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Paying off a car loan early is a great way to save on interest and free your income up for other expenses or goals. Although some loan agreements include prepayment penalties, and you should always review your lending information carefully, most drivers stand to benefit from putting a little bit of extra money toward their loan or paying off the remainder in one lump sum. Learn how to pay off a car loan early and find out how to make the right decision for your finances with the team at Motorwerks BMW in Bloomington, MN.
If you were to sit down with a financial advisor and ask them, “Is it good to pay off a car loan early?”, they’d almost certainly give you a positive answer! Paying off a car loan early achieves three positive outcomes:
With that said, there are several caveats that you’ll want to be aware of.
Paying off a car loan only makes sense if:
If you don’t have other pressing debts and you want to free up your income for other purposes, contact a representative and talk about paying off your car loan early today.
Paying off a car loan early is not a good idea if:
There are several ways to pay off a car loan early, but the most obvious method–paying off whatever you still owe in one lump sum–isn’t always achievable for St Paul and Minneapolis drivers. Instead, most owners who want to pay off a car loan early rely on careful planning and budgeting. Simply by paying more than they are strictly required to pay, many drivers find that they can shave at least several months off of their auto loan. Here’s how it’s done:
Many of these options work just as well when combined with others. By proceeding carefully, it’s easy to make a significant dent on your auto loan and finish paying well ahead of schedule.
Whether you’re located in Minneapolis or Richfield, our financing team would be happy to help you apply for an auto loan or learn more about your financing options. If you have already financed with us, and you’d like to learn more about your lending agreement, don’t hesitate to reach out!
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