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Taking out a car loan is an excellent way to get you on the road in a car you truly like. It ensures you have access to funds to buy a car that is both reliable and easy on gas. But any time you take out an auto loan, you must pay it back. Ideally, you will want to pay it back as quickly as possible. This saves the amount of money you will spend on interest and it removes a loan payment from your monthly budget. Let’s explore three tips for paying down auto loans.
Refinancing Car Loans
Did you know you can refinance a car loan and get a lower payment? Getting a lower payment means you might be able to pay above the actual minimum amount that’s due each month, which will allow you to pay off the loan quicker. You will need to speak with an auto loan officer from a credit union to take advantage of auto loan refinancing.
Make Double Payments
You might not be able to afford to make double payments each month, but if you can make them at least once every four months (three times a year), this will help pay off the loan quicker.
Adjust Your Credit Score
Having a low credit score is the easiest way to get a good rate on an auto loan. You should check your credit score periodically to ensure there are no errors on it. If there are, you should fix them. Once your credit score is looking better, you can apply for a refinanced auto loan and get a lower payment amount. You can also get a reduced term, meaning you’ll have the loan paid off quicker.