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Are You Struggling to Pay Off Your Auto Loan? Here's How Extra Payments Can Help
If you're like most people, you probably have a car loan. And if you're like most people with car loans, you're probably paying more interest than you need to. That's where an auto loan calculator with extra payments comes in.
Using an auto loan calculator can help you assess how much interest you'll pay over the life of your loan, and how much you can save by making extra payments. Making extra payments on your car loan can save you a lot of money in interest, and it can also help you pay off your loan faster.
How Much Can You Save?
The amount of money you can save by making extra payments on your car loan depends on a few factors, including the amount of your loan, the interest rate, and the amount of your extra payments. But even a small extra payment can make a big difference. For example, if you have a $20,000 loan at 5% interest, and you make an extra $100 payment each month, you'll save over $1,000 in interest and pay off your loan almost two years early.
How to Make Extra Payments
There are a few different ways to make extra payments on your car loan. You can:
- Round up your monthly payment. If your monthly payment is $500, round it up to $525. This extra $25 will go directly to your principal balance, and it will help you pay off your loan faster.
- Make a one-time extra payment. When you have some extra cash, put it towards your car loan. Even a small extra payment can make a difference.
- Make biweekly payments. Instead of making one monthly payment, make two smaller payments every other week. This will help you pay down your loan faster and save money on interest.
The Bottom Line
Making extra payments on your car loan is a great way to save money and pay off your loan faster. If you're looking for a way to get out of debt sooner, an auto loan calculator with extra payments can help you see how much you can save.
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