3 Ways to Pay Off Your Car Loan Faster
Have you ever wondered if you really could pay off your car loan faster? Think of what you could do with the extra money! Save for a home, take more vacations, build up your savings account…the list is practically endless.
The good news is there are ways to whittle down that balance so that you can free up your money. Here are three of the most common ways.
Make Extra Monthly Payment to Pay Off Your Car Loan Faster
Here at Joe Bowman Auto Plaza, we have simple interest loans. That means you can pay extra on your car loan—or pay it off early—with no penalty. Paying an additional $100 per month on the principle of your loan equals an additional $1200 per year reduction in the loan amount.
That’s important. Because the quicker you reduce the principle amount, the less interest you will accrue and pay. Get familiar with your financial contractual terms and the annual percentage rate to help you calculate your payoff.
Find a sweet spot that you can afford to pay a little extra to gain long term rewards and financial freedom!
Make an Occasional Large Payment
Got money back on your taxes? A bonus? Consider putting that money on your car loan amount. Occasional large chunk payments on the principle help to whittle down the balance and the amount of interest you pay over the life of the loan.
Do Both
If you really want to take your car loan payment down to zero in a hurry, consider making extra monthly payments and the occasional large payment when you receive extra money.
By incorporating both approaches, you’ll pay off your balance faster.
Simple Interest Car Loans
Before you do anything, make sure that your car loan is a simple interest loan. That means you can pay additional amounts on your loan without penalty.
Here at the Joe Bowman Auto Plaza financing department, this added convenience has allowed customers the option of paying off their loans early.
With a wide network of financial vendors, we work with so we can tailor a loan to your particular lifestyle and budget.
We can handle your loan directly through the dealership, offering competitive interest rates, and getting you into your car sooner!
Additionally, Joe Bowman Chevy customers get first priority on all service department appointments. If you bought your vehicle from us, you get priority over the service customer who didn’t buy from us.
And you can buy with confidence. All of our used vehicles have either 30-or 90-day warranties, depending on mileage and year of the vehicle.
When you’re ready to buy, turn to the pros at the Joe Bowman Chevy dealership. We’ve been helping customers just like you for 60+ years.
The good news is there are ways to whittle down that balance so that you can free up your money. Here are three of the most common ways.
Make Extra Monthly Payment to Pay Off Your Car Loan Faster
Here at Joe Bowman Auto Plaza, we have simple interest loans. That means you can pay extra on your car loan—or pay it off early—with no penalty. Paying an additional $100 per month on the principle of your loan equals an additional $1200 per year reduction in the loan amount.
That’s important. Because the quicker you reduce the principle amount, the less interest you will accrue and pay. Get familiar with your financial contractual terms and the annual percentage rate to help you calculate your payoff.
Find a sweet spot that you can afford to pay a little extra to gain long term rewards and financial freedom!
Make an Occasional Large Payment
Got money back on your taxes? A bonus? Consider putting that money on your car loan amount. Occasional large chunk payments on the principle help to whittle down the balance and the amount of interest you pay over the life of the loan.
Do Both
If you really want to take your car loan payment down to zero in a hurry, consider making extra monthly payments and the occasional large payment when you receive extra money.
By incorporating both approaches, you’ll pay off your balance faster.
Simple Interest Car Loans
Before you do anything, make sure that your car loan is a simple interest loan. That means you can pay additional amounts on your loan without penalty.
Here at the Joe Bowman Auto Plaza financing department, this added convenience has allowed customers the option of paying off their loans early.
With a wide network of financial vendors, we work with so we can tailor a loan to your particular lifestyle and budget.
We can handle your loan directly through the dealership, offering competitive interest rates, and getting you into your car sooner!
Additionally, Joe Bowman Chevy customers get first priority on all service department appointments. If you bought your vehicle from us, you get priority over the service customer who didn’t buy from us.
And you can buy with confidence. All of our used vehicles have either 30-or 90-day warranties, depending on mileage and year of the vehicle.
When you’re ready to buy, turn to the pros at the Joe Bowman Chevy dealership. We’ve been helping customers just like you for 60+ years.
