So, your typical auto loan lasts about five years unless you can pay it off and hoping you don’t have to refinance it at all that just adds on more years to the loan. Paying your car loan off early can mean you’re saving yourself a lot of interest. Your car is your debt and the fast you pay it off the better, it can help you with future purchases too because the bank will always want to lend more money to you.
Helping Seattle car buyers pay off their car loans faster
One way to pay off your car loan in Seattle WA on your used car is to increase your payments at least $50 to $100 more a month, now what I am saying is increase if you have the money to do so. If your car payment ends in an odd number like $185 round it up to $200 it will save a little bit over the length of the auto loan.
You can do what they call bi-weekly payments instead of monthly but you will want to set this up with your lender. You will be taking about five months off the auto loan. This is good for other debts.
Making a 13th payment during the year might help if you can do a lump some maybe $500- $600 for the payment it might knock a month or two off the auto loan.
Some auto lenders will tell you throughout the year you can do what they call a “skip the payment” this is just a way for the auto lenders or banks to extend the auto loan one more month. It’s not advised to do so always try and make your payments on time it really can help your credit too.
Handy car loan advice for used cars in Seattle WA
These tips can help even more if you have put a down payment of $100 or more on a used car in Seattle WA. The more money you put down the shorter your auto loan term will be and we are all happy when we can save the money.
If you need help with auto financing in Seattle let us lead the way and get you with a car dealer with low money down options that can work with your budget. If you follow the advice you may take some time off your auto loan and that’s a good thing.