.

These tips can help you get your loan paid off quicker, and can even help you save over the life of a loan. We have other tips to help you pay off your loan faster, so give us a call and learn more today!

The McGrath Finance Team

McGrath finance team

McGrath Credit is here to help you get the loan you need for your next car or truck. Call today at (319) 383-7863.

Ready to get started? Fill out a Pre-Approval Form to get the auto loan you deserve, even if you have bad credit!

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Contact Us:

Phone: (319) 383-7863