Making an extra car payment a year can be a great way to save money on interest and pay off your car loan faster. By making at least one, larger additional payment a year, you’ll save even more in interest. Just remember, the earlier you make your big payment the sooner you’ll pay off your car loan. Some lenders will even let you skip your payment once or even twice a year.
Benefits of Making an Extra Car Payment
Making an extra car payment a year can be a great way to save money on interest and pay off your car loan faster. By making at least one, larger additional payment a year, you’ll save even more in interest. This is because the extra payment will reduce the amount of interest you pay over the life of the loan. Additionally, the earlier you make your big payment the sooner you’ll pay off your car loan.
How to Make an Extra Car Payment
Making an extra car payment a year is easy. First, you’ll need to check with your lender to see if they allow extra payments. Some lenders will let you skip your payment once or even twice a year. If your lender allows extra payments, you can make the payment in a few different ways. You can make a one-time payment with a credit card, debit card, or check. You can also set up an automatic payment from your bank account.
Making an extra car payment a year can be a great way to save money on interest and pay off your car loan faster. By making at least one, larger additional payment a year, you’ll save even more in interest. Just remember, the earlier you make your big payment the sooner you’ll pay off your car loan. Some lenders will even let you skip your payment once or even twice a year.
Questions & Answers
Q: What are the benefits of making an extra car payment a year?
A: The benefits of making an extra car payment a year include saving money on interest and paying off your car loan faster.
Q: How can I make an extra car payment?
A: You can make an extra car payment by making a one-time payment with a credit card, debit card, or check. You can also set up an automatic payment from your bank account.
