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Paying off a car loan early can save you money — provided the lender doesn’t assess too large a prepayment penalty and you don’t have other high-interest debt. Even a few extra payments can ...
In this case, choosing to pay off the sum of your auto loan might result in an opportunity cost relating to your other debts. For example, if you have credit card debt, you could've potentially ...
3. Round Up. Rounding up to the nearest $50 or even $100, if you can swing it, is a great way to add extra money every month to the principal. For example, if your monthly payment is $337, you ...
5 advantages of paying off debt early. There are several advantages to paying off your debt early, and almost all of them translate into more money in your pocket each month and more financial ...
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6. Rolling negative equity forward. Being “ upside down ” on a car loan is when you owe more on your car than it is worth. Lenders may allow you to roll over that negative equity into a new ...
According to LendingTree, the average monthly car payment was a record-high $738 in the fourth quarter of 2023 (up 2.5% a year prior) and auto loan balances now stand at $1.61 trillion, second ...